PERMFILE117839

• Permit No: M1977534
• IBM Index Class Name: Permit File
• Doc Date: 10/5/1992
• Doc Name: AGREEMENT
• Media Type: D
• Archive: No

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(i) As to that portion of the Property more
particularly described on the attached Exhibit C as Parcel I of
Reservoir Site No. 1,~ until the earlier to occur of December 20,
2005, or the date upon which MAI completes mining operations at
Parcel I of Reservoir Site No. 1 to the depths set forth on the
Excavation Plan Map attached hereto as Exhibit D (the "Plan
Map"); and
(ii) As to that portion of the Property
designated as Parcel II" of "Reservoir Site No. 1" on Exhibit C,
until the earlier to occur of December 20, 2015, or the date upon
which MAI completes mining operations at Parcel II of Reservoir
Site No. 1 to the depths set forth on the Plan Map; provided,
however, that MAI's mining operations on Parcel II shall not
interfere with or disrupt Golden's construction, operation or
maintenance of a dam and water storage facility on Parcel I of
Reservoir Site No. 1.
(b) Golden is not subordinating any of Golden's
rights in that portion of the Property, designated as "'Reservoir
Site No. 2~ on Exhibit D, to the MAI Lease, and expressly
reserves all rights under the Golden Lease to such Reservoir Site
No. 2.
(c) Golden's continuing obligation to subordinate
its interest in those portions of the Property described in
subsection (a) above for the periods of time set forth in
subsection (a) shall be expressly conditioned upon MAI's
performance, in Golden's reasonable determination, of each of the
following conditions:
(i) on or before the date of execution of
this Agreement, MAI, Guanella and Buckland shall have executed
the MAI Lease. Notwithstanding anything to the contrary in the
MAI Lease, or in any other document, Golden shall not subordinate
its interests in the Property beyond the dates set forth in
subsection (a) above unless Golden expressly agrees in writing to
an extension of its agreement to subordinate;
(ii) commencing December 20, 1991, and
thereafter annually during the term hereof, MAI shall remove a
minimum of 150,000 tons of sand and gravel from Parcel I of
Reservoir Site No. 1. Commencing January 15, 1992, on or before
the 15th oP each month during the term hereof, MAI shall provide
to Golden written proof, reasonably acceptable to Golden, of the
amount of sand and gravel removed from Parcel I of Reservoir Site
No. 1 in the preceding month. Commencing January 15, 1993, on or
before January 15th of each year during the term hereof, MAI
shall provide to Golden a written summary of the total amount of
sand and gravel removed from Parcel I of Reservoir Site No. 1
during the preceding year; and
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