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have the right to require that Lessor receive notice of any <br />termination of such insurance policies. <br />S. TITLE GlARRANTY. Lessor warrants title to the surface, <br />mineral, sand gravel, fill dirt and topsoil leased hereby and <br />hereby covenant and agree to indemnify and save Elam harmless from <br />all liability, loss or damage Elam may suffer as a result of <br />claims, demands, costs or judgments against it arising by reason <br />of any defect in title. In the event that all or any part of the <br />lease premises are encumbered by any lien at the time of execution <br />hereof, Lessor shall obtain a written subordination of any such <br />lien or encumbrance to the rights of Elam hereunder, and upon <br />failing so to do Elam may declare this Lease Agreement terminated. <br />Lessor warrants that the sand and gravel activities are allowed by <br />the Colorado Department of Public Health & Environments <br />"Corrective Action Process", for the leased premises. <br />9. TERMINATION. This lease agreement cannot be terminated <br />before the term of the lease by Lessor or by Elam unless by time, <br />or the removal of all minable materials, or by default. If either <br />party is in default, the non-defaulting party may issue a notice <br />of intent to terminate this lease ninety (90) days after the <br />effective date of the notice. The notice shall be void and of no <br />effect if the default is corrected within the ninety-day period; <br />or, if the default is of such a nature that it cannot physically <br />. be accomplished within the ninety-day period, if efforts are <br />commenced and diligently pursued to correct such default. If sole <br />default is failure to pay money, the lease shall terminate thirty <br />days after the effective date of the notice rather than the ninety <br />days provided above unless payment is made within the said thirty <br />days. If this lease agreement is terminated by default, by either <br />party, it is agreed that the indemnification amount will be <br />determined by arbitration. Whether this lease be terminated by <br />notice as above provided, or by time or by the removal of all <br />minable material, any mined material or processed stock piles <br />remaining on the leased property of the Lessor shall become the <br />property of the Lessor, and upon demand by Lessor, Elam shall <br />immediately execute such documents as may be required to transfer <br />state and county permits back to lessor. <br />10. ENCIIMBERANCE. In the event that all or any part o.f the lease <br />premises are encumbered by any lien at the time of execution <br />hereof, Lessor shall obtain a written subordination of any such <br />lien or encumbrance to the rights of Elam hereunder, and upon <br />failing so to do Elam may declare this Lease agreement terminated. <br />11. OPTION. Elam is hereby granted the option to extend the <br />lease term for an additional period of time after the original ten <br />years has expired if Elam is in good standing, to mine any <br />. 4 <br />