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(iii) MAI shall perform all of the covenants and conditions of NAI set forth in this Agreement. (d) Subject only to the subordination of interest contained in subsection (a) above, the MAI Lease shall be subordinate to the Golden Lease. This Agreement shall not constitute a subordination by Golden of its interests in the Property to (i) any leases, liens or encumbrances created or entered into by MAI, other than the MAI Lease as expressly set forth herein, or by any other party and burdening the Property, and (ii) any subsequent amendments to the MAI Lease, unless Golden consents to such amendments in writing. (e) Notwithstanding Golden's subordination of the Golden Lease to the MAI Lease as to Reservoir Site No. 1, as set forth in subsection (a) above, after December 20, 2003, Golden shall be entitled to enter upon the dam site areas, as shown on FSchibit D, and on portions of the Property immediately adjacent thereto as Golden reasonably determines shall be necessary, for purposes of constructing the dam between Reservoir Site No. 1 and Reservoir Site No. 2. NAI agrees to vacate such areas designated by Golden on or before December 20, 2003 and thereafter to not interfere with or disrupt Golden's construction of the dam. 2. Covenants of MAI. MAI covenants and agrees with Golden that for so long as MAI conducts operations on the Property, MAI shall: (a) excavate Reservoir Site No. 1 within the Excavation Area Limits shown on Exhibit C; (b) mine Reservoir Site No. 1 from the eastern excavation limits westward, and remove a substantial portion of the sand and gravel in each tract, 600 feet wide and running from 'the northern to southern excavation limits of Reservoir Site No. 1, commencing with the easternmost 600 feet, prior to commencing excavation in the next contiguous tract to the west; (c) subject to Section 1(a) above, use all reasonable efforts to maximize the removal of sand and gravel from Reservoir Site No. 1; (d) not excavate below the maximum depths shown on Exhibit D within Reservoir Site No. 1; provided, however, that MAI shall have no obligation under this Agreement to maximize removal of sand and gravel below elevation 8575; -3-