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and an unrecorded agricultural lease given by Lessor to Robert Canda. The Lessor shall have the right to renew or extend the term of any such leases, or to lease the Property for the same purposes to other Lessees. If by reason of any breach of lessor's warranty as so set forth (or change of applicable laws and regulations) Lessee is precluded from mining on the Property or such mining is made less desirable for Lessee from an economic standpoint, then Lessee, at its option, may cancel this Lease. 13. Hold-Over Tenanc}~ If, after the expiration of this Lease, Lessee shall remain in possession of the Property without a written agreement as to such possession, any such hold-over tenancy shall be a month-to-month tenancy only, at a monthly royalty, payable in advance each month, equivalent to one-twelfth of the last annual royalty payable hereunder, and either Lessor or Lessee tray terminate such tenancy at any time by giving the other party thirty days' written notice of such intention to terminate this tenancy. 14. Default and forfeiture. If either party shall be in default with respect to any of the provisions of this lease, the other party shall give ten days written notice of such breach and, if the matter is not then ~eatisfactorily resolved, such party may elect to enforce the terms and ' conditions of this lease, terminate this lease, or take any other remedy available to such party, as may be provided by law. 15. Paragraph Headings. The paragraph headings of this Sand and Gravel Mining lease are inserted only for reference and do not affect the terms and provisions hereof. 16. Rights of Successors. All of the rights aqd obligations of the parties hereto shall bind and inure to the benefit of such parties and to their respective heirs, personal representatives, successors and assigns. 17. Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration. Such arbitration shall be conducted by three arbitrators, one appointed by the party initialing the arbitration, one appointed by the two previously- chosen arbitrators. The award of a majority of the arbitrators shall be binding on the parties hereto, although each party shall have the right to and judgment upon the award rendered by a majority of the arbitrators may be entered in any Court having jurisdiction thereof. Each party shall pay his own costs, including attorney's fees, in connection with such arbitration, unless a majority of the arbitrators shall assess such costs in a different manner. Except as otherwise herein provided, the Uniform Arbitration Act of 1975 (Section 13-22-201 gay sec. ~^torado Statutes Annotated) shall apply. 18. Construction of Access Road. Lessor agrees to allow Lessee to construct an access road from road 115 to the leased property covered by the lease. All costs of road construction to be the responsibility of the Lessee. 19. H_Qtices. Any notice provided for herein shall be given by registered or certified United States mail, postage prepaid, addressed to the respective parties at the address given herein. The address to which the notices ark mailed may be changed by either party by notice to the • other party. 20. RPrord of Lease. A short form Lease which is attached hereto as Exhibit "B" and incorporated herein by this reference shall be executed by the parties hereto and shall be recorded in the public records of Fremont County, State of Colorado. IN WITNESS WHEREOF, the parties hereto have hereunto executed this Agreement in two counterparts, each of which shall be deemed to be an original, as of the day and year first above written. Page 4