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j' , <br />Copy of notices shall be sent to: Vance Halverson, PO Box 773509, Steamboat <br />Springs, Colorado, 80977 <br />Until any party notifies the other parties in writing of a changed address, <br />which changed address shall be applicable until a similar notice be given. <br />19. Covenant of Quiet Enjoyment; Ownership grid Access. Except as expressly <br />disclosed hearin owner covenants and warrants that at. all times during the term <br />hereof and any extensions hereof, Lessee shall peaceably and quietly enjoy the <br />Property without disturbance by any person or entity claimino any interest in <br />the Property (except-for governmental bodies claiming through exercise of the <br />right of eminent domain or any statute, ordinance, governmental regulation or <br />permits); owner further covenants and warrants that it has good. and marketable <br />title to the Sand ~ Gravel on and under the Property free and clear of any prior <br />non-operating Sand & Gravel interests, including but not limited to, production <br />payments, and has the full right to enter into this Lease without violating the <br />rights or interest of any third party; owner further covenants and warrants that <br />by this Lease Lessee shall have all real property rights necessary to conduct <br />the Sand & Gravel mining and removal and related operations contemplated by the <br />terms of this Lease and that the Property has access to a public right of way <br />and that the Property is free of any hazardous and toxic materials. <br />19.1 Owner Disclosures. Owner has disclosed those claims, demands or <br />defe~:ts of title itemized as follc.,s: <br />_. Colorado Department of Transportation Condemnation OOCV90. <br />2. Claim of Jarle Halsnes. <br />3. Items listed in Title Insurance Commitment order No. OOB0082C1. <br />With respect to CDOT, Owner shall be entitled to all proceeds. With respect to <br />Jarle Halsnes, the parties shall pay and satisfy their own legal expenses and <br />court costs if any and shall not claim as against each other any claim, demand <br />cr damage. With respect to outstanding claims on account of minerals or oil and <br />gas, they shall be charged to Owner. <br />20. Governmental Regulations. <br />~ O ~ 20.1. Lessee assumes all risk o£ loss as to Lessee's operations throuch <br />` ' future coning or other governmental regulation. Lessee shall bear the burden of <br />~:ompliance with new or amended regulations. However, if in the future the <br />applicable governmental regulations are changed so as to deny Lessee the right <br />to er:cavate, process and remove Sand 6 Gravel from any significant uriexcavated <br />portion of the Property where such is now permissible, or if Lessee is unable *_o <br />obtain required permits or approvals ,on reasonable terms and conditions, or if <br />suer. changes render Lessee's operations economically. unfeasible, Lessee shall <br />/,(/ bare .he option to cancel the within Lease. within ninety (90) days after the <br />/l////!, aooli;:able regulation becomes effective, or the denial of such required <br />apprc~.ved, exercise of the option to cancel to be made by delivery to Owner of <br />Lessee's signed written notic= of exercise within such ninety (90) day period, <br />stating with particularity the reasons therefor. If •such cpning or other <br />reg::!~tory change has the effect of preventing excavation prccessing and removal <br />of Sand s Gravel as to only a portion of the Property, but does not render the <br />encira operation uneconomical, this Lease shall remain in effect as to the <br />porgy`.:-: ~~t the Property not affected. <br />W 176 <br />~lZ'L 10 of 14 <br />