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RECFiv~D 1UL 2 6 2004 Division of Minerals end Geology value of materials removed in the previous month. Payment must be made by the 15'" day following [he end of [he month for which you are reporting. You must pay the [oral purchase price not later than 60 days before the contract expires. (c) The United States will retain the first installment as security for your full and faithful performance and will apply it to the last installment required to make the total payment equal to the total price given in section 2. The total purchase price equals the sum of the total quantities removed, multiplied by their respective unit prices. If you are late making an installment payment, you must not remove any more material until you have paid. Removing material you have not paid for is trespass, and for trespass you must pay at triple the appraised unit price, or at triple the reappraised unit price if BLM has made a reappraisal. To resume removal operations after you were late making payments, you must obtain BLM's written approval. (d) You receive title to the mineral materials only after you have paid for them and extracted them. Sec. 4. Risk of loss. You assume complete risk of loss for all materials to which you have title. If material covered by this contract is damaged or destroyed before title passes, you are liable for all loss suffered if you or your agents are directly or indirectly responsible for the damages. If you are not responsible for the damage or destruction, you are liable only to the extent that the loss was caused by your failure to remove the material under the terms of this contract. You are still liable for breach of contract or any wrongful or negligent act. Sec. 5. Liability jot damage to materials not sofd to you. You are liable for loss or damage to materials not sold to you if you or your agents are directly or indirectly responsible for the damage or loss. You are also liable if you fail to perform under the contract according to BLM's instructions and the United States incurs costs resulting from your breach of any contract term or your failure to use proper conservation practices. If the damage resulted from willful or gross negligence, you are liable for triple [he appraised value of the damaged or destroyed materials. If the damage or destruction did not result from willful or gross negligence, you are liable for lesser charges, but not less than the appraised value of the materials. Sec. 6. Stipulations and reserved terms. Your rights are subject to the regulations at 43 CFR Group 3600 and to any stipulations and the mining plan attached to this contract. I / J BLM will check this box if there are stipulations attached to this contract. Sec. 7. Notice ojoperarions. You must notify BLM immediately when you begin and end operations under this contract If BLM has specified a time frame (or notification, you must comply with that time frame. Sec. 8. Bonds. (a) You must fumish BLM with a bond in the amount of 53,000.00 as a condition of issuing this contract. (b) If you do no[ perform all terms of the contract, BLM will deduct an amount equal to the damages from the face amount of [he bond. If the damages exceed the amount of the bond, you are liable for the excess. BLM will cancel the bond or return the cash or U.S. bonds you supplied when you have completed performance under this contract. (c) BLM will require a new bond when it finds any bond you fumish under this contract to be unsatisfactory. Sec. 9. Assignments. You may not assign this contract without BLM's written approval. Sec. ] 0. Modification o(the Approved Mining or Reclamation Plan. You or BLM may initiate modification of these plans to adjust for changed conditions, or to cortect any oversight. The conditions for BLM requiring you to modify thcse plans, or approving your request for modification are found in the regulations at 43 CFR 3601.44. Sec. 11. Espiration ojcontract. This contract will expire 5 years, 0 months, 0 days from its approval date, unless BLM extends the term or renews the contract. J ~ BLM will check this box if this contract is a renewable competitive contract. Sec. 12. Renewal of renewable competitive contract. BLM will renew your contract if you apply in writing no less than 90 days before your renewable competitive contract expires and you meet the conditions in the regulations at 43 CFR 3602.47. Sec. 13. Violationr, and cancellations. (a) If you violate any terms or provisions of this contract, BLM may cancel your contract following the regulations at 43 CFR 3601.60 et seq., and recover all damages suffered by the United States, including applying any advance payments you made under this contract toward the payment of the damages.