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: ~ • LEASE AGREEMENT • <br />AGREEMENT made this let day of July 1991, by and <br />between Uncompahgre Valley Water Users Association, Lessors, and <br />Western Gravel, Inc., a Colorado Corporation, Lessee, WITNESSETH: <br />1. In consideration of the reserved royalties as hereunder <br />specified, Lessor hereby leases unto Lessee the following <br />described real property located in the County of Montrose and <br />State of Colorado, to wit: <br />Northeast Quarter of the Northwest Quarter, Southeast Quarter of <br />the Northwest Quarter, Southwest Quarter of the Northeast Quarter, <br />Section 17, Township 48 North, Range 9 West, New Mexico Principal <br />Meridian. <br />2. This Lease shall commence on the let day of Julv <br />1991, and shall continue for a period of ten years. <br />3. The parties hereto understand that the purpose of this <br />Lease is to permit Lessee to excavate and remove from the said <br />property gravel and overburden as may be required. The pit <br />location or locations upon the said property shall be agreed upon <br />between the parties and any pit permit required by the State of <br />Colorado or local authorities shall be the obligation of Lessee, <br />and Lessee will use its best efforts to obtain such permits and to <br />comply with federal, state, and local rules and regulations as <br />may be required with respect to the gravel operation contemplated <br />upon the said premises. It is further agreed that Lessee will <br />contour and slope all pits in order to prevent undue erosion, <br />subsidence of lateral support, and in general to promote <br />` conservation practices and esthetic considerations as may be <br />1,:~ commensurate with a gravel pit operation. It is understood and <br />~~,a~ _, agreed that all Bits shall be reclaimed within six months from the <br />date of termination of this Lea'` se n a manner approved by the <br />State of Colorad~ and required under the pit permit requirements <br />of the State of olorado. <br />4. Lessor warrants that they own or have the right to <br />Lease said property in accordance with the terms and conditions as <br />herein stated and the parties agree that this Lease shall be <br />binding upon the heirs, assigns, representatives and successors of <br />all parties hereto. This Lease Agreement shall not be sublet, <br />transferred or assigned without the written consent of Lessor <br />first had and received. <br />5. It is agreed that in consideration of this Lease and <br />the right to remove aggregate upon the said property, Lessee will <br />pay unto Lessor the sum of $0.25 per ton of material removed from <br />said property. The measurement of tonage shall be as customarily <br />performed in the industry to measurement of piles or by direct <br />scale weight, or by calculating loads hauled and the size thereof. <br />Lessor shall have the right to participate in all measuring and <br />calculations, and the records of Lessee shall be available to <br />Lessor for such purposes in determining the accounting between the <br />parties. It is further agreed that payment to Lessor by Lessee <br />