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Page 2 of 2 <br /> LEASE NO. AT(05-1)-ML-60.8-C-SR-11 <br /> MODIFICATION NO. A002 <br /> years a minimum royalty of $6,000.00. At the beginning of each <br /> lease year thereafter, including lease years in the term of any <br /> extension of this lease, there shall become due and payable to the <br /> Commission a minimum royalty of $15,500.00, provided, that, upon a <br /> written application by the Lessee showing to the satisfaction of the <br /> Contracting Officer that the market for ores from the lands covered <br /> by this lease will probably be inadequate to justify operations <br /> under the lease during the ensuing lease year, the Contracting <br /> Officer in his sole discretion may, by written notice to the Lessee, <br /> forgive the payment of the minimum royalty for such lease year, but <br /> he may do so only if, as of the beginning of the lease year in <br /> question, the total amount of all minimum royalties theretofore paid <br /> by the Lessee hereunder exceeds by at least $49,000.00 the total <br /> amount of all base royalties paid by the Lessee hereunder <br /> during the previous three years. Such written application shall be <br /> submitted to the Contracting Officer not less than thirty (30) <br /> calendar days prior to the beginning of the lease year with respect <br /> to which it is made. Minimum royalties paid pursuant to this <br /> article shall be credited against base royalties and royalty bid <br /> payments which become payable during the term of this lease or any <br /> extension thereof. Minimum royalties so paid shall not be refunded <br /> upon the surrender, cancellation, expiration, or other termination <br /> of this lease. " <br /> Third: Article II entitled "Term" is hereby revised to read as follows: <br /> "II . TERM. This lease agreement shall remain In effect for <br /> a period of ten (10) years from the date of Its execution, except as <br /> it may be sooner relinquished or canceled pursuant to other <br /> provisions of this agreement. However, this agreement may be <br /> further extended for additional periods not to exceed ten (10) years <br /> each, based on a determination for each extension by the Contracting <br /> Officer pursuant to 10 Code of Federal Regulations (C.F.R. ) Part <br /> 760.1 (u) that such extension is in the best interest of the <br /> Government. No extension shall be granted if the Contracting <br /> Officer determines that the Lessee is in default of one or more of <br /> the terms and conditions of the lease or that the lease should be <br /> re-issued through competitive bidding pursuant to 10 C.F.R. Part <br /> 760. 1(d) . " <br /> form.lea/gg <br />