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<br />' SAND AND GRAVEL <br />LEASE AGREEMENT <br />THIS AGREEMENT made and entered as o the date of <br />' execution hereof , by and between- `,.LQ., y~(~~~ ~ ~~ ~ .y~cr~f <br />ZORA GUNKEL of SPRINGFIFI n herei 9fter <br />' referred to as "Lessor" and BACA COUNTY, COLORADO, <br />hereinafter referred to as "Lessee". <br />WITNESSETH: <br />' Lessor, in consideratSon of the agreements set forth in <br />this lease to be kept and performed by Lessee, and of the <br />payments by Lessee as provided in this lease, and subject to <br />the terms, conditions, and provisions contained in this <br />lease, leases to Lessee a tract of land located in Baca <br />' County, Colorado, which is described in Exhibit A, attached <br />to this lease, for the purpose of quarrying, mining, <br />screening, and removing all sand, gravel, rack, and clay, <br />all of which are referred to in this lease as material. <br />' 1. This lease shall be in effect for a period of <br /> TEN (10) years from July 1, 1992 to <br />' December 31, 2002. Lessee shall have the <br />right and option to renew this lease for an <br /> additional period of THREE (7) years. <br /> 2. Lessee shall pay to Lessor monthly $.25 per yard <br /> for material removed from the property. <br /> Lessee shall maintain accurate records of the <br /> quantity of material removed from the premises and <br />' make the records available for inspection upon <br /> Lessor's request. <br /> 3. This lease may be amended or terminated prior to <br /> the end of the term only by written agreement <br /> signed by both parties. <br /> <br /> 4. This lease shall inure to the benefit of and shall <br /> be binding on the heirs, legal representatives, <br />' successors, and assigns of the parties. <br /> <br /> <br /> <br />1 <br />