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!@IDRRMUN or
<br /> SAND AND GRILVEL !@LING LE118E
<br /> This Memorandum of Lease, made and entered into as of this llth day of
<br /> March 2001, by and between More Family Ranches, LLC, a Colorado Limited
<br /> Liability Company with its principal place of business in Steamboat Springs,
<br /> Colorado 80417 in Routt County, Colorado, (hereinafter referred collectively as
<br /> Owner) and Western Mobile Northern, Inc., a Delaware corporation and subsidiary
<br /> of Lafarge, Corporation (hereinafter referred as Lessee) acknowledges and
<br /> references tha full Lease made and entered into on the same date.
<br /> WITNESSETN:
<br /> 1. Lease of Property. Owner hereby leases to Lessee the Property described
<br /> in the attached Exhibit "A." Lessee may occupy the Property for the purpose of
<br /> sampling, drilling and testing for, mining, quarrying, excavating, removing and
<br /> selling sand and gravel from the Property, and for crushing, screening, washing
<br /> and other processing of sand and gravel excavated from the Property subiect to
<br /> the other terms of this Lease. Lessee shall have the right to stockpile sand and
<br /> gravel on the Property, and to use the Property for processing plants, scale
<br /> houses, sales offices, crushing, screening, and washing plants, concrete plant,
<br /> asphalt plant and storage of related equipment, to the extent permitted by
<br /> applicable government regulations, during the term of the Lease. Lessee shall
<br /> have the right to the ext.,nt authorized by its governmental permits to 'mport
<br /> and store on the Property sand, gravel, rock and similar materials for resale
<br /> from the Property in conjunction with similar operations concerning materials
<br /> excavated from the Property.
<br /> 2. Term. This Lease shall commence on the llth day of March, 2001.
<br /> Excavation of sand and gravel shall terminate on the date when all commercially
<br /> saleable sand and gravel has been removed from property.
<br /> 4 . Royalty Rate. Lessee shall pay Owner a royalty (the "Production
<br /> Royalty") for any Sand 6 Gravel removed from the Property.
<br /> 5. Notice. All notices provided for hereunder shall be given by registered
<br /> or certified mail, postage prepaid, addressed to the parties as follows:
<br /> Western Mobile Northern Inc., Western Slope Division, PO Drawer 368, Glenwood
<br /> Springs, Colorado 61602, Attn: Steven Wood
<br /> More Family Ranches, LLC, PO Box 770894, Steamboat Springs, Colorado, 80477,
<br /> Attn: Eloise More
<br /> Until any party notifies the other parties in writing of a changed address,
<br /> which changed address shall be applicable until a similar notice be given.
<br /> 6. Binding Nature. The Lease shall be binding to the heirs, successors,
<br /> assignees, and transferees of the Owner or the Lessee
<br /> 7. Recording. Either party may record a memorandum of this Lease in the
<br /> appropriate real property records in Routt County.
<br /> 8 . Discrepancies. in the event of any discrepancies or conflicts between
<br /> this Memorandum and the Lease, the Lease shall dominate and control .
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