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.. , • OPTION FOR MINING LEASE ^C~~1~'' ~ NOV 21 CBS MINED LgND RECLAA~A7IDN Colo. Dept, p j A~aturAl Rosourc~s This agreement made and entered into this /~fyy~ day of November, 1985, by and between ~IZA MOWBRAY of Delta, Colorado, as party of the first part arul ACTION EXCAVATING, INC., a Corporation, of Cedaredge, Colorado, as party of the second part, WITNESSETH: For and consideration of the work hereinafter set forth to be done acid performed by second party, first party gives second party an option to lease first party's gravel pit located near the Western Tanning Company about tc~o miles West of Delta between Highway 50 and the Gunnison River and more particularly described as permit ntunber 79-166 issued by the Nlined Iarx3 Reclamation Division of the State of Colorado and containing 9.75 acres more or less in the SW;SF'r, of Section 11, 'Ib4mship 15 S. R. 96 West of the 6th P.fd., Delta County, Colorado. Second party in order to obtain this option for the "Mining Lease Sand, Gravel, and Fock", a copy of which is attached hereto and marked Exhibit "B", agrees that it will perform the following services and work, to-wit: 1. Back-slope the gravel pile on the permitted property referred to in State permit number 79-166 to a three to one slope above the high water line of the Gunnison River. This pile is presently situate along the northerly bank of the Gunnison River on the permitted property and the work anticipated here- under will be along the southerly boundary of the gravel pile adjacent to the north bank of the Gunnison River. 2. Second party will construct one jetty measuring six feet high, ten feet wide and extending fifteen feet from the ordinary high water mark elevation along the river into the waterway and such other jetties as may be rPrn,;red by the U. S. Arniy Corps of Engineers under permit dated August 29, 1985, a copy of which is attached hereto and marked Exhibit "C". (Said permit refers to construction of four jetties, but the number of jetties to be constructed to such re3uirements shall be the one above referred to and any additional similar jetties required to meet the terms of said Corps of Engineers' permit marked Exhibit "C".) In perfoi~ning such work first party gives second party the right of access to the premises aril second party agrees to carry Workmen's Compensation coverage and liability and property damage croverage in limits of Five Hundred Thousand and 00/100 Dollars ($500,000). It is further agreed as a condition of this option that second party shall cai~nence such wort, on or before December 1, 1985, and complete the same on or before February 1, 1986, as aforesaid. This work is required under the terms of the proposed lease attached hereto as Exhibit "B", and if second party carg~letes such work and exercises its option to obtain the attached lease this work shall be considered as per- formance of those sections in the lease requiring this work be done by the Lessee.