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i ~~~i~i ~~~ii ~~~i~i ~~~t ~~~i~ viii ~ii~iu~ iii ~~i~i i~~~ ~t~i <br />369887 09/02/1988 10:448 BbeO P702 lSERGR <br />i of 6 R 0.00 D 0.00 N 0.00 E1h~rE Counl,Y CO <br />LEASE AGREEMENT <br />(Gravel Pit) <br />i <br />THIS LEASE AGREEMENT is made and entrred intq this 15th day of July, 1998 by and <br />between MBcM Land Co,, Ltd., a Texas limited partnership, hereinafter referred to as "Lessor", <br />and the Bvard of County Commissioners of Elhert County, hereinafter referred to as "Lessee". <br />RECITALS: <br />WHEREAS, Lessor is the cnvner of approximately'l0U aeres of rcal.property {"Premises") <br />located in Elbert County at 25295 Elbert County Road 25-41, and more specifically described <br />in Exhibit A, which exhibit is attached hereto and inrnrporated herein; <br />WHEREAS, Lesscc currently mines gravel under Pertttif No. M-85-129 and by written <br />lease dated January 23,.1991 and assignment dated July 15, 1993, from Lessor on a portion <br />of the Property; <br />WHEREAS, Lessor and Lesscc desire to enter into this Lease for the purpose of <br />continuing to mine gravel on the Property according to the terms herein stated, which Lease and <br />terms shall replace the above lease dated January 23, 1991. <br />In consideration of the mutual covenants herein recited, it is agreed as follows: <br />I <br />1. PREMISES LEASED • PURPOSES. <br />11.1 Lessor hereby leases and grants to Lessee the exclusive right to extract, process, <br />stockpile and,remrne gravel and rock cobble from the Premises above deserihed. Lessor further <br />grants t~ Lessee an easement fur ingress and egress necessary to operate a gravel pit on the <br />' Premises, Lessor agrees to continua providing the necessary a>nduits and other facilities <br />necessary for Lessee to supply electricJty to the. Premises. Lessee shall promptly pay all charges <br />fur utilities furnished to the Premises. <br />1.2 Lessee agrees to maintain in good standing at alt times the required. permit from <br />the Golorndo Mined Land Reclamation Board which permit is now in place. <br />2. TERM OP LEASE. <br />2.1 The effective date of this lease shalt he July 1, 1998 and shall extend according <br />to the terms herein for a primary period of ten (10) years thereafter, with option to renew as <br />described below. <br />i <br />2.2 If the leased lands are subsequently sold ny the Lessor to another parry, then the <br />new owners will chide by ail the terms and conditions of this Lease and execute a new Lease <br />with the Lesscc with the same terms and conditions as herein described. <br />2.3 Conditional upon the faithful performance by Lessee of its covenants herein <br />recitedl Lessee is hereby granted an option to renew this Lease Agreement for five (5) <br />