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<br />calendar year pur=_uant to ?aracraph \o. 2, further monthly <br />royalty paym=nts shall be credited aeainst future payment. due <br />Che TrUSt, pu: ~::a rit t0 paracraph t:o. 2, In 2r:V One Cdlendc. <br />':ear. <br />9. Rova'_t~• <~n *'on-N.etallic ~iner~l F.nd Cther Re=nts <br />Issues And Pro `_i t5. Cptionee agrees that it shall pay the <br />Trust in cash, in addition to all other ~or,ies recuired to be <br />paid pursuant to this Acreernent, o.` the ne~_ <br />value received by Optionee ti•ith retard to the dispoeit:on of <br />any and all non-aetal.lic minerals, issues end profits cif ar.d <br />from the Alma ?lacer of arty nature whatsoever, including but <br />not limited to travel, sand, lime tone, clay, stone, aegreeate, <br />timber, peat, etc. The royalty under this Pazaeraph ro. 9 <br />shall be computed as of the last day of each month of operation <br />and paid on or before the 15th of the next proceeding month. <br />The royalty under this paragraph shall be independent from, and <br />not offset or credited against, the Guaranteed Minimum Rent. <br />10. In Kind Royalty Payments. The Trust shall have the <br />option to have its royalty payments made in kind with respect <br />to any gold nuggets and/or other metallic mineral matter <br />produced pursuant to this Agreement. The division of nuggets <br />and/or other metallic mineral matter shall be based on site and <br />quantity and shall be divided monthly, <br />percent of production to the Trust and the remainder to <br />Optionee. For the purpose of offsetting and/or crediting in <br />kind royalty payments against the Guaranteed Minimum Ren <br />pursuant to Paragraph No. 2, the price per, ounce of gold and/o~ <br />other metallic mineral matter shall be based upon the London <br />Fix Price as of the last day of the subject calendar month. <br />However, until such time as the amounts the Trust would be <br />entitled to receive equals the amount of previously paid <br />Guaranteed Minimum Rent in any one calendar year, the Trust <br />shall not be entitled to receive any nuggets and/or other <br />+*Ptallic mineral matter, but said <br />of gross monthly production shall be offset against any <br />such previously paid Guaranteed Minimum Rent based upon the <br />price of such mineral matter as determine8 above. Nuggets <br />and/or other metallic mineral matter shall be divided between <br />Optionor and Optiones as their interests appear at the time of <br />any physical division and they shell .share and share alike in <br />said physical division, one party to choose first during even <br />months, and the other party to choose first in odd months. <br />11. Mining Permit. Optionee agrees immediately following <br />the execution o t e t is Agreement to initiate an8 diligently <br />pursue,' at its sole cost and expense, the application for a <br />placer mining permit with the Colorado !line Land Reclamation <br />Bureau, as well as any other necessary snd proper permits and <br />licenses, in the name of the Trust and Optionee. The Trust <br />,. <br />