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<br />soil from the above described properties pursuant to the terms and <br />conditions as hereinafter set forth. <br />1. PAYMENT. BLASTING agrees to pay for said materials removed <br />from the above described properties at a rate of $0.25 per cubic yard <br />of gravel or road aggregate, subject to any modifications as <br />hereinafter provided. BLASTING shall install a set of certified <br />scales upon the demised property for the purpose of weighing all <br />materials obtained and removed. Copies of weight tickets shall be <br />provided to OWNER bi-monthly commencing and <br />continuing on like date of every other month thereafter until the <br />Agreement is terminated. Payment to OWNER in accordance with said <br />weight tickets and the provisions of this Agreement shall accompany <br />the weight tickets and shall be sent to Lavena E. Saunders, 22195 <br />County Road P, Cortez, CO 81321. <br />OWNER shall be entitled to go upon the property for the purpose <br />of reviewing books, records and weight tickets during reasonable <br />business hours. <br />2. ROYALTY ADJUSTMENT. The initial royalty rate described <br />herein of $0.25 per cubic yard shall be examined annually by OWNER in <br />order to determine if reasonable adjustments in said rate are <br />necessary. In the event OWNER determines that a royalty rate increase <br />is justified by market conditions, they shall notify BLASTING in <br />writing of said increase and the amount thereof. The royalty rate <br />will be negotiated annually upon mutual written agreement by the <br />parties, thirty days prior to each such anniversary date. Royalty <br />rates will be determined by selling price of like materials in <br />Montezuma County, but will not fall below the present negotiated <br />price. <br />3. TERM. WNER hereb leases Parcel A fo term of six years <br />commencing on '~'/ ~~ and terminating o / ~ or <br />sooner in acc ance wi h the terms of this Agree nt. <br />OWNER further leases Parcel B fo -a term of ten years commencing <br />n~~~~~and terminating on ,wr , or sooner in <br />c rdance with the terms of this A Bement. <br />4. RESERVATIONS. The affected area perimeter and access will be <br />efined and mutually agreed to prior to commencement of operations. <br />t is further mutually agreed and understood that the OWNER reserves <br />he use of any surface of said lands for grazing and other legal <br />urposes. OWNER further reserves all other oil, gas and other <br />inerals together with the right to prospect for, remove and produce <br />ny other oil, gas and other minerals in, on or under said lands. <br />LASTING acknowledges that OWNER may cause or permit livestock grazing <br />Page 2 <br />0 <br />a <br />d <br />I <br />t <br />P <br />m~ <br />a <br />B <br /> <br />