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r <br /> MEMORANDUM OF SURFACE USE AGREEMENT <br /> THIS AGREEMENT entered into this jeday of —, 1996 ("Effective <br /> Date") by and between Hockett Brothers, a partnership ("OWNER"), with an address of Post Office <br /> Box P, Hayden, Colorado 81639, and COTTONWOOD LAND COMPANY, a Delaware corporation <br /> ("CLC"), with an office at 1475 Pine Grove Road, Suite 207, Steamboat Springs, Colorado 80487, its <br /> successors and assigns, whereby in consideration of the sum of Ten Dollars ($10.00) and other good and <br /> valuable consideration, the receipt of which OWNER hereby acknowledges, and in further consideration <br /> of the mutual covenants set forth below, OWNER hereby grants unto CLC the right to enter, conduct <br /> certain operations for the purpose of exploring for coal and other minerals, and conduct environmental <br /> monitoring and other activities associated with obtaining a coal mining permit, on, under and across the <br /> following described lands located in the County of Routt, State of Colorado ("Property"): <br /> Township 6 North, Range 88 West, 6th P.M. <br /> Section 22: Part of the NE/4 NE/4 <br /> Section 23: All <br /> Section 24: NW/4 NW/4 <br /> Section 26: E/2 <br /> Section 35: NEA <br /> containing 1,195.5 acres. more or less <br /> I. This Surface Use Agreement shall 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 <br /> the 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 with <br /> the land and shall accrue to and be binding upon the successors and assigns of the Parties for the term of <br /> this Agreement and any extension of such term. <br /> IN WITNESS WHEREOF,the Parties have executed this Memorandum of Surface Use <br /> Agreement as of the date first above written, by their own hand and deed. <br /> OWNER: Hockett Brothers,a partnership COTTONWOOD LAND COMPANY <br /> 4 By: W---J0 tiwW, %V� By: <br /> t uane Hockett Its: <br /> s <br /> j By: <br /> arrell5. Hoc ett <br /> I <br /> 464456 B-721 P- 1132 06/24/96 02 : 24P PG 1 OF 2 REC DOC <br /> Kay IYeinland Routt County Clerk & Recorder 11 . 00 <br />