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<br />• 3. ROYALTIES. Lessee shall pay to the Lessor, as royalty for the term of <br />this Lease, fifty cents ($0.50) for each cubic yard of Materials removed from the Premises. <br />All royalties shall be determined by volume of Materials loaded and removed from <br />Premises. Lessee shall keep all records of the volume of Materials removed. Royalties <br />and documentation of the calculation of the Royalties shall be given to Lessor by the <br />anniversary (v"ovember 1) of each Lease year. Lessee shall pay a guaranteed minimum <br />royalty of not less than One Thousand Dollars ($1000.00) for any three consecutive years <br />during the lease period in the event that royalties payable to Lessor do not exceed One <br />Thousand Dollars ($1000.00) for any three consecutive years. <br />4. PAY)VtEIvT OF TA.~S. Lessor shall pay all property taxes assessed on <br />the Premises before they become delinquent. In the event property taxes are increased <br />during the term of this Lease, and are attributable to sand and gravel mining on the <br />Premises, Lessee shall be responsible for and pay the increase in property tax. Should <br />either party fail to pay such taxes, then the other party may, at its discretion, pay said taxes <br />and Lessor or Lessee (as the.case may be) agrees to reimburse any costs, interest or <br />penalties. Lessee shall be responsible for and pay any severance taxes due for any <br />Materials mined by Lessee on the Premises. <br />5. PER,'VfITS. Lessee agrees [o obtain all necessary permits required by the <br />Colorado alined Reclamation Act and reclaim and restore the Premises in reasonable time <br />(not to exceed 180 days) as required by the "Act" following termination of mining <br />activities. Any other permits required by Jackson County for gravel mining activities, <br />should there be any, will be the responsibility of the Lessee. <br />6. INSURANCE BE LESSEE. Lessee agrees to indemnify Lessor against <br />and save Lessor harmless from any and all demands, claims, causes of action or <br />judgments, and any and all expenses incurred in investigating or resisting the same, for <br />injury to person, loss of life or damage to property occurring during the term of this Lease <br />and (a) occurring on the Premises and arising out of Lessee's use and occupancy thereof, <br />or (b) occurring on the areas adjacent to or in the vicinity of the Premises if caused by the <br />act, omission or neglect of Lessee or the employees, agents or contractors of Lessee. To <br />secure the foregoing covenant of indemnification, Lessee shall at its own cost and expense <br />and at all times during the term of this Lease, maintair. bodily injury public liability <br />insurance against such claims for personal injury or death for a combined limit of not less <br />than $1,000,000 each occurrence, which insurance policies shall name the Lessor as an <br />additional insured. <br />All policies of insurance required by this paragraph to be carved and <br />maintained by Lessee shall be for the mutual and joint benefit and protection of the parties. <br />Copies of such policies of insurance shall be delivered to the Lessor, when procured, and <br />as often as any such policy or policies shall expire or terminate, renewal or additional <br />policies shall be procured and maintained by Lessee in like manner and to like extent. All <br />such policies shall contain a clause or endorsement to the effect that such policies may not <br />