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SAND, GRAVEL AND AGGREGATE MINING LEASE <br />This Sand, Gravel and Aggregate Mining Lease ("Lease") is made as of the 1st day <br />of May 2002 by and between Reuben Bernhazdt, Hester P. Bernhazdt, David L. Bernhazdt <br />and Timothy A. Bernhardt, 12281 Colorado State Highway 60, Milliken, Colorado 80543 <br />("Landlord") and Hall-Irwin Corporation, 3026 4th Avenue, P. O. Box 2150, Greeley, <br />Colorado, 80632 ("Tenant"). <br />RECTI'ALS <br />A. Landlord owns the property described on Exhibit A attached hereto (hereafter known <br />as the "Property"). <br />B. Tenant seeks to permit the Property as a sand, gravel and aggregate mine and, if <br />successful in its permitting activities, to conduct sand, gravel and aggregate mining operations <br />thereon. <br />NOW, THEREFORE, in consideration of the mutual promises and covenants <br />contained herein, Landlord hereby leases to Tenant the Property for the purposes ofoperating <br />a sand, gravel, and aggregate mine. <br />1. Incorporation of Background Statements by Reference. All of the recitals are <br />incorporated herein by reference and made a part of this Lease. <br />2. Minerals and Other Materials to be Mined. Tenant shall have the right, but not <br />the obligation, to remove overburden, sand, gravel and aggregate from the Property. Under <br />no circumstances will Tenant be obhgated to remove the overburden, sand, gravel, and <br />aggregate if it would be, in Tenant's sole judgment, unprofitable or uneconomical to do so. <br />As construed in this Lease the term "overburden" shall mean all dirt, topsoil and other natural <br />material situated on the surface of the Property and overlaying the deposits of sand, gravel <br />and aggregate. <br />3. Term. This Lease is effective as of the date first above written. The term of this <br />Lease shall be ten (10) years from the date first above written and so long thereafter as <br />production of sand, gravel and aggregate occurs in commercial quantities. The term <br />"commercial quantities" shall mean the production and removal by Tenant of not less than <br />50,000 short tons (2,000 pounds) of sand, gravel and aggregate per lease year from the <br />Property. <br />Page 1 of 9 pages <br />