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5/13/61 registered or certified mails, postage prepaid, to the • ~ following addresses: ANCHOR (for notices): Anchor Coal Company 1536 Cole Boulevard, Suite 180 Golden, Colorado 80401 and Anchor Coal Company P.O. Box 26765 Richmond, VA 23261 ANCROR (for payments): Anchor Coal Company P.O. Box 26765 Richmond, VA 23261 BEAR: Bear Coal Company Somerset, Colorado 81434 Either party may change its respective address upon thirty (30) days' written notice to the other party. 10. Time of Essence; Due Diligence. The parties understand and agree that time is of the essence under this Agreement, and to that end Sear agrees to perform with due diligence all of its covenants and obligations hereunder. • 11. Approval and £sto noel Letters. Neither this Agreement nor the Sublease nor the Roberts Lease shall become effective until all of the following have occurred: (i) the respective Boards of Directors of both Anchor and Bear have app coved this Agreement and the Sublease and the Roberts Lease and both Bear and Anchor have furnished the other party with a certified copy of a resolution evidencing such approval; and (ii) estoppel letters substantially in the forms attached hereto as Exhibits C and D have been executed by B. R. Noe Coal Company and Coal Properties Corporation, respectively. 12. Assignment by Anchor. No assignment by Anchor of any rental or royalty interest under this Agreement, the Sublease of the Roberts Lease shall be binding upon Bear until Bear receives actual written notice of the same. 13. Governing Law. Colorado law shall govern the • construction and operation of this Agreement, the Sublease and the Roberts Lease. 14. No Merger. There shall be no merger between this Agreement and the~Sublease and Roberts Lease. ~/% ~i 6 _ ~i/~•~/ /~ ..