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IUL.10.2001 12~23PM <br />.~ 'a <br />• <br />UNITED COMPRNIES N0.4'c3 P.2 <br />• • <br />GRAVEL LEASE OP'TTON AGRfi$Iv1EN'T <br />THIS GRAVEL LEAS$ OPTION AGREEMENT ("Lease") is made this day of <br />2001, by and between BOX ELDER HOLDII~'G CO., a Colorado <br />wrporatio (referred to as "Lessor's and United Companies of Mesa County, Inc., a Colorado <br />coxparation, Post Office Box 3609, Grand Junction, Colorado $1502 (referred to as "Lessee"). <br />I, GRANT OF OPTION <br />• <br />1. Lessor, is wnsideratioa of the payment of One Hundred Dollars ($100.00) by <br />Lessee, hereby grants to Lessee the option to lease the Leased Property defined in Section II <br />below on the terms and conditions set forth is Sections II through XX1II below ("Option"). The <br />Option shall be exercisable for six months from the date of this Agreement ("Option Period"), <br />2, During the Option Period, Lessee shall have full access to the Leased Property in <br />order to investigate the feasibility' of exercising the Option. Lessee shall have full authority to <br />conduct such testing as it, in its sele discretion, deems necessary during the investigation, using <br />reasonab]e care to not damage the Leased Property beyond that necessary to conduct such <br />testing. <br />3, To exercise this Option, Lessee shall, on or before the expiration of the Option <br />Period, provide Lessor written notice of exercise of the Option. Upon exercise of the Option, <br />the Lease shall take effect pursuant to the terms and conditions set forth below in Sections II <br />through X:LIII, The Commencement Date for the Lease shall be as provided in Section III <br />below. Further, upon exercise of the Option, the area t0 be permitted for mini will be <br />surveyed, and from the Date of the Lease forward, the Leased Property shall be the surveyed, <br />permitted area. Notwithstanding any other provision of this Agreement, the provisions of <br />Sections II through X?~ below will not be effective until and unless Lessee exercises the <br />Option as provided herein. <br />II. GRAM' OF LEASE <br /> <br />Lessor, in consideration of the agreements to be performed by Lessee and the payment <br />of royalties by Lessee as provided is this Lease, and subject to the terms, conditions, and <br />provisions contained in this Lease, leases to Lessee, upon exercise of the above referenced <br />Option, a portion of that certain tract of land situate in the County of Rio Blanco, State of <br />Colorado m be more specifically defined by survey as provided herein ("Leased Property"), <br />more particularly described esr Exhibit A, attached hereto and arcorporated haeia by reference, <br />far the purpose of quarrying, nrining, removing and marketing all sand, gravel, rock, and/or dirt <br />