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.. , <br /> <br />payable at tM rate of Five Hundred Dollars (SS00.00) per month until royollles paid <br />shall have equalled the minimum annual royalty. Any such monthly payments which <br />are rot yet earned shall be deemed advance payments againf future royalties (regard- <br />less of the month or year In which coal is actually mined and sold), If at any time the <br />(not Inclvdirg any severance or similar tax), <br />price of cool at the mine exceeds 516,00 per ton/the royalty will be increased by 5% <br />of the increase over 516.00 per ton. <br />6. PV I agrees ro esroblish a separate fund in which it will depmit One <br />Dollar (Si,00) for every ton of coal mined ord sold to be used for emironmeMOl and re- <br />vegetation pvrpaes only. Any unexpended balance after the conclusion of such operations <br />shall be retained by PV I. <br />7, C b F represent: and warranh that the Coal Leases are valid and binding <br /> <br />and in full force and effect; that neither the lesson nor the lessee under the Coal Lemes <br />are in default thereunder; that C d F has the full right and authority to enter into this <br />agreement and to grant the rights herein granted; and that If the condition set forth <br />in Paragraph 3 hereof are met, If knows of no reason why WI will not be able to conduct <br />the mining operation contemplated by the Coat Looses. ' <br />8. C d f or Its representatives nwy of Ih expene at reasonable intervals <br />dsaing normal hours examine the books and records of PJI relating to the mining operation <br />on the lemed premises. In the event of any dispute relating to any royalty payments <br />hereunder, the partln agree that they will mutwlly designate a certified public accountant <br />fo make such independent Imestlgafion as he deems appropriate and to arbitrate the <br />dispute, The decision of any such arbitrator shall be binding upon the parties hereto. <br />Onrhalf of the cant of arty such Independent Investigation and arbitration shall be paid <br />by such party, <br />9. PVI will pay C b F a sales commission on coal sold m o result of <br /> <br />C 6 F's efforh of eight percent (8°h) of the sales price FOB the mining site, less any <br />or similar <br />sums paid for severance/tax and arty Increase in royalty interest in excess of 52.50 per ton, <br />The commission will be payable within thirty days of racafpt of payment by PV I. All <br />roles are subject to the approval of PVI. With respect to sales made at or from the mine <br />~- <br />