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i~ ~5 <br />~.. <br />ORIGINAL <br />LEASE AGREEMENT <br />This ease Agreement. is eta eyed into this 15th day of August, <br />1996, by and between D & S MINING, INC., a Colorado corporation <br />("landlord") and RIC~?RDSON CONTRACTING, INC., a Colorado <br />corporation ("Tenant") Gordon Bartz shall personally guarantee <br />Tenant's performance under the terms of this Lease. In the event <br />of Tenant's default and=_r this Lease, Landlord may enforce the <br />_~rms herein against Guarantor o:ithout first attempting to enforce <br />the terms acainst Tenant. <br />I. DEMISE OF PROPERTY <br />1.1 Property Rights. Landlord hereby leases to Tenant the <br />real preperty describes in Exhibit. A attached hereto ("Demised <br />Premises"). <br />A. Precious Metals. Tenant, at his sole expense <br />The actual costs may vary. The <br />actual cos*_ of machines are to be re-paid to Tenant from <br />the Recovery o'_ Frecious metals first. After costs are <br />-id, Landlord and Tenant shall split the proceeds from <br />the recovery precicus metals on a 50-50 basis, at <br />which time Lansford and Tenant shall be co-owners of the <br />ccrcentrators and shall share major repair expenses. <br />1.2 IIse of the Proo=_rtv. Tenant shall exclusive'_y occupy the <br />property solely for the purpose of gravel mining and precicus metal <br />recovery associated wit:~ such gravel mining and no other purpose. <br />Landlord gad Tenant ma-t- use the developed lakes for recreation <br />purposes or. a not-to-interfere basis with the mining operation <br />conditioned upon the proper releases and insurance being in place <br />to protect both Landlord and Tenant from liability. Tenant may not <br />ssblease the use of said lakes for any purpose. <br />1.3 t^Iater Rights. Tenant shall have the exclusive right to <br />use .45 of one share ("Share") of Hrighton Ditch Company water for <br />the term of the Lease upon payment as set forth herein. Tenant <br />shall be responsible for payment of annual assessments. Landlord <br />shall not assign, pledce, encumber, convey o+_- otherwise transfer <br />the Share curing the term of this Lease without the prior writter. <br />consent c_` t're Tenant . <br />1.4 Croon. All crops growing on the preperty shall remain <br />and be the property of Landlord through the end of the 1994 growing <br />season. <br />II. TERM OF THE AGREEMENT <br />2.1 Lease Term. The Lease term contemplated by thi.. <br />Agreement shall be IS years and shall ccmmenc=_ on the s`_gninc of <br />the Lease ;"Commencement Date") and shall end at 12:00 midnight <br />fifteen years later, unless otherwise extended. <br /> <br />t, <br />~i~ <br />1, fl.U <br />%.~ ' ~, <br />