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i <br />i <br />C. The right to grant rights-of-way over said premises for pipelines, roads, railroads, power, <br />telegraph, telephone, ditches, and canal lines. or any other lawful purpose, or lease the <br />above-described lands for any other purpose than the one specified therein, which such grants or <br />leases shall be so made as not to interfere with the operation of this lease, imci so as to require the <br />grantees of such rights to assume all risk resulting therefrom. ~ <br />D. All rights and privileges of every kind and nature not herein expressly gr nted. <br />TO HAVE AND TO HOLD The above-described premises, with the appurtenance, unto Lessee and the <br />heirs, assigns, successors or legal representatives of Lessee, from 12:00 Noon on the 4th day of <br />anuar . , 1995 ,for the term of ten ( 10 )years, until 12:00 Noon on the 4th_ day of .ianuary , <br />2005. Any extension shall be negotiated within sixty (60) days prior to the termination date herein. Lessor <br />reserves ttte right not to renew this lease. <br />1. ROO~'ALTY -- Lessor reserves as royalty, and Lessee agrees to pay to Lessor oa or before the last day <br />of each calendar month following the month of production, $ .35 per ton of 2000#, o <br />~o~-r: <br />Within sixty days prior to the termination of each and every five-year period for so long as this <br />lease remains in effect, Lessor may reappraise the property herein leased and fix and determine the rate <br />of production royalty W he paid during each year of the suceceding five-year period. Failure to comply <br />with any new royalty rate se[ by Lessor may subject [his lease to cancellation by thirty-day written notice <br />by Lessor. i <br />2. ADVANCE MINIMUM ROYALTY -- As minimum and advance royalty, without~relation to the amount <br />of material mined from the leased premises, Lessee shall pay annually in advance ti> Lessor the following <br />amounts: ~ <br />I <br />I <br />LEASE YEAR AMR LEASE YEAR f1MR <br />1995 None 2000 None <br />1996 None 2001 None <br />1997 None 2002 None <br />1998 None 2003 None <br />1999 None 2004 None <br />Royalty due for material produced from'said premises shall be credited against such advance minimum <br />royalty until the total sum is equal to the advance minimum royalty previously paid~to the State, at which <br />time a regular monthly royalty will be due and payable as herein provided. In the e:ve:nt Lessee does not <br />extract minerals from the leased premises during the lease term or any term so agree,i to by Lessor, the <br />minimum amounts above paid to the State will be forfeited. <br />Acreage changes resulting from surrender or partial assignment may reduce the advance minimum royalty <br />proportionately. Further, at the end of each five-year period, commencing from the original lease date, <br />Lessor may reasonably change the rate or amount of advance minimum royalty [o tie paid by Lessee. <br />]n case of assignment of this lease, all advance minimum royalty paid to the State shall be carried forwazd <br />and credited to the new assignee. ~ <br />Page 2 of 8 <br />• <br />