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any other purpose than the one specified therein, which such grants or leases shall be so made as not <br />to interfere with the operation of this lease, and so as to require the grantees of such rights to assume <br />all risk resulting therefrom. <br />D. All rights and privileges of every kind and nature not herein expressly granted. <br />TO HAVE AND TO HOLD The above-described premises, with the appurtenances, unto Lessee and the heirs, <br />assigns, successors or legal representatives of Lessee, from 12:00 Noon on the 29th day of Mav , 1991 ,for the term <br />of ten (10 ) yeazs, until 12:00 Noon on the 29th day of Mav , 2001. Any extension shall be negotiated within <br />sixty (60) days prior to the termination date herein. Lessor reserves the right not to renew this lease. <br />1. ROYALTY -- Lessor reserves as royalty, and Lessee agrees to pay to Lessor on or before the last day of each <br />calendaz month following the month.of production, $ .50 per ton of 2000k, or $ =per cubic yard, or _% <br />of the gross sale price at the first point of sale, whichever is greater. <br />Within sixty days prior to the termination of each and every five-year period for so long as this lease <br />remains in effect, Lessor may reappraise the property herein leased and fix and determine the rate of production <br />royalty to be paid during each yeaz of the succeeding five-year period. Failure to comply with any new royalty <br />rate set by Lessor may subject this lease to cancellation by thirty-day written notice by Lessor. <br />2. ~ ADVANCE MINIMUM ROYALTY -- As mihimum and advance royalty, without relation to the amount of <br />material mined from the leased premises, Lessee shall pay annually in advance to Lessor the following amounts: <br />LEASE YEAR ADVANCE MINIMUM ROYALTY <br />1st None <br />2nd $5.000/per kear <br />3rd $5.000/fir year <br />4th $5.000/per year <br />5th $5.000/per year <br />LEASE YEAR ADVANCE MINIMUM ROYALTY <br />6th $5.000/per y ear <br />7th $5.000/per y eaz <br />8th $5.000/per year <br />9th $5.000/per year <br />10th $5.000/per year <br />Royalty due for material produced from said premises shall be credited against such advance minimum royalty <br />until the totai'sum is equal to the advance minimum royalty previously paid to the State, at which time a regular <br />monthly royalty will be due and payable as herein provided. In the event Lessee does not extract minerals from <br />the leased premises during the lease term or any term so agreed to by Lessor, the minimum amounts above paid <br />to the State will be forfeited. <br />Acreage changes resulting from surrender or partial assignment may reduce the advance minimum royalty <br />proportionately. Further, at the end of each five-yeaz period, commencing from the original lease date, Lessor <br />may reasonably change the rate or amount of advance minimum royalty to be paid by Lessee. <br />In case of assignment of this lease, all advance minimum royalty paid to the State shall be carried forwazd and <br />credited to the new assignee. <br />3. PENALTIES -- A penalty shall be imposed for, but not limited to, late payments, improper payments, violations <br />of any covenants of this lease, or any false statements made to Lessor. Penalties shall be determined by Lessor <br />and may be in the for of, but not limited to, interest, fees, and fines. <br />4. OVERRIDING ROYALTY LIMITATIONS -- It is agreed that this lease or any subsequent assignment hereof <br />shall not be burdened with overriding royalties the aggregate of which exceeds two percent (2%) of the gross <br />value of the material at the fust point of sale. Lessor must be notified of all overriding royalties accruing to this <br />lease. Violation of the above may subject this lease to cancellation by Lessor. <br />