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• • iii iiiiiiiiiiiu iii <br />THIS MININt3 I~ASB, made this 31st day of January, 1991, by and between GLEN <br />L. BLACK and LINDA L. BLACK, Lessor, end DELTA SAND AND GRAVEL CO., a Colorado <br />Corporation, Lessee, all of Delta, Colorado, WITNESSE"fH: <br />Thal the said Lessor, for and in consideration of the rents, covenants and agreements <br />hereinafter expressed to be paid, kept and performed by the said Lessee, have leased to said Lessee, the <br />following described property, to-wit: <br />PLAT OF PROPERTY SHOWING BOUNDARY LIMITS OF <br />MINING AREA, LOCATION OF SPOIL PILES OF OVERBURDEN, <br />ACCESS ROADWAY AND ADJACENT PROPERTIES SHOWING <br />APPROXIMATELY 16 +/-ACRES COVERED BY THIS LEASE IS <br />ATTACHED HERETO AS APPENDIX "A" AND INCORPORATED <br />HEREIN BY TH1S REFERENCE. <br />To have and to hold, for the sole propose of mining and removing sand and gravel and <br />aggregates thereof, for the term of five years; thereafter, this Lease shall be deemed to be automatically <br />renewed for successive two-year terms, unless written notice is given by certified mail by either party <br />to terminate the Lease at least thirty (30) days prior to the expiration of the initial term or any renewal <br />term of this lease. <br />The Lessee hereby covenants and agrees to pay to the Lessor a royalty for material <br />mined from the subject property calculated at the rate of per ton, which royalty <br />shall be payable in montldy installments due on or before the tenth day of each month following the <br />month in which the aggregate material is mined. Measurement of material mined shall be <br />accomplished by weighing at least two loads a day in each truck hauling to get an average weight for <br />that truck and then keeping a count of loads hauled that day. For rock trucks that can't be scaled, a <br />load weight will be estimated based on the volume loaded on the trucks. This will be jointly agreed on <br />by the Lessor and the Lessee after mining operations have commenced and will be added to this Lease <br />as APPENDIX "B". Mining will commence using an assumed load of 25 tons in the Euclid 25 ton <br />rock trucks currently used by Lessee. The Lessee will also supply monthly load count statements and <br />weigh tickets with the monthly payment. <br />!t is the Lessor's understanding that Lessee intends to begin to mine this property as <br />soon as permitting is completed and will then mine continuously, as needed to fill customer demand, <br />until the sand and gravel and aggregate have been removed down to bedrock. Lessee will contact the <br />Lessor in the event Lessee is not able to mine down to bedrock or at a minimum of fifteen (IS) feet <br />below the water table. Lessor expects the finished and reclaimed pond will have a water depth of at <br />least fifteen (l5) feet. Any exceptions must be mutually agreed to in writing by both Lessor and <br />Lessee. lessee agrees to pay for all material mined at the rate stated above or pay a minimum yearly <br />payment of in the event mining tonnages are below 30,000 tons <br />during any given calendar year. The minimum yearly payment will begin after permining is completed <br />and will be prorated for the remainder of the year in which permitting is completed. Lessee shall begin <br />the permitting process within 30 days of the commencement date of this lease. This mining lease <br />supersedes any other "Mining Lease" entered into between the parties. <br />