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~ ~ S <br />• • • <br />Page 2 ~~ <br />Continued: <br /> <br />We would like to add the following improvements to the lease, to be <br />incorporated in the proposed lease as we discussed previously. <br />We would increase the yearly rental to $2,500.00. The minimum <br />monthly royalty payments would be increased to $625.00. The royalty <br />per ton would then be increased to 15t. Using these figures, this <br />would result in $7,500.00 per year minimum royalty applied to the <br />first 50,000 ton removed from the property. Again, adding the <br />$2,500.00 yearly rental to this amount, would result in $10,000.00 <br />yearly income, plus .15C per ton for all tonnage shipped in excess <br />of 50,000 ton. As you can see, this increases your income by <br />$2,900.00 per year, plus the minimum royalty is applied to 50,000 <br />ton versus 60,000 ton, which could add $1,500 per year. <br />It should be noted that the mining permit goes with the operator of <br />the quarry and not the land. We have a permit for the life of the <br />quarry or lease, and there is no guarantee that the County and State <br />would issue a new permit if ours expires in ten years. <br />We feel this to be a major improvement to the lease and would hope <br />that you would consider it to be of mutual benefit to extend this <br />lease with us. <br />Enclosed is a copy of the proposed lease with these changes. I will <br />be available to meet with you at your convenience to discuss the de- <br />tails of the lease, if you should desire. <br />5incer.el.y; <br />/~ ~~~ /;~ <br />Dennis E <br />Manager <br />Mountain <br />Enc <br />DES/sw <br />Staebell <br />Division <br /> <br />