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:S <br />SAND AND GRAVEL LEASE <br />PARTIES: <br />The parties to this agreement are David yV. Boyer, Jr. and the David and Mary Boyer <br />Charitable Trust, c/o David W.~Boyer, Jr., and Mary M. Boyer, Trustees, as "Lessor", and Seifert <br />Construction of Westcliffe, Colorado, as "Lessee." <br />PURPOSE: <br />The Lessor is the owner of certain real estate located in Custer County, Colorado which <br />has deposits of sand, gravel, rock, topsoil and aggregate which the Lessor has agreed to lease to <br />the Lessee for the purposes or removing, processing and selling the same in the general business <br />of sand, gravel and aggregate production and sales. The Lessee desires to lease the property for <br />such purpose and the purpose of this Agreement is to set Forth the terms and conditions of the <br />lease. <br />RIGHT TO REMOVE PRODUCTS: <br />In consideration of the payments herinafter provided, the Lessor hereby leases unto <br />Lessee the following described premises beginning on January 1, 2003, for a term of five (5) <br />years untIl January 1, 2008, with the preferential right of renewal in the Lessee to lease the <br />premises for an additional period of five (5) years as follows: <br />Lessee shall give notice of the request to renew the Lease not less than sixty (60) days <br />prior to the expiration of the initial term. Lessor shall communicate to Lessee not less than thirty <br />(30) days prior to the expiration of the initial term, the terms and conditions for a renewal period <br />of five (5) years upon which the Lessor would lease the same to Lessee. <br />In the event that the parties cannot reach agreement to renewal prior to expiration of the <br />lease, Lessee shall waive his right to lease this property and Lessor shall be free to seek another <br />party to lease the property. <br />PROPERTY: <br />The property which is the subject of the Lease is described on a map attached hereto and <br />is generally located within the West One-half of Section 5 and the East One-half of Section 6, <br />Township 24 South, range 71 West of the 6'h Principal Meridian,.County of Custer. State of <br />