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MEMORANDUM OF SURFACE USE AGREEMENT <br /> THIS AGREEMENT entered into this /edgy of .TiirrL 1996 ("Effective <br /> Date") by and between Hockett Farms, a partnership ("OWNER"), with an address of Post Office Box <br /> 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 90497, 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 26: S W/4 <br /> Section 27: SWA NEA, SEA NW/4, SEA, and E/2 SWA <br /> Section 33: NE/4, E/2 NW/4,NEA SW/4 and N/2 SE/4 <br /> Section 34: NE/4, E/2 NW/4, NE/4 SW/4, NW/4 SE/4 and E/2 SEA <br /> Section 35: NW/4 and SW/4 SNV/4 <br /> containing 1,440.00 acres, more or less <br /> I. This Surface Use Agreement shall be for a one (I) 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 "ill 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 Farms, a partnership COTTONWOOD LAND COMPANY <br /> JSBy: By: <br /> Darr I§. Hockett Its: PRES/OEM <br /> Bv: "D,oGL. <br /> Duane Hockett <br />