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Clerk and Recorder: Please index in real property records with Cottonwood Land Compaz7y, <br />Delaware corporation as Grantor and Routt County, Colorado as Grantee. <br />LEASE AGREEMENT <br />THIS LEASE AGREEMENT (the "Agreement") dated as of September 8, 2003, is between <br />Routt County, Colorado (the "Count}'), by and through its Board of County Commissioners (the <br />"Boazd"), and Cottonwood Land Compairy, a Delawae corporation ("Cottonwood"). <br />Recitals: <br />A. Cottonwood owns a tract of land in the SW4 of Section 20, Township 5 North, Range <br />88 West of the 6th P.M., Routt County, Colorado, on which is Jocated a gravel pit (the "Gravel <br />Pit"). <br />B. Comity desires to enter upon and use a portion of the Gravel Pit for the purpose of <br />mining, processing and removing gravel. <br />C. Cottonwood is willing to permit County to enter upon and use a portion of the Gravel <br />Pit for the purpose of mining, processing and removing gravel, subject to the terms and conditions <br />as set forth below. <br />Terris and Conditions: <br />1. Pumose. Cottonwood hereby rants to County the exclusive right to enter upon and <br />use the Gravel Pit during the term of this Agreement solely for the purpose of quarrying, mining, <br />processing, crushing and removing gravel, sand and rock (the "Materials"), and restoration of the <br />mining site as required by Paragraph 7 hereof. <br />2. Premises. The land which is the subject of this Agreement (the "Premises") is <br />situated ur Routt County, Colorado, and described as follows: A 5 acre tract contained ui the SW4 <br />of Section 20, Township 5 North, Range 88 West of the 6"' P.M. Cottonwood warrants title to the <br />Premises, the Materials and that it may enter into this Agreement. <br />3. Tenn. The term of this Agreement shall be for a period of three years, from 7anuary <br />1, 2004 through and including January 1, 2007. County shall have six (6) months after the end of <br />the term in which to remove any stockpiled Materials. County shall proceed with due diligence to <br />complete removal of stockpiled Materials within the six (6) month period. Except as herein set <br />forth to the contrary, any references to primary term shall apply to the said extension. <br />4. Royalty a. In lieu of a royalty to be paid by County to Cottonwood for the <br />Materials, Cottonwood shall be allowed to retain one cubic yard of crushed gavel for every four <br />cubic yazds of gravel crushed by County. In accordance with the provisions of the mining permit <br />issued to County, Cottonwood shall not sell or allow to be sold its crushed gravel. The quantity of <br />