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,r~,VF7, .EASE AGREEMENT <br />3 GRAVEL LEASH AGREEMENT (`2ease'~ is made this /~ day of <br />---~~ ~ 2002, by and between ROBERT tiV, and IKAREN L, RIGG, 4842 Hunter <br />Drive, Anchorage, AK 99504 (referred to as "Lessor") and Oldcastlc SW Group, Inc., ribs <br />United Companies of Mesa County, a Colorado corporation, 2Z^, 3 River Road, C3rand <br />Iumvtion, Colorado 81505 ("lessee'). <br />1. C4RAN'i' OF .F.ASF <br />Losses, in considerativa of the agreements to be gerformed by Lessee and the <br />payment of rayaltieS by Lessee as provided in this Lease, and subject to the hums, <br />conditions, azld provisions contained in this Lease, leases to Lessee that certain tract of land <br />situate is the County ofMesa, State of Colorado ("Leased Pmperty'~, mute patticulazly <br />described on Exhibit A, attached hereto and incorporated herein by reference, far the purpose <br />of quarrying, mining, removing and marketing all sand, gtavel, rock and/or dirt from the <br />Leased Property (refeued to as "Material"j, (all activity by Lessee on the Leased Propaxty <br />collectively referred to as "Gravel Mining Operations"}. <br />II. TFRMQ~i~A~CF. <br />The toter of this Lease shall commence on the first day after Lessee has acquired all <br />state amd lure] licenses required to operate its Gravel Mining Operations ("Commencement <br />Date"); Lessee agrees to obtain all permits in as expeditious a manner as possible. The farm <br />of this Lease shall be for a three (3) year period, unless terminated sooner pursuant to the <br />provisions of this Lease. The first "Annual Anniversary Date" shall be one year after the <br />Commencement Date provided above. There shall be a one (i) year renewal option, which is <br />to bo exercised by Lesson serving upon Lessar, ne later than ninety (90) days prior to the end <br />of the initial three (3) gear term, a x2itten notice of Lessee's intention to renew the Lease for <br />an additional one (1) year period. <br />CII. ROYALTT85 <br />Lessee shall pay to Lessor, as royalty, the sum of ~ (sQ,~J for each ton of <br />sand and gravel removed from the Leased Property sad ~ cez~ (SQ,,~QJ for oath tort of <br />o~~erburden of dirt removed from the Leased Property. The quantity shall be determined by <br />removing the material from the Leased Property and scaled an certified scales at Lessee's <br />facility located at 2273 River Road. <br />Lessee will Clots a t 8' wide pathway from the most westerly area of the lake to the <br />Colorado River, The pathway will be cleared with a txoat-end loader (Cat 950 Size) to the extant <br />of the abilities of the $ont-end loader. <br />