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the Alma ?lacer, ultilizEd .for the raintenance and opecation of <br />the F.lra Placer, shall brcor-e the p:opert.~ of the 'irust- <br />?.ossbox 500; concentrating circuit; ?ipe; pumps; and recur <br />~:ater box. Optionee acrees that it shall o~m the abov <br />described equ_p:^ent and ir..pro~•E:r,ents erected in and upon the <br />Alma Placer, frFe and clear of all liens grid Encum~rancFS of <br />any natUCe ~.'h at50eVeL, and fUrt4EC aGrees tG e`:eCUtE SUCK <br />financing statements and other documents as reaso::ably rECUired <br />by the Trust's attorneys in order to effectuate t:~e ir',ter.t <br />herEUnder. <br />17. Non-MOnetarv Default. The failure of Optionee to <br />perform any of its obligations under this Agreement, other than <br />the payment of :ponies as required, shall be an event of default <br />allowing the Trust to terminate this Agreement upon giving <br />Optionee thirty (30) days prior written notice, with the right <br />to cure any such default during said notice period. <br />18. Holding Over. Any holding over after the expiration <br />of the term hereof, with the written consent of the Trust, <br />shall be construed to be a tenancy for one (1) year at the rent <br />and royalty payment schedule last herein specified unless the <br />Trust shall specify a lesser amount for rent in its sole <br />discretion, and shall otherwise be on the terms and conditions <br />herein specified as far as applicable. Any holding over <br />without the Trust's written consent shall constitute a default <br />by Optionee and shall entitle the Trust to re-enter the Alm <br />Placer immediately, and Gptionee shall be responible fo~ <br />damages and expenses caused to the Trust by Optionee's holdove <br />without the Trust's consent. <br />19. Assignment. It is understood and agreed that Optionee <br />may assign its rights hereunder subject to the Trust's approval <br />of any such Assignment, surh approval not to be unreasonably <br />withheld. The Trust shall have the right to disapprove any <br />such Assignment in the event that the Trust reasonably believes <br />that the resulting .entity or venturers do not possess the <br />necessary experience, expertise or financial stability in order <br />to properly carry out the mining operations eoptemplated <br />hereunder, or the business reputation ~of any proposed assignee <br />is such as to cause disrepute to .the Trust- by association <br />therewith. <br />20. Notice Of Non-Liability; Hechanic's Liens. Optionee <br />shall conspicuously post notice(s) in and upon the Alma Placer <br />which states the places mining operation is under the control <br />of Optionee and that the Trust, owner, is not liable or <br />responsible for any indebtedness or claims for damages of any <br />kind or nature whatsoever relating to the use, maintenance or <br />operation of the Alma Placer, at all times during the term of <br />this Agreement. Said posting shall include, but not be limited <br />- 6 - <br /> <br />