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<br />ti11NING LEASE <br />DOUGLAS R. KERRIGAN, d/b/a <br />KERRIGAN BROTHERS <br />"Lessor" <br /> <br />Penrose, Colorado <br />R.E. MONKS CONSTRUCTION CO. "Lessee" <br />P.O. Box 23579 <br />Colorado Springs, Colorado 80936 <br />- Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the <br />property described on attached Exhibits A do B (the "Property"), situated in Fremont <br />County, Colorado, for the purpose of quarrying. mining, extracting, crushing, <br />screening. washin .processing, stodt-piling, and marketing al! sand, gravel, rock and <br />oth~~ (" pterials") on the following terms: <br />V'~; -• 1. LEASE TERM <br />4 <br />1.1. This Lease shall be in etfect for a period o[ `~ years, from ' <br />D~~,~,,1984 to 19}~ Lessee shall have the right to renew this ~ ~ <br />Q lease for success a penods of ,~~ years, for a total of ears, b tvm ~ <br />~G•~. Y Y 6~ ~ g <br />written notice to Lessor mt less than ninecy (90) days prior to the expiration of aoy <br />lease term. <br />2. ROYALTIES <br />2.1. Lessee shall pay to Lessor as royalties Sor the first year a minimum <br />annual prepaid royalty ("MAPR'7 of Thirty-Six Thousand Dollars ($36,000.00), payable <br />as follows: • <br />2.1 (a) Three Thousand Dollar ($3,000.00) at the execution of this lease; <br />2.2(b) Three Thousand Dollars ($3,000.00) per month for the next <br />consecutive eleven (11) months, payable on the same day of each month as the <br />date of this lease. <br />2.2. The MAPR for the first year shall be adjusted quarterly, and the MAPR <br />shall be credited against actual royalties ("AR") Sor materials removed according to <br />the following schedule: <br />2.2(a) For materials removed and sold from Property U1, a royalty of <br />Fifteen Cents ($.13) per son; <br />2.2(b) For materials removed and sold from Property U2, a royalty of <br />Twenty-Five Cents ($.2S) per ton; <br />2.2(c) For materials removed and sold to other wholesale purchasers. <br />Including Lessor, from either Property, a royalty of eight percent (3'b <br />gross sales price, as established by Lessee. EXHIBIT <br />a <br />