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Such description shall be added to and become a part of this Easement by the recording in • the records of Routs County, Colorado of an Addendum to this Agreement containing such centerline description and the actual Property subject to this Agreement shall be limited to one hundred feet (100.00') on either side of the described centerline. Such Addendum shall be executed by the parties hereto. SECTION 2. PAYMENTS. Grantee shall pay to Grantor the sum of Eighty Thousand Dollazs ($80,000.00) in five annual payments of Sixteen Thousand Dollars ($16,000.00). These annual payments shall be made on Octoberlst of each year, provided, however, that the first such payment shall be made with the execution of this Easement and the remaining four (4) payments shall be made on October 1 of the ensuing four (4) years. Thereafrer, on October 1 of each year following completion of the five payments of Sixteen Thousand Dollars ($16,000.00) each, Grantee shall make additional payments to Grantor in the amount of Two Thousand Dollars ($2,000.00) each year on Octoberlst Such additional compensation payments shall continue until on October 151 of each year until the Two Thousand Dollars ($2,000.00) October 15' payment is made in 2012, after which time subsequent payments shall increase to the amount of Five Thousand Dollars ($5,000.00) due on October 15` of each year until the termination of this Easement in accordance with this Section 2. or Section 4 or Section 15. If Grantee shall fail to make any payment on October 1st of any year or materially breaches its obligations under this Agreement, this Agreement shall terminate provided • that such termination shall not become effective until thirty (30) days after written notice has been provided to Grantee by Grantor of the default or breach, and provided further that Grantee shall have the right to cure such default or breach within such thirty (30) day period by making payment of the amount due or by otherwise curing the breach. SECTION 3. EXISTING EASEMENTS AND AGREEMENTS. This Agreement shall be subject to all easements and agreements of record for the use, maintenance. repair, operation and removal of all existing access roadways and all existing underground and overhead lines, wires, cables and conduits for public utilities. SECTION 4. TERM OF LIMITED TERM RIGHT-OF-WAY EASEMENT. The terns of this Agreement shall commence on the date hereof and continue until Grantee is no longer using the Easement, and so notifies Grantor in writing of such fact, or until Grantee obtains release of its reclamation bond for the real property subject to this Easement from the Colorado Division of Minerals and Geology for Permit No. C-82-057 as it may be revised, reissued or renewed, whichever is earlier. At such time as the Colorado Division of Minerals and Geology approves of said bond release, the Easement granted hereby and the Agreement shall automatically terminate, At such time that the Easement and Agreement temrinate. Grantee shall execute such documents as are necessary to convey any interest of Grantee in the Property to Grantee. • ~