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Elam's obligation for maintenance shall include: - the control of dust - the maintenance of the haul route(s) Lessors's obligation for maintenance shall include: - payment of all property taxes - payment of any and all water assessments - maintenance of the Ekhart Ditch UTILITIES AND SERVICES. Elam shall be responsible for the following utilities and services in connection with the Premises: electricity garbage and trash disposal telephone WAIVER OF LATERAL SUPPORT Lessors hereby waive the lateral support between their adjoining property boundaries. However, at the expiration or earlier termination of this lease, Elam shall restore support on all exterior mined walls created by Elam and shall take such steps as may be necessary to stabilize all slopes created by Elam as result of its mining operations. DAMAGES. The State of Colorado, Division of Minerals and Geology requires that the operator of any sand and gravel facility provide agreements for restitution oFdamages between the operator and the owner of any significant valuable man-made structures located within 200 feet of the gravel operations. Elam Construction, Tnc. does hereby certify that the Lessors will be compensated for any costs incurred resulting from damage caused by Elam located within 200 feet of the affected land owner by the Lessors. LIABILITY INSURANCE. Elam shall maintain liability insurance in total aggregate sum of at least $1,000,000. If requested by the Lessors, Eiam shall deliver appropriate evidence to Lessors as proof that adequate insurance is in force and names the Lessors as additional insured. Lessors shall have the right to require that the Lessors receive notice of any termination of such insurance policies. SUBLETTING. Elam may not assign or sublease any interest in the Premises without the prior written consent of Lessors. OPTION. Elam is granted the option to extend this agreement for additional ten (10) years, after the original term has expired. In order to exercise such option Elam shall give written notice to Lessors at least ninety (90) days before the expiration of the original agreement term. If the option is exercised, each and every provision herein shall be applicable. MONTH TO MONTH. tt is mutually agreed that if, after the expiration of this Agreement by lapse of time, Elam shall, with the consent of the Lessors, remain in possession of said premises and continue to pay royalties, including any minimum annual prepaid royalty, without written agreement as to such possession Elam shall be regarded as a tenant from month to month. Royalty rate shall progress from the last amount applicable hereunder consistent with and subject to all terms and provisions of this lease. In such event Lessors shall give Elam 90 days written notice to terminate this agreement and vacate the property (except as otherwise indicated herein for reclamation work). RIGHT OF FIRST REFUSAL In the event Lessors shad receive a bona fide offer to purchase the property during the term of this ]ease or any extersion thereof, and Lessors intends to accept the offer of purchase, Lessors shall give Elam or High Plains Properties, LLC (High Plains) the privilege of purchasing the premises at the price and on the terms of the offer so made. This privilege shall be given by a notice sent to Elam by certified mail or delivered in person, including a copy of the bona tide offer, requiring Elam or High Plains to accept the offer in writing and to sign a suitable contract to purchase the premises within the period of thirty days (30) after the mailing of the notice or date of delivery thereof (i.e. the Right of First Refusal Period). The failure of Elam or High Plains to accept the offer to purchase or sign a contract within the period provided shall nullify and void the privilege to Elam, and Lessors shall be at liberty Yo sell the premises to any other person, firm, or corporation at the terms provided in the bona fide offer, provided that closing is completed within 120 days of expiration of Elam's Right of First Refusal Royalty Agreement Page 2 of 3