2003-01-29_REVISION - M1998014 - Laserfiche WebLink

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7. insurance. The Lessee agrees that, before beginning any operations on the Property, it will obtain Workmen's Compensation insurance to grotect the Owner, and will at all times during the Term, or any extension thereof, keep said Wozkmen's Compensation insurance in full force and effect. In addition, before beginning operations, the Lessee agrees to obtain and maintain in force Owner, landlord and tenant liability insurance, for Lessee's own protection, and also naming the Owner, which insurance shall be for not less than $1,OOD,OOO. 00 combined single limit. The personal injury and property damage insurance provided shall contain a waiver of subrogation between Owner and Lessee. Evidence of all insurance in force shall be filed with Owner, and the policies shall be non-cancelable without at least 30 days prior notice to Lessee and owner. 8. Default of Lessee. If Lessee shall fail to make any payment as herein provided or fail to keep or perform any covenant herein contained, the Owner shall have the right to give the Lessee written notice to correct any such default within thirty (30) days. is the event such default is not corrected within such period, then the Lease shall be terminated upon the expiration of said thirty (30) day period; except that if the default cannot be practically corrected within the thirty (30) day period and Lessee has commenced corrective action and is making all practical prompt efforts to correct same, the thirty {30) day period shall be extended for so long as is reasonably required to correct the default. If any such monetary or nonmonetary default is corrected within the time periods permitted, the Lease shall remain in full force notwithstanding the said default and notice. In the event Owner terminates this Lease as a result of a default by Lessee hereunder, Lessee shall be required to fulfill any obligations existing under this Lease at the time of such termination, including Paragraphs 9 and 19 hereof, and shall be liable for any claims or damages accruing or arising out of Lessee's acts or failure to act prior to termination, but shall be relieved of any further obligation hereunder. In the event of default by Lessee which consists of the failure to pay a sum of money to others ("Third Party Payments"), such as property tax payments or insurance premiums, Owner may pay same and the amounts so paid shall be treated as a loan from Owner to Lessee pursuant to this Lease which shall be immediately due and payable, subject only to the foregoing notice and cure periods. Notwithstanding the foregoing, so long as Lessee is protesting the amount or validity of the Third Party Payment in good faith, in an appropriate forum, Owner shall aot be entitled to make such Third Party Payment or declare a default by virtue of Lessee's failure to make such payment, provided that such proceedings by Lessee do not create a material danger of loss of Owner's title to the Property. 9. Reclamation. Lessee shall reclaim the Property substantially in accordance with the mutually agreed (as per section 7.2.1) upon reclamation plan. Notwithstanding termination of the Lease for any reason, Lessee's obligation to reclaim shall continue until proper completion thereof. Lessee shall post and obtain the release of any reclamation bond or other financial warranties or undertakings which must be posted with any governmental authorities. Reclamation shall be performed in accordance with all applicable government regulations, and Lessee shall bear the burden of compliance with all changes~in such regulations. No changes shall be made in the reclamation plan unless approved by Owner, which approval shall not be unreasonably withheld. 10. No Action by Owner to Limit Mining. Owner shall take no action which would cause or encourage the loss or restriction of Lessee's right under applicable government regulations to excavate Sand & Gravel from the Property in ~E~E~VE® FEB 12 2003 Oivisian of Minerals and GeoloOY