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LEASE AQREHMHNT • <br />This lease agreement is made and executed this ~~~ day of <br />January, 1993, between William R. Patterson, whose address is <br />662 - 26 Road, Grand Junction, CO 61506 (Patterson) and Grand <br />Junction Pipe and Supply Company, whose address ie P. O. Box 1849, <br />Grand Junction, CO 81602 (GJP). <br />RECITALS <br />A. Patterson ie the owner of the real property and sand, <br />gravel, in the real property in Garfield County, Colorado, <br />described in Attachment A. <br />B. The property contains sand and gravel and the parties <br />desire to lease the property to GJP for the purpose of its <br />extraction. <br />AGREEMHNT <br />1. Patterson hereby grants to GJP the exclusive possession of <br />the property for the purpose of extraction, hauling, processing and <br />stockpiling sand and gravel, for storage of construction equipment <br />and for the installation of a crushing plant. <br />2. This lease shall extend for a period of ten (SO) years <br />from the date of signing. <br />3. In consideration of this lease agreement, GJP agrees to <br />pay Patterson as follows: <br />A. The cost of the reclamation bond will be deducted <br />from the royalty payment. <br />B. A production royalty of S0.40 per ton of sand and <br />gravel removed from the property be paid as follows: <br />a. Eighty percent to Patterson <br />b. Twenty percent to Ron and Marie Tipping <br />C. No production royalty shall be payable unless and <br />until the product has been removed from the property. <br />D. GJP shall provide Patterson with a written statement <br />ae to all materials removed by it during the <br />preceding month and shall make payment to Patterson <br />of any royalty due by the 25th of each month. <br />4. Patterson warrants title to the property and interest in <br />the sand and gravel located there on. <br />5. This lease agreement shall be binding upon and inure to <br />the benefit of the heirs, personal representative, successors and <br />assigns of the parties. <br />