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'~~ <br />-- <br />~ - <br />~~. <br /> <br /> <br />:i <br />1. <br /> <br />i. <br />i~ <br />_t <br />r <br />1• <br /> <br />Whereas Douglas R. Kerrigan, herein after known as Lessor, <br />and R. E. monks Constuction, herein after known as lessee have <br />an agreement dated 10 June 1984 for the purpose of mining property <br />located East of and adjoining Fremont County-Airport and <br />Nhercas Lessee has additional mining interests and wishes to <br />use Lessors property for access and <br />Whereas Lessor and Lessee wish to amend and extend the above <br />mentioned agreement presently in force it shall be amended and <br />extended as follows: <br />A) The agrec~nent presently in force will extend to 10 June 2008 <br />B) lessor will grant to Lessee access across the subject pro- <br />perty and agrees to sign a separate access agreement. <br />C) In consideration for the extension and access Lessee will. <br />guarantee to lessor the following: <br />1) A minimum royalty andlor payment of 318,000.00 per year <br />payable as follows: <br />a) 34,500.00 per quarter paid on the 20th of the month <br />following each calendar quarter. .~ <br />2) Said minimum payment to be against actual royalties but <br />in no case to be less than s18,000.00-per year, or 34,500 per <br />quarter. <br />3) Should actual royalties be less than .the minimum payment <br />in any one or more calendar years the amounts not actually earned <br />may be recovered in following contract years if the amounts earned <br />exceed 536,000.00 per year. <br />4) In the event there are no royalties earned or the sub-ect <br />property is exhausted, the minimum annual payment shall stii~ apply <br />during the period covered by this amendment. <br />This agreement, signed this day of A ril, 1988,. between <br />R.E. Monks Construction Company ssee and Douglas R.-Kerrigan <br />(Lessor) shall merge with and became a part of the original contract <br />dated 10 June 1984. All amendments of this agreement shall be in <br />force immediately. All other elements of the original agreement <br />shall remain in force an continue to inure to the benefit of Lessor <br />and Lessee. <br />R.E. MONKS CONSTRUCTION COMPANY <br />~. <br />(3Y TITLE <br />-~ ..c~ if ' ~'. <br />DOU AS R. KERRIG <br />EXHIBIT <br />R 4 <br />..LL+'.nuyr~,.~r co. <br />