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concrete or other products ("Aggregate Products"), or otherwise prepaze for mazket and to market <br />and sell the Minerals, together with such other rights as are related to or incidental to the exercise <br />of the foregoing rights. As used herein, the term Minerals includes Aggregate Products and the <br />term Aggregate Products includes Minerals and all other commercial products containing <br />Minerals located in the Leased Strata or produced from the Minerals. Lessee shalt not be <br />obligated in any Lease Year or period to conduct operations for exploring, developing or mining <br />the Minerals or to produce or remove any Aggregate Product on or from the Property, but Lessee <br />shall conduct such operations within ten (!0) years of the date of this Lease. <br />3. Term. The Term of this Lease shall commence on the date first written above <br />and, unless sooner terminated either by Lessor or by Lessee in accordance with Paragraph 14, <br />shall expire thirty (30) yeazs thereafter. References hereinafter to a "year" of the Lease shall be <br />deemed to be references to a "Lease Yeaz,"which is hereby defined to be a calendar yeaz of 365 <br />days (366 days in leap yeazs). The first Lease period shall commence on the date first written <br />above and shall end on December 31, 2002. The first Lease Yeaz shall begin on January 1, 2003 <br />and shall end on December 31, 2003. The dates of beginning and ending of each subsequent <br />Lease Year shall be reckoned in the same manner. Lessee shall have the option to extend this <br />Lease for the life of the mining pit by notifying Lessor in writing prior to the expiration of the 30- <br />year period, but only if Lessee has commenced mining operations within the initial 10-yeaz <br />period as provided in paragraph 2(d) and only if there is at the time the option is extended an <br />open mining pit from which minerals can be removed. <br />4. Permit Contin eg ncv. This Lease and the obligations of the parties aze expressly <br />contingent upon Lessee obtaining the required permits from the State of Colorado, Pueblo County <br />and United States Corps of Engineers, if necessary, to conduct mining operations on the Property. <br />s:\legal\wkdHmccpuebloVeue.doc 3 ~~(\1V <br />