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EXHIBIT N HINDS Pit #35: SOURCE OF LEGAL RIGHT TO ENTER SAND AND GRAVEL LEASE AGREEMENT THIS AGREEMENT made and entered into as of the date of execution hereof, by and between Mike Hinds, Campo, Colorado 81029 hereinafter referred to as "Lessor", and BACA COUNTY, COLORADO, 741 MAIN STREET, SPRINGFIELD, COLORADO 81073, hereinafter to as "Lessee". I WITNESSETH: Lessor, in consideration of the agreements set forth in this Lease to be kept and performed by Lessee, and of the payments by Lessee as provided in this Lease, and subject to the terms, conditions, and provisions contained in this Lease, leases to Lessee a tract of land located in Baca County, Colorado which is described in Exhibit A attached to this Lease, for the purpose of quarrying, mining, screening, and removing sand, gravel, rock, and clay, all of which are referred to in this Lease as material. 1. This Lease shall be in effect for a period of Ten (10) years from September I, 2003 to September 1, 2013. Lessee shall have the right and option to renew this Lease for an additional period of Three (3) years. 2. Lessee shall pay Lessor monthly $.25 per yard for material removed from the property. Lessee shall maintain accurate records of the quantity of material removed from the premises and make the records available for inspection upon Lessor's request. This Lease maybe amended or terminated prior to the end of the term only by written agreement signed by both parties. 4. This Lease shall insure to the benefit of and shall be binding on the heirs, legal representatives, successors, and assigns of the parties. IN WITNESS WHEREOF, the parties have executed this agreement this ~ day of~, ~ . LESSOR: ~~i Mike Inds ATTEST: 0 ~~~~ ~ r QeY Sheila Emick, Clerk and Recorder ,~ 1' yf ~~~W Y~ LESSEE: BOARD OF COUNTY COMMISSIONERS BACA COUNTY, COLORADO X11 right, Co issioner