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FRIJM SKIP HUSTC'N CDNSTRUCTIDN FAX ND. 971c499298 Oct. 29 2002 10:04RM P2 <br />LEAy~F AGREEMENT WITH OPTION Tb BUY MATER~AI_, <br />THIS AGREEMh-NT is made and entered into on this 10`" day of October, 2002, by and <br />between the Owner: Nick Grav whose mailing address is: 584 6550 Rp~d ontrose <br />8 401 and John L. Ary and John Paul Ary dba Iiatd Rack Paving_& Redi Mix„ Tnc. <br />whose address is; P.O. Box 37, Salida, Colorado 81201 hereafter referred to as the <br />Company. <br />WITNESS THAT: The Owner for and in consideration of rents, covenants and <br />agreements herein after expressed to lie paid, kept and performed by the Company, <br />hereby leases to the Company an exclusive option for the purpose of purchasing, <br />processing, producing, and removing aggregate materials located on ]and described as <br />follows: <br />A tract of land inthe S l/2 NW I!4 Section 24, T49N, RBW, N,M.P.M. more specifically <br />described as follows: <br />Beginning at a point where the NW conger of Section 2.4 bears N 19°09' 18" W, 2734.93'; <br />thence NOS°27'10"E,846.38'; thence S 70°08'03"E, 676.48 ;thence 518°13'I6"E, <br />197.49'; thenceN 88°47'45" W, 372.55'; thence S 88°38']0° W, 96.00'; theaceN <br />55°59']3" W, 195.64'; the»ceN 78°03'55", 179.86'; thence S 44°41'55" W, 172.98'; <br />thence S 76°44'36" W, 326.61'; thence N 36°43'44" W, 494.19' to the poim of <br />beginning, containi»g 9.95 acres. <br />AL4o known as: hLtCk crav~?itAlo 1 Speaal Use (SU-01-0159). MLRB Permit #M- <br />20b2-057. <br />The Company will pay all royalty fees for arty material removed from the above- <br />describedproperty at a rate of Qne dollar {$].OQ)~ton, which royalty shall be payable <br />within forty five (45) days of the end of each tnotAh upon which materials were removed. <br />The Company will provide a report of materials removed each month to The Owner by <br />the 5t° of the following month Measurement of material removed shall be by weight of <br />tracks transporting the material. The rate is to be increased annually is accordance with <br />the current average cost of gravel in Montrose County_ The Company agrees to make <br />yearly advance royalty payment of one hundred dollars ($100.00,) to be applied towards <br />the future removal of materials from this pit. <br />This Lease Agreement with option to buy materials shall commence on the day of this <br />agreement and remain in force for a term of five years with the option to renew for an <br />additional five years, terminating on the 10°i day of October 2007. <br />The Company shall have the right of ingress and egress to and from the subject premises <br />and to etecx any temporary atnlwaes, such as screening, crushing, and/or asphalt plants; <br />to stockpile ntateria! in an area of sufficient size within the permit boundaries; and to <br />employ any reasonable methods for the removal of said material. <br />The Owner reserves the right, at all times, to enter upon and inspect the leased property. <br />The Owner also reserves the right for the Owner or his designee to enter upon the <br />property and perform surveys to determine the quantities of materials nmoved_ <br />