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10.3 For the Extei between the Landlord and agree on the rent, the r similar operations for min Northern Colorado region. are being conducted at tk Red Quarries. If both of '^e time Tenant may exerci ~..,.rged for removal of F shall be averaged, and t Term. If, however, those time, prices at similar rent. ~i ied Term, the rent shall be negotiated Tenant. If Landlord and Tenant cannot nt shall be equal to rents charged for .ng and removing Removed Materials in the At the present time, similar operations a Loveland Bluff Quarries and the Lyons said quarries are still in operation at .e the option to extend, the prices being zmoved Materials at those two quarries iat shall be the rent for the Extended :wo quarries are not in existence at that uarries shall be used to determine the 10.4 No exercise o option to extend shall be available to Tenant if Tenant is then n default under any of the terms of the then current lease and/or f said lease has been terminated. 10.5 Except as mod fled herein, any Extended Term shall be subject to the same term of conditions as the Primary Term set forth herein. ARTICLE XI ON TO PURCHASE If the Lease is sti 1 in effect (either during the Primary Term or the Extended Term) and if the Tenant is not in default of the same, Tenant shall ave the right to purchase the Leased Premises under the followi q terms and conditions: 11.1 NOTICE OF INT'. option, he must give wrtt~ (3) months and not more th then-current term of the I while the Lease is in eff~ exercise the above option Representative of the Lanc the date of the Landlord's Leased Premises as set i accordance with the terms 11.2 PURCHASE PRIC Premises wil be negotiate the parties can agree on shall be used by the par agree on the FMV, but the establish the same, they s'. equally share in the cost cannot agree on an MAI app MAI appraiser, with eacn a for the respective apprais that appraiser. If the appraisers is at least '. NT. If Tenant wishes to exercise said an notice of said intent at least three n six (6) months prior to the end of the :ase, except that if Landlord should die ~t, Tenant shall also have the right to >y giving written notice to the Personal ord not more than nine (9) months after death. If Tenant elects to purchase the ~rth above, said purchase shall be in et forth below. The purchase price of the Leased d between the Landlord and Tenant. If a fair market value ("FMV"), the same :ies. If, however, the parties cannot parties can agree on an MAI appraiser to all retain said MAI appraiser, and shall f said appraiser's fees. If the parties aiser, each party will select a separate praiser to establish the ITdV. Any fees ors shall be paid by the party selecting smaller of the FMV set by the two 0~ of the larger EMV set by the two 8