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<br />EXHIBIT "N" <br />• G R A V E L L E A S E <br />I AGREEMENT, made and entered into this "~~~ day of <br />~~~~~ 1995, by and between LEE HANCOCK and ELEANOR <br />HANCOCK of the County of Otero and State of Colorado, hereinafter <br />called "Lessor", and the BOARD OF COUNTY COMMISSIONERS OF OTERO <br />COUNTY, COLORADO, hereinafter called "Lessee", <br />W I T N E S S E T H <br />Lessor, for and in consideration of the mutual promises <br />hereinafter contained on the part of Lessee to be paid, kept, and <br />performed, has granted, demised, leased, and does by these presents <br />grant, demise, lease, and let exclusively unto the Lessee, for the <br />sole and only purpose of removal and operating for and marketing of <br />such quantities of limestone, sand, and gravel as may be found in <br />and on all that certain tract of land situated in the County of <br />Otero, State of Colorado, described as follows, to-wit: <br />One hundred twenty acres located in the East Half of <br />Section 26, less one acre in the Northeast corner <br />thereof, in Township 23 South of Range 57 West of the 6th <br />P.M., being more particularly described in the permit <br />held by Lessee. <br />• EXCLUSIVE USE. This lease shall run exclusively to the <br />Lessee, and no other person, firm, or entity shall have access to <br />said property for gravel mining purposes or access to the property <br />which would interfere with the Lessee's mining operation without <br />the express written approval of the Lessee. <br />TERM. The term of this lease shall be for a period of ten <br />(10) years commencing January 1. 1996„ and expiring on December 31, <br />2006 <br />MINIMUM ROYALTY. The Lessee hereby agrees to pay a minimum <br />royalty of $2,000.00 per year during each year of this lease. The <br />minimum royalty payment shall be paid on or before January 15th of <br />each year for the year to which the minimum royalty applies. <br />PAYMENT. The Lessee agrees to pay to Lessor twenty cents <br />($.20) per ton for all limestone, sand, or gravel removed from the <br />premises by Lessee. The Lessor reserves the right to renegotiate <br />the price per ton after the third year of this lease and after the <br />sixth year of this lease. Any such modification shall be in <br />writing signed by all parties hereto. <br />RECORD KEEPING. Lessee shall keep accurate records of the <br />cost of the amount of materials removed on a monthly basis and <br />shall deduct such monthly amount from the $2,000.00 paid to Lessor. <br />• At such time as Lessee has removed materials totaling more than <br />