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IV. RENT AGREEMENTS <br />It is mutually covenanted and ageed that unless stricken before execution, each of the following <br />sections and the numbered clauses thereunder shall be binding and construed as a covenant of the <br />party whose performance thereof is provided. <br />SECTION A. RENT STIPULATIONS: <br />The Lessee agrees that an original rent payment of $10,000 dollazs will be paid within ten days <br />of the signing of this lease purchase agreement. Thereafter Lessee will make 10 yearly <br />payments. <br />The Lessee agrees that annual rent shall be payable hereunder in the total amount of $22,273.80, <br />to be paid on or before April I5t° of each year commencing 2005 and ending April 15, 2014 for a <br />total of 10 paymerns. <br />The Lessee agrees to allow Owner to retain 15 truckloads of gravel per yeaz for the term of the <br />lease. A truckload will contain approximately 8 yards of gravel. <br />The rent hereunder shall be the performance by The Lessee of Lessee's duties hereunder and <br />Lessee's investments and expenses as hereinafter provided. <br />SECTION B. LESSEE'S DUTIES: OPERATION <br />The Lessee agees to perform and observe the following stipulations: <br />1. To devote necessary time and best efforts to the operation of the gravel pit in a timely, <br />thorough, and workmanlike manner. <br />2. Follow extraction practices generally recognized as best in locality. It being understood that <br />extraction gravel and other minerals shall comport with atl requirements of the Department <br />of Natural Resources, Mined Reclamation Division Permit Number: M-87-097 and any other <br />such permit subsequently acquired. Lessee is responsible for securing and extending the <br />mining permit. <br />3. Lessee must reclaim and restore property according to applicable environmental laws upon <br />completion of mining operations. <br />SECTION C. LESSEE'S INVESTMENT AND EXPENSES <br />1. The Lessee agees to pay the items of expense as herein set forth. <br />2. The Lessee shall be responsible for the payment of all ad valorem taxes levied against the <br />real property and minerals (including improvements) subject to this Lease, as are incurred <br />during the term of the lease. <br />