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15. IndermuficationofLESSOR: LESSEE agrees to indemnify LESSOR against liability <br />on all claims for damages and injuries to persons or property that are caused directly by the actions <br />of LESSEE, its agents or employees, in the course of LESSEE'S activities contemplated m~der and <br />during the term of this Agreement; unless such datnages or injuries are caused by LESSOR, its <br />agents, employees or invitees. <br />16. hrsurauce: LESSEE shall comply with all laws of the State of Colorado relating to <br />worlcmeu's compensation insurance and occupational disease compensation. LESSEE further agrees <br />that it shall carry public liability insurance policy or policies with limits of at least One Million <br />Dollars ($1,000,000) for any one person and One Million Dollars ($1,000,000) for any one accident, <br />and a policy or policies covering property damage with limits of at least Seven Hundred Fifty <br />Thousand Dollars ($750,000). Upon request, LESSEE shall furnish LESSOR with certificates <br />evidencing that the insurance coverage required herein has been obtained. LESSEE agrees that such <br />policies shall be maintained in effect until all work required hereunder has been completed. <br />LESSOR shall be named as an additional insured under all such liability insurance policies. <br />17. Right of Entrv: Upon execution of this Agreement, the LESSEE, its agents and <br />representatives shall be entitled to enter upon the Leased Premises and to undertake any surveys, soil <br />:md water tests and related activities deemed necessary or desirable by LESSEE in connection any <br />application or approvals required to be obtained by LESSEE as a condition to the commencement <br />of its operations hereunder, or to determine the desirability alyd feasibility of the Property for <br />LESSEE'S intended operations. <br />1$. Memorandwn ofA~reement: The LESSOR and LESSEE shall, within ten (10) days <br />after a written request by the other, execute a written short form memorandum of this Agreement in <br />a form satisfactory for recordation by either party and containing such information as may be <br />appropriate to place all third parties on actual notice of the rights of LESSEE hereunder. <br />19. Assienment and Transfer: Neither this Agreement nor any interest therein may be <br />assigned, sublet, transferred or otherwise disposed of by LESSEE without the prior written consent <br />of the LESSOR, such consent not to be unreasonably withheld, conditioned or delayed. <br />Notwithstanding the foregoing, this Agreement maybe assigned to an entity to be formed so long <br />as the majority and controlling interest in such entity is owned by Thomas Everist (the "Permitted <br />Transferee"). In the event of an assigmnent of this Agreement to a Permitted Transferee, the <br />Permitted Transferee shall assume all of LESSEE'S obligations under this Agreement, whereupon <br />Everist Materials, LLC shall be released from any further obligations and liabilities hereunder. If <br />this Agreement is assigned, transferred or otherwise disposed of, the provisions hereof shall extend <br />to the administrators, legal representatives, successors and assigns of the parties, but no change in <br />the division of the ownership of the Leased Premises, or the royalties set forth in this Agreement, <br />however accomplished, shall operate to enlarge the obligations or diminish the rights of LESSEE. <br />No such change or division of ownership of the Leased Premises or the Royalty shall be binding <br />upon LESSEE for any purpose until thirty (30) days after the person acquiring any interest therein <br />09/06/2002 L.G. Everist /Rack Island Laud Co. Page 8 <br />Option and Lease Agreement <br />