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Term hereof, Owner covenants that Owner will not conduct or authorize others to <br />conduct any further extraction of Sand ~ Gravel from the Property in any manner. <br />Lessee shall have the right and obligation to enter the Property and effect on <br />the Property such restoration, reclamation and rehabilitation as may be required <br />in order to discharge the responsibilities which Lessee has assumed pursuant to <br />Paragraph 9 and to procure release of any bond or other security provided by <br />Lessee. <br />19. Environmental Matters. Owner understands that Lessee intends to store <br />gasoline, diesel fuel, concrete admixtures, and other pertinent materials <br />necessary to operate a Concrete Plant, or Asphalt Plant, or Aggregate Production <br />.facilities. Lessee, its agents, employees, contractors and invitees shall use <br />Che Property. and conduct any operations thereon in compliance with all <br />applicable federal, state and local environmental statutes, regulations, <br />ordinances and any permits, approvals or judicial or administrative orders <br />issued thereunder. Lessee agrees to handle and utilize alI of said hazardous <br />and potentially hazardous materials in a fashion that prevents the temporary or <br />permanent contamination of any portion of Lessor's Property leased hereunder. <br />Compliance with governmental rules and regulations pertaining to the use, <br />handling, storage of said materials shall not alleviate Lessee's liability under <br />this Lease for contamination of Lessor's Property. <br />20. waiver. Waiver of any one default shall not constitute waiver of any <br />other, further oz subsequent default. <br />21. Attorney Fees and Cost of Suit. in the event that either party <br />defaults in its obligations hereunder, each party shall pay their own attorney <br />fees and costs. <br />22. Recording. Lessee and Owner shall execute a mutually agreeable <br />memorandum of this Lease to be recorded in the appropriate real property records <br />in the county in which the Property is located. <br />23. No Partnershio. It is the intent of the parties that this instrument <br />establish a lease for the extraction of Sand & Gravel and is expressly recited <br />that this instrument shall not constitute Lessee the agent of Owner for any <br />purpose and this instrument shall not create a joint venture or partnership. <br />24. Caotions. The captions or paragraph heading in this document are <br />inserted for convenience of reference only and shall in no way define, limit or <br />prescribe the scope or intent of any provision of this document. <br />25. Modifications. Any amendment or modification to this Agreement shall <br />be in writing signed by all parties hereto. <br />26. Reolacement. This Lease supercedes and replaces all prior leases <br />covering any part of the Property including, but not limited to, that certain <br />Gravel Lease made by Schmidt Ranch Partnership on January 1, 1999 in favor of <br />Roaring Fork Resources, Inc. <br />2~. Termination. In the event that Lessee shall determine in Lessee's <br />sole discretion that the excavation of Sand and Gravel is not feasible or <br />economical, Lessee may, after giving Owner sixty (60) days written notice of the <br />same, terminate the Lease and after such termination the parties hereto shall <br />have no further rights or obligations hereunder. Lessee shall remain <br />responsible for obligations which accrued under this Lease prior to such <br />termination. <br />RECEIVE <br />FEB 12 1003 <br />Division o} Minerals gad &~aioyy <br />