2002-11-07_REVISION - M1994097 - Laserfiche WebLink

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i l~t,lu uln wam ~1!! uvm emu ~i®vi m o®n~ nei iem 871381 03/02/2001 01:26P iiMDOC C KRUSE 2 of 3 R 18.00 D 0.00 N 0.00 RECORDER MTSE CO a. All incidental costs arising out of the construction, use, and maintenance of the Easement, including those costs necessitated by compliance with the terms of the SUP, shall be paid solely by Lessee, without contribution from Lessor. b. The fee for the use of the Schleich easement is separate from, and in addition to, those fees owing to the Lessor under the Mining Lease. 3. Section 2 of the Mining Lease, entitled Term and Option to Renew, is hereby repealed and amended with the addition of a new term. The term of the Mining Lease shall be for the "Life of the Mine." The term "Life of the Mine" shall be defined to mean the period of time, following which, all gravel deposits found within the boundaries of the lease area, as defined by Section 1 of the Mining Lease, have been depleted of available sand, gravel, and rock deposits using typical extraction methods and reasonable diligence in production. The Life of the Mine shall extend for a reasonable period following exhaustion of available deposits until such time as reclamation activities are complete and the reclamation bond posted with the Colorado Division of Minerals and Geology is released. It is the intent of the parties that this lease shall continue for an indefinite duration, and all obligations.thereunder shall continue until the mineral resource is extracted. a. Notwithstanding the change in the term of the lease, nothing in this Amendment shall be construed to modify or repeal the royalty and accounting provisions of Section 3 of the Mining Lease, except as is expressly stated herein. Accordingly, the Minimum Royalty"and the Royalty Price, as modified from time to time, shall be paid for the Life of the Mine. b. On or before the fifth anniversary of the effective date of the Mining Lease, and thereafter in successive five yeaz increments for the -Life of the Mine, the Minimum Royalty and the Royalty Price shall be increased by the percentage increase of the unadjusted Producer Price Index for Sand and Gravel published on April 1, 1998 in comparison to the same unadjusted index for April 1 of each applicable yeaz. For the Life of the Mine, in no instance shall any royalty payable under this lease be reduced in relation to the preceding royals period based upon a Producer Price Index computation ' 4. All provisions of the Mining Lease not explicitly changed or modified herein shall remain in full force and effect for the Life of the Mine. There are no collateral promises or agreements not expressly set forth herein, and no such modifications Page 2 of 3