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• -22- Exhib~ F 2 of 12) <br />II. CONDITIONS <br />2.1 This Gravel hfining Lease is hereby made expressly contingent upon the following <br />conditions, failure or nonfulfillment of any one of which shall terminate this Gravet 1t•Iining Lease, <br />and the parties hereto shall be released from all terms and conditions under this Gravcl A4ining <br />Lease, save and except any reclamation or other requirements undo the laws and rules and <br />regulations of the State of Colorado, or United States of America, to be performed by Lessee. <br />2.1 a) Issuance to Lessee within six months of the date hereof of all necessary zoning use, <br />construction and related permits and licenses required by any governmental body having jurisdiction <br />thereof for the development and operation of gravel mining operations. Owner hereby constitutes <br />to Lessee, its attorney in fact to execute any such applications, or documents in the name oL the <br />Owner, end to pay any required license or permit fees. This clause shall have the same force and <br />effect as if a regular power of attorney had this day been executed by uwncr in lavor of Lessee <br />far these purposes. <br />2.2 In the event that any of the conditions set forth in provision 2 not be fulfilled, this <br />gravel lease shall be terminated, and the parties heretic shall be released from all terms and <br />conditions under this gravel lease, save and except that for any such reclamation or other' <br />requirements by any governmental entity. <br />Iii. TLRM <br />3.1 The terms of this Gravel ivfining Lease shalt commence on the dale hereof and shall <br />continue for a period of live (5) years and shall expire on the filth (5th) anniversary tram the date <br />hereof Provided however, that this Lease shall terminate in the cacn[ that Lessee fails or ceases <br />to conduct gravel mining operations thereon. Lessee shall he considered to h~tvc ceased gr;n•el <br />mining operations thereon, in the event that no operations are conducted for a period of one year. <br />Said Lease shall continue for such period of time as shall be reasonably nceess;u'y fur 1_esscc to <br />reclaim said property as may be required by law. Lessee shall proceed in all convenient haste to <br />reclaim said property. <br />3.2 The Lessee shall have the option to cxtenct ibis Gravcl A4ining Lease Lor tsvo (2~p <br />additional terms of five (~) years each under the same terms, provisions and conditions as in the /~~' <br />original term. Provided however, that Owner shall have the right to renegotiate the ro}'alty to be~` <br />paid herein. In the event said royalty cannot be renegotiated, this Lease shall terminated. <br />,6~~ <br />TV. ROYALI'LES <br />4.1 Lessee shall pay to Owner as a royalty twenty cents (?0) per yard Cor all gravel and <br />similar substances removed from the premises. This shall be upon the basis of "pit rwa" substances. <br />Said Royalty shall be paid on a monthly basis, not later than the 15th day oti the month following <br />removal of gravel. <br />V. PERMITS AND RECLAMA'CION <br />5.1 Lessee shall obtain, at Lessee's expense, all necessary permits required by any legal <br />2 <br />