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<br />LEASE AGREEL~~NT <br />~'1/1~ ~ 6 jl, ~ ~~L~~ <br />THIS AGREEMENT is made thisJ.etrday of .Su3.~ 1992, by and <br />between FRENCH GULCH MINES, INC., a Colorado corporation whose <br />address is 1600 Broadway, Suite 2400, Denver, Colorado 80202 and <br />B & B MINES, INC., a Colorado corporation whose address is 1600 <br />Broadway, Suite 2400, Denver, Colorado 80202 (^Lessor^), and ALPINE <br />ROCK COMPANY, a Colorado corporation whose address is 14802 West <br />44th Avenue, Golden, Colorado 80403 ("Lessee"). <br />WITNESSETH: <br />For and in consideration of the mutual covenants and <br />conditions herein set forth and advanced royalty paid in <br />cash to the Lessor by Lessee, the receipt of which is hereby <br />acknowledged, the parties to hereafter mutually agree as follows: <br />1. RIGHTS GRANTED - PROPERTY DESCRIPTION <br />Subject to the following terms and conditions of this <br />Agreement, the Lessor hereby grants to the Lessee a Lease to enter <br />on to and to remove, process and stockpile rock, stone, sand and <br />gravel from the real property described in the attached Exhibit A, <br />which is hereby made a part of this Lease Agreement. In addition, <br />the Lessor grants to the Lessee the right to import, process and <br />stockpile asphalt and other materials from other sources. Further, <br />the Lessor agrees to cooperate with the Lessee in connection with <br />securing appropriate governmental approval for the rock, stone, <br />sand and gravel operations and, in that connection, the Lessor <br />~' agrees to execute those documents necessary for Lessee to make <br />application for appropriate permits as may be required. <br />2. TERM <br />The term of the Lease shall be for a period of five (5) years <br />from the date hereof. In the event this Lease ends by its own <br />terms, is in good standing, and there has been no default by the <br />Lessee, then the Lessee shall have the right to enter into <br />negotiations for a new Lease Agreement. <br />3. RIGHT OF FIRST REFUSAL <br />If, after this Lease has terminated, providing the Lease <br />terminated by the lapse of time and was not terminated pursuant to <br />the provisions of paragraphs 14 or 15 herein, and Lessor determines <br />to lease the property for rock, stone, sand and gravel operations <br />and receives a bona fide offer to lease from third parties, Lessor <br />before entering into such lease shall first give written notice to <br />Lessee of the exact terms and conditions of the offered lease. <br />Lessee shall then have the exclusive right for thirty days after <br />receiving written notice of the offered lease to enter into a lease <br />with Lessor under the same terms and conditions contained in the <br />offered lease. Lessee's right of first refusal herein granted <br />