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<br />• for a period of twenty five (25) years extending from January 1, 2027, to December 31, 2051 <br />("Renewal Term"). Furthermore, such additional option shall be on the same terms and <br />conditions as this Lease Agreement, except as to payments to be made, which payments shall be <br />adjusted in accordance with the provisions of this Paragraph as hereinafter set forth. This option <br />to renew shall be exercised not more than one hundred and twenty (120) days prior to the <br />termination date of this Lease Agreement nor less than ninety (90) days prior to the termination <br />date of this Lease Agreement. In order to exercise the option, the Lessee shall give written notice <br />to the Lessor not less than ninety (90) days prior to the expiration of this Lease Agreement and <br />shall pay the additional consideration to Lessee as hereinafter set forth. Consideration for the <br />additional option shall be These monies shall be applied to <br />the option extension only and are not additional rental payments under the Lease Agreement. <br />If the Lessee exercises the option to extend the term of the Lease, the additional rental <br />payments for the extended term shall be as agreed upon in writing by the parties. If the parties <br />shall be unable to agree within ninety (90) days before the end of the initial term hereof upon the <br />additional rental payments for the succeeding renewal term, they shall promptly resolve such <br />dispute by binding arbitration. If by the time of the commencement of the renewal term, the <br />amount for such additional rental payments shall not have been fully determined, Lessee shall until <br />such determination, continue to make additional rental payments at the rate payable at the end of <br />the initial term. Promptly after such determination, Lessee shall make additional rental payments <br />at the rate so determined and shall pay the Lessor the balance, if any, which shall be owing for the <br />period preceding such determination. <br />• If the parties cannot agree upon an arbitrator, either party may promptly petition any <br />sitting Judge of the District Court, Larimer County, Colorado, to appoint a person or entity to <br />conduct the arbitration. <br />CONDITIONAL AGREEMENT AND RIGHT TO TERMINATE <br />This Lease is entered into by the Lessee on the conditions that on or before January 1, <br />2002, or such other date as shall be agreed upon in writing by the parties hereto, ("Approval <br />date") the following, to wit: <br />(1) Governmental Approvals. The Lessee has secured from any Federal, State, or County <br />governmental authorities having jurisdiction there over, including but not limited to the Mined <br />Land Reclamation Board and the Board of County Commissioner of Larimer County, Colorado, <br />any and permits, approvals, and licenses which may be necessary in connection with the quarrying, <br />mining, removing, and marketing of the construction material from the Starks Quarry Parcel. if <br />without any fault on the part of the Lessee, the Lessee fails to secure any and all such permits, <br />approvals and licenses on or before said approval date or if at any time during the term of the <br />Lease or renewal or extension thereof the Lessee is unable to maintain such permits, approvals <br />and licenses or there shall be enacted any provisions of any governmental agency or body that <br />shall prohibit or purport to prohibit the continued operation of the quarry on the demised <br />premises, the Lessee may exercise his right to terminate this Lease by giving ninety (90) days <br />