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If other required permits referenced herein aze not obtained with four (4) years of execution of this <br />Lease, this Lease shall be voided and of no further effect and the parties shall be released from all <br />further obligations hereunder. Lessee shall provide to Lessor's agent, Donald J. fanner, a copy of <br />all Permit Applications submitted to the State of Colorado, Pueblo County, the United States Cotps <br />of Engineers, or other entities simultaneously with the filing thereof. <br />Rearesentations. <br />Lessee makes the following representations to Lessor. <br />(a) Lessee is a corporation duly formed, validly existing and in good standing <br />under the laws of the State of Colorado. <br />(b) Lessee has the requisite power and authority to enter into and perform its <br />obligations under this Lease. <br />(c) The person or persons executing this Lease on behalf of Lessee aze duly <br />authorized by Lessee to do so. <br />(d) Lessee is not in violation of any law, regulation, license, permit, or order, <br />which violation would prevent, hinder or delay the transfer to Lessee of any licenses or permits <br />necessary to the performance of Lessee's obligations under the Lease, and that Lessee is not in <br />violation of anything that would hinder or delay the granting or transfer of any such licenses or <br />permits. <br />6. Mining. The mining of the lease property, approximately 17 acres, would begin <br />as soon as an amendment to the DMG permit and SUP could be obtained and integrated into the <br />operational mining plan. <br />Royalty. Royalties will be paid to the Lessor on all minerals extracted and sold <br />from either phase by the end of the month following sale. The royalty rate will be 7% of the <br />s:Vega~wkdkmccpuebloVease.dce Q <br />