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/~ <br />NO JOINT VENTURE; It is specifically understood and agreed <br />that this is not in any sense a partnership or joint venture or <br />enterprise between the Lessors and the Lessee, that the Lessors <br />have no control or interest over or in the business of the Lessee <br />except only to require the performance of the covenants, conditions <br />and agreements herein set out and it is further stipulated that <br />this instrument shall be construed to be only a simple lease of the <br />coal vein or seam described, with the right in the Lessees to mine, <br />extract, produce and sell coal from said demised coal vein or seam, <br />and that the amounts payable hereunder are strictly and only <br />rentals and royalties, the amount of said rentals and royalties <br />being determined according to the quantity of coal mined or <br />extracted. <br />MAPS: Mine maps of the underground workings and surface maps, <br />if needed, together with extensions thereof, shall be made by the <br />Lessee at least every six (6) months or at such time or times as <br />the State and/or Federal Coal Mine Inspection Law requires and <br />shall be furnished the Lessors as made, but at least annually. <br />OPERATIONS: The Lessee further covenants and agrees that it <br />will conduct its operations in all manner and respects, in <br />accordance with the laws of the State of Colorado, the United <br />States of America, and all lawfully constituted authorities <br />thereunder; that it will save harmless the Lessors from all <br />claims or demands of whatsoever kind or nature for or on account of <br />any act of commission or omission in the conduct of its operations <br />directly or indirectly connected therewith; that it will at all <br />times comply with the Workmen's Compensation Law and Occupational <br />Disease law of the State of Colorado, and maintain adequate <br />insurance under the law, submitting their policies to the Lessors <br />for approval and further they will submit evidence when requested <br />so to do, that monthly premiums of Workmen's Compensation Insurance <br />have been fully paid. <br />The Lessee further covenants and agrees that it will conform <br />to any and all laws, rules or regulations which may hereafter be <br />enacted or promulgated by the State or Federal Government <br />pertaining to the operation of coal mines or the sale of coal, or <br />in any otherwise affecting this lease, it being understood and <br />agreed that the Lessee shall conform in every way with all present <br />and future laws in order to save the Lessors harmless from and on <br />account of any claim or demand or taxes arising out of the <br />operations of the Lessee on the demised premises. <br />MECHANICS LIENS: The Lessee shall at all times keep and <br />maintain said land and all improvements, equipment, and machinery <br />thereon free and clear. from any mechanic or other liens, caused by <br />failure on its part to satisfy and discharge its obligations, and <br />it further agrees that it will at all times keep posted on said <br />premises as required by law, a notice advising all labor and <br />material men that they are operating the premises under this lease <br />and that said premises will not be liable nor shall the Lessors as <br />owners be held for any such liens on account of any failure of the <br />Lessee. <br />ASSIGNMENT: The Lessors further agree that the Lessee may <br />assign this Lease to the Fremont National Bank of Canon City as <br />security for any loan or loans made to it, but not otherwise <br />without consent of Lessors. In the event this Lease is otherwise <br />assigned, the Lessors shall have the option and privilege of <br />terminating this Lease, unless they expressly ratify the change or <br />accept royalties after the change is made; but waiver in one <br />instance shall not be deemed a waiver as to a subsequent change. <br />-3- <br />