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L 999 IIIIIIIIIIIIIIIIIII <br /> 999 <br /> MEMORANDUM OF SURFACE USE AGREEMENT <br /> THIS AGREEMENT entered into this 16 day of July 1996 ("Effective Date") <br /> by and between MICHAEL TWAY SMITH ("OWNER") with an address PO Box 2911/Church St. <br /> Station, New York, NY 10008-2911 and COTTONWOOD LAND COMPANY, a Delaware <br /> corporation ("CLC"), with an office at 1475 Pine Grove Road, Suite 207, Steamboat Springs, Colorado <br /> 80487, its successors and assigns, whereby in consideration of the sum of Ten Dollars ($10.00) and other <br /> good and valuable consideration, the receipt of which OWNER hereby acknowledges, and in further <br /> consideration of the mutual covenants set forth below, OWNER hereby grants unto CLC the right to enter, <br /> conduct certain operations for the purpose of exploring for coal and other minerals, and conduct <br /> environmental monitoring and other activities associated with obtaining a coal mining permit, on, under and <br /> across the following described lands located in the County of Routt, State of Colorado ("Property"): <br /> Township 5 North, Range 88 West, 6th P.M., Routt County, Colorado <br /> Tract 37, located in sections 5,6, and 7. <br /> Containing 161 acres more or less. <br /> 1 This Surface Use agreement -hall be for a one (1) year term commencing from the effective date <br /> hereof ("Primary Term"), with CLC having the option to extend the Primary Term of this Surface Use <br /> Agreement on a year-to-year basis thereafter, by CLC paying to OWNER on or before the expiration of the <br /> Primary Term, and thereafter on each anniversary date of this Agreement, an annual rental for such <br /> extension. <br /> 2. All of the rights, duties, benefits, terms and covenants contained in this Agreement will run wrch the <br /> land and shall accrue to and be binding upon the successors and assigns of the Parties for the term of this <br /> Agreement and any extension of such term. <br /> IN WITNESS WHEREOF,the Parties have executed this .agreement in duplicate as of the date <br /> first above written, by their own hand and deed. <br /> OWNER:MICHAEL TWAY SMITH COTTONWOOD LAND COMPANY <br /> By: Y c / —^ 't By: <br /> N Its`" — its: U1 iQ��[FJ�Ut <br /> v , <br /> 465342 B-723 P-876 07/23/96 10 : 23.4 PG 1 OF 2 REC DOC <br /> Kay Weinland Routt County Clerk 3 Recorder 11 . 00 <br />