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<br />SAND, GRAVEL AND ROCK MINING LEASE
<br />This LEASE is made March 20, 2003, between JOYCE E. WILCOX, 9314 Moonlight Drive,
<br />Corpus Christi, TX 78409, MARJORIE A. STUDER, 908 Villanova Dr., Davis, CA 95616,
<br />MARiLYNN J. CASSIDY, 6219 LaJolla Mesa Dr., LaJolla CA 92037, JAMES H. RAREFY,
<br />106 Pine Valley Drive, Medford, NJ 08055, DONALD E. RAREFY, 7523 Stonecliff Drive,
<br />Austin, TX 78731, CAROLYN K. RAREFY-BROOKS, 315 North Fifth Street, Sterling, CO
<br />80751, JEAN E. RAREFY, P.O. Box 40, Henderson, CO 80640, and PAMELA L. RAREFY,
<br />P.O. Box 40, Henderson, CO 80640, herein referred to as lessor, whether one or more, and
<br />McATEE CONSTRUCTION CO., a Colorado corporation, of P.O. Box 1908, Sterling, CO
<br />80751, doing business at and near the City of Sterling, County of Logan, State of Colorado,
<br />herein referred to as lessee.
<br />Lessor, in consideration of the agreements set forth herein to be kept and performed by
<br />lessee, and of the payment of royalties by lessee as provided herein, and subject to the
<br />terms, and conditions and provisions contained herein, leases to lessee that certain tract
<br />of land situated in portions of the SEl/4 and the E1/2, SWl/4 of Section 29, Township 4
<br />North, Range 52 West of the 6th P.M., Logan County, Colorado, consisting of 105.55 acres,
<br />more or less, known and described as RAREFY PTT #1, more particularly described in
<br />that certain April, 2003 AMENDMENT OF A MINED LAND RECLAMATION PERMTT
<br />Application prepared by Environment, Inc. for McAtee Construction Company, as
<br />submitted to and approved by the State of Colorado, Division of
<br />Minerals and Geology, Depaztment of Natural Resources, Permit No. M-86-147, Revision
<br />No. ~ incorporated herein and made a part hereof, together with the rights of ingress
<br />and egress to and from said tract, as further set forth herein, for the purpose of quarrying,
<br />mining, removing and marketing therefrom all sand, gravel, rock and soil surrounding
<br />same, all of which are herein referred to as materials. Materials referred to herein does
<br />not include topsoil which is defined as the top twelve (12) or more inches of soil which
<br />has historically supported plant growth.
<br />SECTION ONE -TERM OF LEASE: This lease shall be in effect for a period of one year
<br />from the date hereof. Lessee shall have the right and option to renew this lease for
<br />successive periods of one year each until the supply of sand, gravel and rock
<br />commercially recoverable from the subject tract shall be exhausted. If lessee desires to
<br />renew this annual lease, according to the terms set forth herein, lessee shall give written
<br />notice to lessor within 60 days of the expiration of this lease, addressed to RAREFY
<br />FARMS, 106 Pine Valley Drive, Medford, NJ, 08055 or as otherwise directed by lessor in
<br />writing. It is expressly agreed that if no materials are commercially removed for a period
<br />of one yeaz, this option to renew shall ternunate and be of no further force and effect.
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