1996-05-28_REVISION - X199621901

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FCEL Drill Holes 39 , 40 , 41 , 42 , 43 MEMORANDUM OF SURFACE USE AGREEMENT THIS AGREEMENT entered into this�11 of '- l — 1996 ("Effective Date") by and between FRANKIE T. HUDSON ("OWNER") with an address of PO Box 56, Bostic, North Carolina 28108 and COTTONWOOD LAND COMPANY, a Delaware corporation ("CLC"), with an office at 1475 Pine Grove Road, Suite 207, Steamboat Springs, Colorado 80487, its successors and assigns, whereby in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt of which OWNER hereby acknowledges, and in further consideration of the mutual covenants set forth below, OWNER hereby grants unto CLC the right to enter, conduct certain operations for the purpose of exploring for coal and other minerals, and conduct environmental monitoring and other activities associated with obtaining a coal mining permit, on, under and across the following described lands located in the County of Routt, State of Colorado ("Property"): Township 6 North, Range 88 West, 6th P.M., Routt County, Colorado Section 35: N/2S/2, SEA SWA, SW/4SE/4 Containing 240 acres, more or less. 1. This Surface Use Agreement shall be for a one (1) year term commencing from the effective date hereof ("Primary Term"), with CLC having the option to extend the Primary Tenn of this Surface Use Agreement on a year-to-year basis thereafter, by CLC paying to OWNER on or before the expiration of the Primary Term, and thereafter on each anniversary date of this Agreement, an annual rental for such extension. 2. All of the rights, duties, benefits, terms and covenants contained in this Agreement will run with the land and shall accrue to and be binding upon the successors and assigns of the Parties for the term of this Agreement and any extension of such tern. IN WITNESS WHEREOF,the Parties have executed this Agreement in duplicate as of the date first above written, by their own hand and deed OWNER: FRANKIE T. HUDSON COTTONWOOD LAND COMPANY By: BYQ��41��")L_ Its: Owner Its: pj5 yD�t}r 464189 B-721 P-866 05/ 17/96 02 : 55P PG 1 OF 2 REC DOC Kay Weiriland Routt County Clerk & Recorder 11 .00 J a