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<br />the sand, gravel, and aggregate products extracted from said <br />8 acre parcel. <br />CONDITION 2. It is understood that Lessor has received <br />AND <br />TERM from the County of Garfield, Colorado, a permit to extract <br />such sand and gravel and Lessor is presently, in compliance <br />with C.R.S. 34-32 et seq., applying for a permit, pursuant <br />to Section 110 thereof, from the Colorado Mined Land Reclam- <br />ation Board to receive approval from said Board therefor. <br />This Lease and Agreement is subject to and conditioned upon <br />the receipt of such State permit and, in the event of denial <br />thereof, this Agreement shall be void. In the event of <br />approval thereof, Lessee shall be the operator therefor, <br />subject to all further provisions hereof, and the term hereof <br />shall immediately commence from date of such approval and <br />compliance with conditions, if any, required by such Board <br />prior to commencing extraction, within 90 days following <br />such decision, and the term hereof shall cease at 11:00 P.M. <br />1,095 days subsequent to commencing extraction. In the <br />event such conditions, if any, required by such Board, are <br />not fully completed by Lessee within such 90 day period <br />subsequent to such decision of approval, this Lease shall be <br />void. <br />COMPENSATION 3. A. As rent, royalty and consideration for the <br />execution of this Lease and Agreement from Lessee to Lessor, <br />Lessee shall pay to Lessor the sum of twenty-five cents ($.25) <br />per ton of sand, gravel and aggregate extracted, payable in <br />cash on the fifteenth (15th) day of each calendar month for <br />material sold in the previous month. Lessee guarantees to <br />Lessor an annual minimum sales of thirty thousand (30,000) <br />tons. <br />B. Earnest money of approximately $3,000.00 <br />shall be paid by Lessee to Lessor at the time permit is <br />granted and treated as a consideration of cost of executing <br />Agreement. <br />-2- <br />