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the fulfillment of all duties, liabilities and obligations of LESSOR and LESSEE which shall have <br />occurred prior to the effective date of the mutual termination. In the event that the Leased <br />Substances are depleted to the point that cartinued mining operations are no longer economically <br />practicable, as reasonably determined by LESSEE, then this Agreement may be terminated by the <br />LESSEE. <br />As soon as practicable following LESSEE'S exercise of the Option, LESSOR and LESSEE <br />will jointly execute a transfer of the DMG Permit from LESSOR to LESSEE and a "succession of <br />operator and memorandum and application." Should this Agreement be terminated for any reason <br />prior to the expiration of the Primary Term or any applicable Renewal Term, LESSEE shall execute <br />and submit, at no cost to LESSOR, a "succession of operator and memorandum and application" to <br />the DMG within f fteen (15) days of termination; provided that LESSEE will have no obligation to <br />post or otherwise pay for arty surety for any such successor operator. <br />23. Removal of Property and Equipment: All improvements, plants, structures, <br />machinery and equipment placed on the Leased Premises by LESSEE, except water well casing, <br />fences, gates, cattle guards, and shop struchtte shall remain the property of LESSEE. LESSEE shall <br />remove such non-excepted property within ninety (90) after the expiration of termination of this <br />Agreement, including, without limitation, any materials mined and produced but not removed on the <br />date of termination, all subject to payment of royalties provided in this Agreement. <br />24. Notices; All notices required or which maybe given hereunder shall be deemed to <br />have been property given when made and in writing, deposited in the United States mail, registered <br />or certified, postage prepaid, addressed to the respective parties at the addresses set forth below: <br />if to LESSOR: Rock Island Land Co., LLC <br />c/o Sam McCleneghan <br />P.O. Box 1012 <br />Breckenridge, CO 80424 <br />With a copy to: J. Albert Bauer, P.C. <br />P.O. Box 307 <br />Breckenridge, CO 80424 <br />If to LESSEE: Everist Materials, LLC <br />P.O. Box 1150 <br />Silverthome, CO 80498 <br />With a copy to: Stephen C. West, Esq. <br />French, West, Brown, Huntley & Thompson, P.C. <br />P.O. Box 588 <br />Breckeluidge, CO 80424 <br />o9l06l2002 L.G. Everist! Rock Island Land Co. Page 10 <br />Option and Lease Agreement <br />