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<br /> <br />' fence shall be awell-constructed three barbed wire fence with substantial posts set at a distance of <br />approximately twenty feet apart, and sufficient to turn ordinary horses and cattle, with all gates <br />1 equally as good as the fence, or any other fence of like efficiency which the parties may agree upon. <br />3. GJP shall proceed with due diligence to apply for a permit from Mesa County, <br />Colorado, to use the Property for mining purposes, and upon the granting thereof, shall proceed with <br />' due diligence to apply for a permit from the Colorado Division of Minerals and Geology ("DMG"). <br />If either of these permits shall be denied or not granted within one year from the execution date of <br />' this lease (as set forth in the introductory paragraph), then this lease shall terminate and be of no <br />' further force and effect. The term of this lease shall commence upon the date of issuance of the last <br />~ _ of such permits to be issued. GJP shall have the privilege of access to the Property prior to the <br />~ commencement of the lease term for the purpose of performing the work necessary to apply for and <br />' obtain the permits referred to above. „a <br />' 4. The term of this lease is for a period of five (5) years, commencing on the date set <br />forth in Paragraph 3, above. Thereafter, GJP shall have the right and option to extend this lease for <br />' an additional period of five (5) years after the expiration of the original term, under the same terms <br />I' and conditions as provided for in the initial term of this lease. The option to extend shall be exercised <br />by giving written notice to Lessor of the election to do so not less than sixty days prior to the end of <br />the initial term. <br />' S. GJP shall have the right to install asphalt plants, crushers, machinery, pumps, <br />equipment, persona] properly, telephone lines, electric lines and water lines on the Property and shall <br />' D:UTAIBGIPIPE~BRADBURY~IEASE <br />-3- <br />1 <br />