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It is understood between the parties that this Lease may be terminated by mutual <br />l agreement of the parties. In the event of such agreement, the Lessee shall Gave ninety (90) <br />days from the agreemem date in which to cease operations under this Lease and to commence <br />activity in order to comply with any reclamation responsibilities arising under the terms of this <br />Lease or state law or regulations and to commence removal of any stockpiled Materials. <br />Lessee shall proceed with due diligence to complete reclamation and removal of stockpiles. <br />4. Ro al ies. Lessee shall pay Lessor an annual 51000 deposit fee as royalty on <br />Materials removed by Lessee during each ensuing yeaz. Lessor shall retain the entire annual <br />fee irrespective of the quantity of Materials removed by Lessee during the yeaz. The annual <br />fee shall be due on or before the 3rd day of May of each year in which the Lease is in effect. <br />Phis annual fee shall also be the royalty for the first one thousand (1,000) cubic yazds of <br />Materials removed. <br />After Lessee has removed one thousand (1,000) cubic yards of Materials from the <br />Premises in any one yeaz, Lessee shall pay to Lessor, a royalty of One Dollaz ($1.00) for each <br />additional cubic yard of Materials removed from the site during that yeaz. Such royalties shall <br />be payable monthly. Lessee shall maintain accurate records of the amount of Materials removed <br />from the Premises by the Lessee pursuant to this Lease and shall provide Lessor with copies of <br />such records on a montltly basis while Lessee is removing Materials from the Premises. The <br />amoum of Materials removed shall be calculated based on truck loads removed. End dump <br />trucks shall be deemed to carry 10 cubic yards of Materials and belly dump trucks shall be <br />deemed to carry 20 cubic yards of Materials. <br />All monthly royalty payments under this Lease shall be made by Lessee to Lessor on or <br />before the tenth (10th) day of each month during the term of this Lease for all Materials <br />removed by the Lessee during the proceeding month. Payments shall be made to Avis H. <br />Funk and Jane Katherine Hooker at P.O. Box 28, Hayden, Colorado 81639. All Materials <br />paid for by Lessee shall be removed by Lessee within one (1) year after the termination of this <br />Lease. <br />Lessee agrees to keep a strict and accurate record of all Materials removed from the <br />Premises, and Lessor shall have the right at reasonable times of examining the mining <br />procedures and checking the books and records of Lessee for the purpose of verifying the <br />amount of royalties payable. <br />Lessee agrees to reimburse Lessor for paymem of the Natural Resource Operation tax <br />upon receipt of Lessor's paid bill. <br />5. Surface Ri¢hts of Lessee. <br />a. Lessee shall have a nonexclusive right of ingress and egress over the Premises to <br />carry out the objectives of this Lease. <br />b. Access to the Premises will be limited to County authorized personnel. <br />c. Lessee shall not permit, use, or allow to be used any remainder of the Premises <br />for any activity unrelated to its gravel operations as provided herein. <br />d. Lessee shall provide all necessary drains and ditches to remove water from the <br />pit. <br />e. No Materials removed from the pit by Lessee shall be stockpiled outside of the <br />boundazies of the Premises. <br />I IIIIII IIIII illlll IIII IIIIII IIIII IIIIII III I'II' IIII IIII <br />526707 04/20/2000 09:S0p K^y M^tnl^nd <br />2 of S R 0.00 D 0.00 Reutt County, CO <br />