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' • 546505 B-650 P-466 U9/'LUj94 U5:13P PG 1 OF 3 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 15.00 / N MEMORANDUM OF LEASE AND MINERAL PURC>-U1.SE AGREEMENT //~ THIS MEMORANDUM OF LEASE AND MINERAL PURCHASE AGREEMENT (the "Memorandum°), is made, executed and delivered by and between WARREN R. JACOBSON (hereinafter referred to as "Owner")and B&B EXCAVATING, INC. (hereinafter referred to as "B&B" or "Operator'7, as of this 30th day of August, 1994. ~. ~ KNOW ALL PERSONS BY THESE PRESENTS: V 1. Owner and Operator have, made, executed and delivered that certain Lease and Mineral Purchase Agreement (the "Agreement's dated June ~, 1994, pursuant to which Owner agrees to sell and Operator agrees to purchase certain Minerals on the subject Property, identified as: SEE APPENDIX A, ATTACHED 2. The Property contains Minerals, including sand, gravel and other related building and construction materials (hereinafter referred to as the "Minerals'), which Minerals shall not include topsoil, oil, gas and other hydrocarbons. 3. That in consideration of the Agreement, the Operator has paid to the Owner a sum of money and has, or shall, pay the Owner other good and valuable consideration. 4. 8&B's business operations on the Property (the °Operations"j shall encompass the excavation, mining, crushing, stockpiling and washing of the Minerals, asphalt manufacturing, Redi-Mix Manufacturing and all operations, transport and construction appurtenant to such operations_ 5. The Lease term shall be for ten (10) years. Operator reserves an Option to extend the Lease Agreement for one (1) additional term of ten (10) years. Operator further reserves certain rights to terminate the Lease Agreement prior to the natural termination of initial ten (10) term. The initial ten (]0) year term shall commence running (for purposes of calculating its termination date) upon the date when Operator begins mining M1linerals on the property or 120 days after Operator shall obtain all necessary approvals from federal, state and local authorities, which ever shall occur first; provided that the Lease shall terminate if the Operator has not obtained all such necessary approvals by January 1,1995, unless Operator exercises its options to extend such approval date for successive one-year periods as provided in the Lease but, in any event, the initial Lease term shall commence not later than January 1, 2000. Assuming Operator exercises all of the options available to it under the Lease and makes all payments required therefore, the Lease shall terminate not later than April 30, 2020. 6. The terms and conditions of theAgreementare hereby incorporated as if fully set forth herein. RECEIVED ,JacoawN M~ow~xouM of Itass & Mrrraw. RmatasEAC¢murxr P log a MAR 2 ~ ~ggg Division of Minerals 8 Geology ~a '.ti ., =a