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LEASE AGREEMENT <br />TH[S LEASE AGREEMENT made this 1st day of May, 1993, bettiveen Albert <br />S. Challenger, hereinafter referred to as "the Lessor," and Coulson Excavating Co., Inc., <br />3609 North County Road 13, Loveland, Colorado 80538, hereinafrer referred to as "the <br />Lessee." <br />WITNESSETH: <br />In consideration of the covenants and agreements herein set forth, the <br />Lessor hereby leases, exclusively, to the Lessee all sand, gravel, rock, and dirt located in, <br />on, or under the following described real estate, approximately 105 acres (hereinafter <br />referred to as "the Property"), situated in the Counry of Weld, State of Colorado, to-wit: <br />Township 5 North, Range 67 West of the 6th P.M. <br />more specifically, <br />the NW 1/4 and portions of the NE 1/4 <br />of the SW 1/4 of Sec[ion 29 <br />Counry of Weld, State of Colorado <br />TOGETHER WITH ingress and egress over existing private roads on the <br />Property, as needed or convenient in connection with the Lessee's mining operations. <br />The Property is hereby leased to the Lessee for the purpose of quarrying, mining, <br />removing, and marketing therefrom sand, gravel, rock, and dirt (hereinafter referred to <br />as "the Materials"). Gold shall be excluded from this lease. <br />This Lease is contingent upon successfully negotiating a release from Western Mobile <br />Northern, [nc. (see Exhibit A). The Lessor and Lessee shall cooperate in obtaining the <br />above release. <br />~ 1. Term of Lease. The term of this lease shall commence on the date hereof: <br />Accounting shall be on a fiscal year beginning May 1, 1993. The term of this Lease shall <br />be 20 years. The term of this Lease shall expire when all commercially mineable <br />Materials which can be excavated under permits now or hereafter granted have been <br />removed from the Property, or May 1, 2013, whichever first occurs. If after termination <br />of this Lease, any portion of the Property remains unmined, the Lessor shall require any <br />i new Lessee to assume the reclamation obligations of the Lessee with respect to unmined <br />i areas of the Property and shall substitute its bond with respect to such obligations. <br />s <br />t 2. Mining Phases and Terms Mining shall be in accordance with the following terms <br />and phasing: <br />1/,~; <br />