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=~ cs <br />to perform reclamation required by the previous permit. The parties also agree that all of the <br />terms and conditions of this Agreement are conditioned upon Lessee successfully obtaining a <br />MLRB #112 permit. <br />6. Lessee guarantees that it will mine or pay for at least 20,000 tons of aggregate per <br />year, and upon signature of this Agreement will pay to Lessors $2,500.00 as an advance royalty. <br />7. Lessee agrees to mine the said property in a workmanlike manner, with proper <br />equipment, and will carry liability insurance with limits of liability of not less than $300,000.00 per <br />injury and $1,000,000.00 per incident. Lessors shall be named as an also insured parties. Lessee <br />will carry workman's compensation insurance upon its operations. Lessee agrees to comply with <br />all Federal, State and local statutes, rules and regulations, and will save Lessors harmless with <br />respect to such compliances. Lessee's obligations shall include dust control and maintenance of <br />haul routes on the property. <br />8. Lessee may not assign or sublease any interest in the premises without the prior written <br />consent of Lessors. <br />9. The parties agree that Lessee shall have the option of extending this Lease for an <br />additional ten year term. This extension maybe exercised by Lessee upon a written notice given <br />before expiration of the initial term. <br />10. In the event of default either party may enforce this Lease, cancel this Lease, or claim <br />damages. No process shall commence, however, unless a 30 day written notice of default is given <br />with a right to cure. If enforcement becomes necessary, the prevailing party shall have the right to <br />recover all costs and expenses and including a reasonable attorney fee. <br />11. Any notices required or permitted under this Agreement shall be deemed sufficient if <br />mailed or delivered as follows: <br />Lessors: <br />Robert D. Corey and Lavelle Corey <br />62237 Spring Creek Road <br />Montrose, Colorado 81401 <br />Telephone: 970-249-1971 <br />Lessee: <br />Western Gravel, Inc. <br />3001 North Townsend Avenue <br />Montrose, Colorado 81401 <br />Telephone: 970-249-2431 <br />Western Gravel, Inc. -Robert Corey Lease <br />Page 2 <br />