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1(a). RENTAL - Lessee shall pay to the Lessor <br />while this Lease is in force $0.50 per acre or <br />fraction thereof annually as rental in advance of <br />the anniversary date of this Lease so long as said <br />Lease shall remain in effect. <br />5. The actual royalties set forth in paragraph 2 <br />of the Lease shall be amended, both for coal removed by <br />underground mining methods and for coal removed by strip <br />mining methods, to be a sum equal to seven percent (78) of <br />the gross sale price at the first point of sale, for each <br />and every ton (2,000 lbs.) of coal mined from the leased <br />premises, or, in the event that the coal mined by either <br />underground or strip mining method is sold on a captive <br />market, a sum equal to the same respective percents of the <br />reasonable market value of coal of the same quality from the <br />same general area and mined under the same general conditions, <br />whichever is greater. All sums paid as production royalty <br />shall be subject to review upon demand made by either party. <br />6. The last sentence of paragraph 6 of the Lease <br />is deleted, and the following is substituted for it: <br />The Lessee agrees to commence a drilling <br />program in Section 16, Townshi- 3 North, Range 93 <br />West, not later than August 31, 1989, to determine <br />the amount of surface mineable coal which, in its <br />judgment, is economically recoverable. <br />7. Paragraph 7 of the Lease shall be amended to <br />read as follows: <br />7. NOTICES - It is agreed that any notice <br />required or permitted to be given to the lessee <br />under the provisions of this lease, shall be sent <br />by registered mail to lessee at 5731 State <br />Highway 13, Meeker, Colorado 81641, Attention: <br />E. K. Olson, President and General Manager, or <br />such other address as lessee may indicate in <br />writing to lessor, and such service of notice by <br />mail shall be deemed sufficient and in full <br />compliance with the terms of this lease. Notice <br />to lessor shall be given in like manner, addressed <br />to State Board of Land Commissioners, Centennial <br />Building, 1313 Sherman Street, Denver, Colorado <br />80203. <br />-3- <br />