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May-26-00 01-21P J.R. Phillips P <br />O6 <br />05/?5!?000 19:59 ?03-344 <br />YL . <br />b~ic a rrvruw ^rarn•~ ~ ..,.~ ... <br /> ~ <br />5 <br />without interest. During the permitting procsas, Buyer may, at Sts <br />option, cancel this Agreement et any time without further obligetien. <br />upon termination of leans, Buyer agrees to assign mining permits to <br />Sellers if sellers so request. I! Sellers request assignment and <br />aesignasnt is approved, sellers must assume future reclamation <br />responsibilities and replace Buyer's surety or bonds before assignment <br />occurs. <br />15. Governing jaws, It la agreed that thin Agreement shall be <br />governed by, construed and enforced in accordance with the lava of the <br />9taia o! Colorado. <br />16. jland. Buyer shall procure end pay Eor any bond or surety <br />rsqulrsd for the operation of removing borrow material. <br />17. j~,jault. I! nny default occurs Sn the pesfermance or any <br />covenant or condition of this Agreement, Sellers shall have the right to <br />give a ten (10) day notice, Sn writing, by certified moil, return receipt <br />requested, demanding the correction or removal o! the default. If Buyer <br />fens to correct dr remove tho default within this period, Sellars may, at <br />sellers' option, terminate then Agreement. Zf Sellers terminate this <br />Agreement, Suysr shall have thirty (30) days within which to remove any <br />structures or equipment placed on the Property by Buyer. The termination <br />of this Agrssmsnt shall not relieve euyar from any liability for pnymsnt <br />or ottssr liability incurred under this Agreement. <br />18. Notices. For purposes of thin Agreement, the addreaeaa of the <br />pnrtiae shall be as follows, unless otherwise changed by written notice to <br />all parties by certified mail, return receipt requested: <br />Sollars: <br />Robert A. end Rhonda Grimm <br />laei Bouth watklns Road <br />artkine, Colorado Ae177 <br />Buyer: <br />Pioneer Ssnd Company, Inc. <br />P. O. Box 7650 <br />Colorado 6prings, Colorado 80937 <br />ATTENTION: PRESZD£NT. <br />19. Cost^ snd Emenses_ Anything to the contrary notwithstanding, in <br />the avant o! any litigation or arbitration arising out of this Agreement <br />or performance of this Agreement, or for nonpayment, the Ceurt shall award <br />to the prevailing party all reasonable costs and expenses, including <br />attorney's fees. Delinquent payments shall ec .rue lntereai at tea. rate of <br />one and one-half percent (1 1/23) per month on the unpaid balance. <br />20. Indamnilicatlon. <br />a. Buyor shall Lnecemniry and no7d harmlaau Lha 9ollare snd Eb.lr <br />agents from and against all claims, damageo, loeaa• ens axpaneaa, <br />including, but not limited to, attorney's fees arising out of or resulting <br />N-5 <br />