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SUB-UC~ENSE AGREEMENT <br />Thit Agreement is made this Z3 r4 day of ~~., r c t~ , 2006, by and between <br />M M M P6.rk A~Ar~Gh:la ,whose address for this purpose is <br />3~3~! C.R. -iq . Cr.~ak. CD SD?Z~ ,hereinafter referred <br />to as Owner, and Cornerstone Rock and Gravel, LLC, a Colorado Limited Liability Company, whose <br />address is 35200 County Road DD 3/a, Wray, CO 80758, hereinafter referred to as Licensee. <br />1. f~ht to Remove Gravel. In consideration of the compensation specified in this Agreement, <br />Owner grants to Licensee the exclusive right and privilege, during the term provided for below, to enter <br />upon, produce, excavate, screen, and remove gravel from the following-described real property in Logan <br />County, Colorado: <br />2. Warren .Owner warrants their title and ownership of the above-described property and <br />the right to convey and grant the rights and privileges provided in this Agreement. Owner holds or is in <br />the process of obtaining a Colorado gravel permit (Permit # "applied for", to be attached to this agreement <br />as soon as available), and has the authority to enter into this Sub-License Agreement regarding the land <br />subject to the Coloredo permit. It is understood by both parties that the Owner will hold and be the legal <br />owner of the Permit entitling the extraction of material from the permitted area and that the Owner has <br />the legal authority and desire to sell the rights to extract materials from the permitted area to the Licensee. <br />3. Use of Eouivment. Owner grants to Licensee the right to use the real property described <br />above for the purpose of erecting any equipment that may be used by Licensee in the production of gravel, <br />and the right to grade roads or rights-of-way to all points on such real property necessary or useful in the <br />production and removal of gravel from such property. <br />4. Compensation. Licensee agrees to compensate the Owner the sum ~ ,per yard of <br />gravel removed from the real property. Owner shall choose one of the following two options: <br />Circle one: (A) OR (B) <br />(A) Licensee shall put up the dollars required by the State of Colorado for reclamation <br />bond or funds, in which case Licensee shall withhold ' -per yard to be applied to the tort of <br />permitting and bonding the reclamation of the surface area of the gravel pit upon the conclusion of <br />this agreement; or <br />(B) Owner shall put up the dollars required by the State of Colorado for reclamation bond <br />o funds(,~in which case the Licensee shall not withhold any amount from/ gravel payments. <br />.~(, - f4y••.iA~ +srM115 ~ 6G~1+1a1+{-:NG, iNrC ~•.1 'Exh:b~~B <br />It is agreed that the tort of permitting and reclaiming shall be shared by the Owner and Licensee according <br />to the terms and conditions described in paragraph 9 below. <br />5. Term. This Agreement begins on the date executed, and shall continue for seven years. The <br />Agreement shall be renewed for successive three-year terms on the same terms and conditions contained <br />herein, unless either party provides written notice of intent to terminate the Agreement within 60 days of <br />the anniversary date. <br />-1- <br />