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<br />shall be upon a monthly basis within ten (10) days after the end <br />of each month. It is further agreed that Lessee shall not be <br />obligated to remove any particular amount of material from the <br />said property, but Lessee does guarantee to Lessor hereunder the <br />sum of $ NJA per year in the first year and $ N/A per year <br />the second year, and $ N/A per year thereafter as an advance <br />royalty to be applied upon material removed from the said <br />premises. Payment is to start after permit is approved by the <br />appropriate autho3rities. <br />6. It lis further agreed that insofar as the use thereof <br />does not interfere with Lessee's gravel operation, Lessor shall <br />have the right to use.otYier portions of the atiove property leased, <br />and this Lease does not include any form of buildings or <br />improvements which may be located upon the said property. <br />7. it is further agreed between the parties hereto that <br />should Lessee default hereunder, because of non-payment, Lessor <br />may, upon giving 30 days notice, and upon the failure of Lessee to <br />make such payment within said period of time, terminate this Lease <br />at the election of Lessor, and thereafter the parties hereunder <br />have no further obligation with respect to the said Lease except <br />for the amount accrued to that date or items of damage which may <br />have accrued to date of termination. With respect to any other <br />obligations of Lessee under this Agreement, Lessor shall not have <br />the right to specific performance or damages at the election of <br />Lessor. The said notice shall be deemed sufficient if in writing, <br />specifying the particular default deemed to exist, addressed to <br />Lessee at 16601 Highway 550, Montrose, Colorado 81401, with <br />sufficient postage thereon prepaid. The said 30 day period shall <br />commence from the date of mailing. In the event of default by <br />Lessor, Lessee may specifically enforce this Agreement or claim <br />damages at the election of Lessee. Should either party be <br />required to enforce this Agreement, the prevailing party shall be <br />entitled to recover all costs and expenses thereof and including a <br />reasonable attorney's fee. <br />Dated upon the day and year first above written at <br />Montrose, Colorado. <br />LESSOR: <br />Uncompahgre Valley Water Users <br />Association <br />/ i <br />.• ~ ~ ~<< iC ,- es P. Grett, President <br />A ested by: <br />Keith Catlin, Secretary <br />