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DEC-06-2001 15 33 USDA FOREST SERVICE 719 477 4233 P. 12/13 <br />See. 3. Payments, oassaoe of title. and risk of loss. Title to materials sold hereunder passes to Purchaser <br />Immediately before excavation and upon proper payment for such materials. No part of the material sold hereunder <br />may be severed, extracted, or removed by Purchaser until payment for such materials has been made 1n accordance <br />with the following: <br />a. Unless materials sold under this contract are paid for in full in advance, payment for materials must be made in <br />installments of not less than 3 00 .0 each. The first installment must be paid upon approval of thls contract. <br />b. Each additional installment is due and payable as billed by the Authorized Officer in advance of removal of the <br />remaining material. The first installment will be retained as additional security for the full and faithful performance <br />of this contract by Purchaser, and will be applied in whole or in part to the payment of the last installment required <br />hereunder to make the total payment equal the total price set forth in Sec. 2, above. <br />The total purchase price must equal the sum of the total quantifies severed, extracted, or designated therefor, <br />multiplied by their respective unit prices. The balance due whet less than a full installment remains to be paid <br />upon the total price will be the value of material remaining fo be severed or extracted. Each installment will be <br />held in suspense until the quantify of material covered thereby has been determined. The total purchase price <br />must be paid at least 60 days before the expiration date of the contract <br />Upon termination, if the total payments made under the contract exceed the total value of the actual materials <br />removed, the excess will be retumed to Purchaser, except as noted in 36 CFR 228.66. <br />c. Risk of loss shall be borne by the party holding title to the mineral material et the time of loss except that <br />nothing herein shall be construed to relieve either party from liability for breach of contract or any wrongful or <br />negligent act. <br />See. 4. Stipulation and reserved items. The rights of Purchaser are subject to the regulations in 3e CFR 228, Subpart <br />C, which are made a part of this contract, and to the stipulation,rf any, which are attached hereto and made a part <br />hereof as Exhibit <br />Sac. 5. Gonda, <br />a. Purchaser must file with the Authorized Officer and must maintain at all times the bond required under the <br />regulations to be furnished as a condition to the award of this contract in the amounts established by the <br />Authorized Officer and to furnish additional bonds or security as the Authorized Officer may require. <br />b. If ail terms of this contrail are not falthfulty artd fully performed by Purchaser, the bond in the sum of <br />5995,300,00 filed at the time of the signing of this contract will be forfeited to the amount of damages determined <br />by the Authorized Officer. If damages exceed the amount of the, bond, Purchaser hereby acknowledges liability <br />for such excess. Upon satisfactory performance of this contract, the bonds will be canceled, or if cash or United <br />States securities were furnished In lieu of a security bond, such qsh or securities will be retumed to Purchaser. <br />c. Whenever any bond famished under this contract is found unsatisfactory by the Authorized Officer, the <br />Authorized Officer may require a new bond which is satisfactory. See F~rhJbitS. zttachett Note -Under i <br />See. 6. Expiration of contract and extensions of time. This contrect will expire on ~ 111412002 <br />unless an extension of tlme is granted in accordance with the provisions of 36 CFR 228.53(bj. Written application for <br />an extension of time may be made by Purchaser between 30 and 90 days before the expiration date of the contract. <br />Sec. 7. outtes of Purchaser. Purchaser must thke fire precaution and conservation measures and must dispose of <br />slash and other debris resulting from operations hereunder in accordance with written Instructions from the Authorized <br />Officer. <br />Sec. 8. Notice of ooerations. Purchaser must notify the Authorized Officer immediately of the commencement and <br />termination of operations hereunder. A report of production will be famished et least annually by Purchaser to the <br />Authorized Officer. <br />