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~l <br />Page 2 of 2 <br />LEASE N0. AT(05-1)-ML-60.8-C-LP-21 <br />MODIFICATION N0. A002 <br />years a minimum royalty of $6,500.00. At the beginning of each <br />lease year thereafter, including lease years in the term oP any <br />extension oP this lease, there shall become due and payable to the <br />Commission a minimum royalty of $15,500.00, provided, that, upon a <br />written application by the Lessee showing to the satisfaction of the <br />Contracting Officer that the market for ores Prom the lands covered <br />by this lease will probably be inadequate to justify operations <br />under the lease during the ensuing lease year, the Contracting <br />Officer in his sole discretion may, by written notice to the Lessee, <br />forgive the payment of the minimum royalty for such lease year, but <br />he may do so only if, as oP the beginning of the lease year in <br />question, the total amount o[ all minimum royalties theretofore paid <br />by the Lessee hereunder exceeds by at least $50,500.00 the total <br />amount oP all base royalties paid by the Lessee hereunder <br />during the previous three years. Such written application shall be <br />submitted to the Contracting Officer not less than thirty (30) <br />calendar days prior to the beginning of the lease year with respect <br />to which it is made. Minimum royalties paid pursuant to this <br />article shall be credited against base royalties and royalty bid <br />payments which become payable during the term of this lease or any <br />extension thereof. Minimum royalties so paid shall not be refunded <br />upon the surrender, cancellation, expiration, or other termination <br />of this lease." <br />Third: Article II entitled "Term" is hereby revised to read as follows: <br />"II. TERM. This lease agreement shall remain in effect for <br />a period of ten (10) years Prom the date of its execution. except as <br />it may be sooner relinquished or canceled pursuant to other <br />provisions of this agreement. However, this agreement may be <br />further extended for additional periods not to exceed ten (10) years <br />each, based on a determination Por each extension by the Contracting <br />Officer pursuant to 10 Code oP Federal Regulations (C.F.R.) Part <br />760.1 (u) that such extension is in the best interest of the <br />Government. No extension shall be granted 1P the Contracting <br />Officer determines that the Lessee is in default of one or more oP <br />the terms end conditions oP the lease or that the lease should be <br />re-issued through competitive bidding pursuant to 10 C.F.R. Part <br />760.1(d)." <br />Porm.lea/gg <br />