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Period. Any subsequent sale, except to Elam or High Plains, shall be subject to this lease and any <br />renewals or extensions thereof. <br />NOTICE. Notices under this Agreement shall not be deemed valid unless given or served in <br />writing and forwarded by mail, postage prepaid, addressed as follows: <br />LESSORS: <br />Fetcher Ranch Land, LLP <br />Jay Fetcher <br />Box 866 <br />Clark, CO 80428 <br />Charles E. and Bobbie Jean Vale <br />Hassle Haven Ranch <br />54395 Routt County Road 62 <br />Clark, CO 80428 <br />SLAM: <br />Elam Construction, Inc., Harold F. Elam, President <br />1225 South Seventh Street <br />Grand Junction, Colorado 81S01 Telephone (970) 242-5370 Fax (970) 245-7716 <br />Such addresses may be changed from time to time by either party by providing notice as set forth <br />above. <br />TITLE WARRANTY. Lessors warrants title to the surface, mineral, sand gravel, fill dirt and <br />topsoil leased and agree to indemnify and save Elam harmless from all liability, loss or damage <br />Elam may suffer as a result of claims, demands, costs or judgments against it arising by reason of <br />any defect in title. In the event that all or any part of the premises is encumbered by any lien, the <br />Lessors shall obtain a written subordination of any such lien or encumbrance to the rights of Elam <br />hereunder, and upon failing so to do Elam may deelaze this Agreement terminated. Lessors <br />warrants ingress, egress and unobstructed access to the premises. <br />HEIRS AND ASSIGNS. All the covenants and agreements contained in this Agreement shall <br />extend to and be binding upon the heirs, executors, legal representatives, successors and assigns of <br />the respective parties hereto. <br />SEVERABILITY. If any portion of this Agreement shall be held to be invalid or unenforceable <br />for any reason, the remaining provisions shat] continue to be valid and enforceable. If a court <br />tinds that any provision of this Al,~reement is invalid or unenforceable, but that by limiting such <br />provision, it would become valid and enforceable, then such provision shall be deemed to be <br />written, construed, and enforced as so limited. <br />ENTIRE AGREEMENT/AMENDMENT This Agreement contains the entire agreement of the <br />parties and there are no other promises or conditions in any other agreement whether oral or <br />written. This Agreement may be modified or amended in writing if all parties sign the <br />amendment. <br />5 ~- ,,% <br />Agreed to this / ~ day of 1' "/__ `~ ~, 2002. <br />~ /~ <br />LE ORS: <br />~~y~/F1 tc~(her ~i <br />~r/ (iL(/Y~ CSC./~ <br />Charles-E/. Vpale <br />~vC l.Li <br />Bo ie Jean Vale <br />EL C STR C.: <br />Harold F. Elam, President <br />Royalty Agreement <br />Page 3 of 3 <br />