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L <br />l ~ ~. <br /> sale ell transportation costs incurred from and after loading from <br /> the ttpple or bins on the Land. Severance or any related mineral <br />• sales <br />th <br />d i <br />d <br />d i <br />th <br />ice at <br />t <br />id b <br />L <br />l <br />i <br /> essee an <br />nc <br />u <br />n <br />pr <br />on <br />ax pa <br />y <br />e <br />e <br />e <br />extract <br /> the ttpple will be deducted from the sales price when calculating <br /> royalty. <br /> • 2. Minimum Royalty. On or before two (2) years from the date <br /> hereof, Lessee shall pay to Lessor, an advance minimum royalty of <br /> One Thousand Dollars (51,000.00) which minimum royalty shall increase <br /> at an annual rate of One Thousand Dollars (51,000.00) per year until <br /> • the seventh year when the annual/minimum royalty shall be Five <br /> Thousand Dollars (SS,OD0.00) and remain Five Thousand Dollars (55,000.00) <br /> per year payable annually thereafter for so long as the term of this <br /> Lease shall be extended by production. Such advance minimum royalty <br />-- shall be recovered by Lessee out of first royalties actually due from <br /> time to time to Lessor pursuant to paragraph 1 of this Lease. In the <br /> event of the failure of Lessee to pay such minimum royalty when due, <br /> paragraph 11 will apply. <br />• <br /> 3. Computation of Payment. Royalty payable oursuant to <br /> paragraph 1 hereof shall be based upon a ton of 2,000 pounds and shall <br /> be paid upon all coal mined, shipped,and sold from the Land. Such <br /> royalty shall be payable no later than the 20th day of the month <br /> following the calendar month in which such coal 1s mined, removed, <br /> shipped, and sold. In determining royalties payable hereunder, <br /> the price and weight for which Lessee receives payment shell govern <br /> in.a11 situations. Lessee shall furnish Lessor with a statement <br /> showing the amount of coal mined, removed, shipped, and sold from the <br /> Land during the preceding calendar month with each royalty remittance. <br /> Such royalty payment and production and sates statements shall be <br /> ' mailed to the Lessor at the address provided for notices. Lessor shall <br /> have the right during business hours to inspect Lessee's books for the <br /> purpose of verifying the amount of coal mined and shipped end the payment <br /> received therefore. Lessee shalt hove the right at any time while <br /> operations are being conducted upon the Land to inspect the operations <br />• ~ of Lessee. It is acknowledged that the Lessor will furnish the Lessee <br />_p_ <br />