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• -24- EXIT F (4 of 12) <br />so that Lessee will be notified as to the amount of the taxes and assessments prior to the clue date. <br />Lessee will not be liable for any penalties or interest resulting from Owner's failure to notify <br />Lessee of the amount of taxes and assessments at least fifteen (15) days prior to the due date. <br />Taxes for the first and last years shall be prorated for the period of occupancy. <br />9.2 Owner sha{I have the right to pay any taxes due but not paid by Lessee and demand <br />immediate payment from Lessee for such tax payments made by Owner. <br />93 Should severance taxes or any similar tax ever be levied on or from the production <br />From the Leased Premises, Lessee shall pay such severance or other tax. <br />9.4 Lessee shall be responsible for all personal property taxes levied on any plant or <br />equipment located on the Leased Premises, if such taxes shall he levied. <br />X. INSURANCE <br />10.1 Lessees shalt maintain, at alt limes during said term oC lease, comprehecnsivc gcna'al <br />liability insurance pursu';tn[ to the statutory maximum limits as established by the Colorado <br />Governmental Immunity Act. Lessee agrees to provide insurance coverage adcyuate to protect <br />the interests of the Owner. Such policy shall cover the interests of both owner and Lessee for <br />hazards arising out of the use and occupancy of the Leased Promises. Certificates evidencing this <br />coverage shall be provided for the Owner by the Lcssce. <br />10.2 Lessee shall be required to maintain workman's compensation insurance un all <br />employees working on the Leased Premises, if required by law, and such workman's compensation <br />coverage shat( be at least the minimum required by Colorado Law. <br />XL L1ENS AND ENCUMBRANCES <br />11.1 Lessee shall not allow liens of any notate to encumber the Leased Premises during <br />the tcnn of this Gravel kdining Lease. Should any such Lien be levied against the Leased <br />Premises, then Lessee shall have thirty (30) days to either remove such lien or place in escrow <br />suitable to Owner or deposit with a court oL' law which has jurisdiction over the lien action, funds <br />in amount to discharge such lien. <br />XII. DEL'AULT BY LESS~G <br />12:.1 Should Lessee be in default of any provision of this Gravel !`fining Lease, Owner may <br />notify Lesee in writing of such default describing such default in detail. <br />12:.2 Owner shall have the right to terminate this Gravel Mining Lease if Lessee floes not <br />correct or commence to correct with diligence, such default within fifteen (1~) days Crom receipt <br />of notice granted in 12.1 above if such default is for the failure to pay money to Owner. <br />12.3 Owner shall have the right to terminate this Gravel h4ining Lease iC Lcssec sloes not <br />correct or commence to correct with diligence such default within giirly (,0} clays Crom receipt oC <br />notice granted in 12.1 above if such default is other than a monetary payment default. <br />4 <br />