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• <br />payment shall be made on or before December 15, 1979 to cover <br />the minimum annual royalty advance through November 30, 1980. <br />Succeeding minimum annual royalty advance payments shall be made <br />on or before December 1, 1981 and December 1 of each succeeding <br />year of the term of this agreement. <br />4. Any minimum annual advance royalties paid or <br />accrued and unpaid for the years 1976 and 1977 under the Leasing <br />Agreement dated December 24, 1976 which have not been recouped <br />by December 15, 1978 shall not thereafter be recoupable. The <br />minimum annual advance royalty accrued on December I5, 1978 will <br />be recoupable in the amount of $90,000.00. It is hereby acknow- <br />ledged that royalties for prior years are due to Rocky fountain <br />in a total of $119,000.00. This amount will be payable: <br />$50,000.00 on or before June 30, 1979, $17,250.00 on or before <br />the last day of July, August, September and October, 1979. <br />5. In the event of any default hereunder by Chimmey <br />Rock, it shall nevertheless not be deemed a breach of this agree- <br />n <br />LJ <br />went or a default hereunder unless it has failed to cure such <br />default within thirty (30) days after the receipt by it of <br />written notice frog Aocky Mountain specifying the nature of the <br />alleged default. If Chimney Rock fails to cure such default <br />within said 30-day period, then all the rights of Chimney Rock <br />under thie.agreement and under any of the agreements listed in <br />Exhibit "A" shall terminate and neither Chimney Rock nor Rocky <br />Mountain shall have any further obligation to the other whatso- <br />ever, and Rocky Mo•.u~tain shall hold Chimney Rock haroless from <br />any claims by the original lessors under the Coal Leases or by <br />Prado Verde, Inc., unless said claims result from a breach of <br />the terms of the underlying lease by Chimney Rock. <br />6. Rocky Mountain agrees that it will not transfer <br />-2- <br />• <br />