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~ . ~ ~ ~snoK 8B5PdLf 46 <br />' 4. Lessee agrees to proceed with due diligence to make application to <br />the Colorado Department of Natural Resources, Division of Minerals and <br />Geology for a Colorado Mined Land Reclamation Permit and to any other <br />' regulatory entities that have jurisdiction over such an operation. <br />Such permits will be maintained in good standing until such time that <br />mining has ceased, the affected area has been reclaimed and the Lease <br />' has been terminated. <br />The reclamation permit and reclamation bond will be obtained in the <br />name of United Companies of Mesa County, Inc. All expenses of <br />obtaining and maintaining the required permits will be borne by the <br />Lessee. <br />' S. This Agreement shall be effective from the date of execution and <br />shall remain in full force and effect, for the purposes of mining, <br />extraction and processing of aggregates until July 1, 2014. This <br />' Agreement may be renewed for up to *_wenty (20) years with the mutual <br />consent and agreement of the Lessor or successors and Lessee or <br />.successors. <br />' 6. In consideration of this Lease Agreement, the Lessee agrees to pay <br />to the Lessor as follows: <br />a. A royalty fee shall be paid for each ton (2000 lbs.) of aggregates <br />that is sold and removed from the Leased Property. <br />' b. The royalty fee shall be paid to the Lessor at a rate of per <br />ton of aggregate material for the first tons of material sold <br />and removed from the Leased Property. <br />' The royalty fee shall be increased by per ton for each subsequent <br />tons of aggregate material sold and removed from the Leased <br />Property up to a maximum rate of '.,per ton. <br />1 c. Within six (6) months of such time that the maximum royalty rate <br />($ ~ ~ has been attained, by virtue of having sold and removed. <br />' tons of aggregates from the Leased Property, the Lessor or the Lessee <br />may initiate a discussion regarding the royalty rate of subsequent <br />quantities of aggregates sold and removed from the Property. <br />' This discussion will address the present royalty rate amount and the <br />proposed future royalty rate amount in relation to the then present <br />1 market conditions. An adjustment in the royalty rate amount may then <br />be addressed. The party to this Agreement initiating such a discussion <br />shall provide the other party to this Agreement written notice of said <br />request. <br />' d. Lessee will provide the Lessor with a written statement for the <br />material sold and removed from the Leased Property during the preceding <br />' month and make royalty payment to Lessor for the total royalty due by <br />the 25th day of each successive month, for aggregates sold and removed <br />in the preceding month. <br />1 <br />1 2 <br />