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1;XHIBIT C-III
<br />UIJ ITED °TATF.S OF ,1.'.'=~IC,4 ,AN 1 1978
<br />ASSICNh.7ENT Ah'i~F:CVEG Err ~CTI'JE ......................~
<br />UNI7E0 STA7E5 )
<br />DEPARTMENT OF THE INTERIOR )
<br />BUREAU OF LAND MANAGEMENT )
<br />ASSIGNMENT OF UNITED STATES
<br />COAL LEASE
<br />SERIAL N0. C-0125439
<br />For and in consideration of the sum of Ten Dollars ($10.00) and other valuable
<br />consideration, the receipt and sufficiency whereof is hereby acknowledged, the
<br />undersigned INDUSTRIAL ASSETS, INC., hereinafter called "Assignor", as owner of
<br />a]1 the record title to U.S. Coal Lease Serial No. C-0725439 dated May 1, 1968,
<br />covering the following described land in Garfield County, Colorado;
<br />Township 7 South, Range 102 West, 6th P.M.
<br />• Section 9: Lots 1-22 inclusive, EZSE?;, NW'-;SW;,
<br />Section i5: NW'„ N'zSW'„ Lots i-4 inclusive
<br />Section 16: Lots 1-24 inclusive, EiNE'„ NE?;SE;,
<br />SW',S E?;
<br />Section 21: Lots 1-18 inclusive, NW'-aNE;, S'zNE SE;
<br />Sectton 22: Lots 3-10, l5, 17, 19, 22
<br />
<br />containing 2482.98 acres of land, more or less, hereinafter together called the
<br />"leased premises", does hereby sell, assign, transfer, set over and convey unto
<br />SHERIDAN ENTERPRISES, INC., a California corporation, with its principal office
<br />at 8301 East Prentice Avenue, Englewood, Colorado, hereinafter called "Assignee",
<br />its successors or assigns, all of Assignor's right, title and interest in and
<br />to said U.S. Coal Lease.
<br />For the .same consideration Assignor covenants and agrees with Assignee, its
<br />successors or assigns as follows:
<br />1. That Assignor is the lawful owner of and has good title to the interest being
<br />assigned hereunder, free and clear of all liens, encumbrances and conflicting
<br />claims; that the said lease is a valid and subsisting lease covering all
<br />_ _ _ above.descrihed land ar.d that a-1-l-rentals due thereunder have been paid and
<br />all conditions necessary to keep the said lease in full force and effect have
<br />been duly performed.
<br />2. Commencing with coal produced on May 1, 1988, Assignor, as part of the con-
<br />sideration for this assignment, reserves unto itself, its successors and
<br />assigns, an overriding royalty equal to the lesser of 1'i--; of the gross sales
<br />price at point of sate of each short ton of coal mined and sold from the
<br />
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