Laserfiche WebLink
the manner set forth herein and that the individuals executing this Lease Agreement on <br />behalf of the named parties are fully authorized to do so. <br />2.02 Ownership of Gravel Pit. Cugnini and CLACC represents that they own all <br />of real property described in Exhibit A and all of the interests in the sand and gravel <br />minerals located within the Gravel Permit area and the area of future expansion for the <br />Gravel Pit as described herein. Cugnini and CLACC additionally represent that their <br />interests in the Cugnini Property and in said sand and gravel minerals are not pledged <br />as security or otherwise encumbered as of the effective date of this Lease Agreement. <br />Section 3. LEASE TERM <br />3.01 Term. The initial term of this Lease Agreement shall be for a period of <br />four (4) years, beginning as of October 1, 2002. FCM shall have the automatic right to <br />renew this Lease Agreement for two additional terms of four (4) years each for a total <br />term of twelve (12) years; the second four year term to begin October 1, 2006 and the <br />third four year term to begin October 1, 2010. This Lease Agreement terminates no later <br />than September 30, 2014, unless extended in writing by the parties hereto. FCM has <br />the automatic right to renew this Lease Agreement in 2006 and 2010 so long as FCM is <br />not in default of the terms of this Lease Agreement. FCM shall notify Cugnini that it is <br />exercising its option to renew this Lease Agreement for the second additional four (4) <br />year term on or before August 15, 2006 and for the third additional four (4) year term on <br />or before August 15, 2010. <br />Section 4. RIGHT TO MINE AND RIGHT TO USE <br />4.01 Grant to FCM. Subject to the terms of this Lease Agreement, the Gravel <br />Permit and the Land Use Permit, Cugnini and CLACC hereby grant FCM the exclusive <br />right to mine and extract sand, gravel and rock products from the Gravel Pit, and the <br />future expansion area, and the exclusive right to haul, process and stockpile sand, <br />gravel, concrete, asphalt and related supplies, materials and products at and from the <br />Gravel Pit, and future expansion area. FCM's right to use the Cugnini Property and the <br />existing and future Gravel Pit areas thereon, is subject to the rights of others in and to <br />existing easements and oil and gas leases of record as of the date this Lease <br />Agreement is executed. <br />4.02 Expansion of the Gravel Pit. Cugnini and CLACC hereby grant FCM the <br />right to expand the size of the Gravel Pit to encompass those areas of real property <br />depicted as the "expansion area" and identified with cross-hatch marks in the attached <br />Exhibit C, which exhibit is incorporated herein by this reference. FCM has the right to <br />expand the size of the Gravel Pit to encompass the real property depicted on Exhibit C <br />at anytime during the term of this Lease Agreement. Said expansion is to provide for <br />Cugnini Pit Lease <br />1029/02 <br />Page 2 of I S <br />