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~~~ <br />618 Dike Road, P.O. Oo,: 3609 <br />Grand Juncllon, CO 81502 <br />(303) 293-4900 <br />~Ax: (307) 297.5945 <br />LETTER OF AGREEMENT <br />This agreement is made and entered into this ~ S~ day of October, 1988 by <br />and between Edward H. Koch, whose address is ~ aflett Street, P. 0. Box <br />300, Parachute, Colorado 81635 and United Companies of Mesa County, Inc., <br />whose address is P. 0. Dox 3609, Grand Junction, Colorado 81502. <br />] Mr. Koch is the owner of the property as described in Attachment A. <br />This property contains sand and gravel and it is herein agreed that United <br />Companies shall have exclusive rights for the term of this agreement, to <br />enter upon said property for the purpose of extraction, processing and <br />distribution of gravel products. <br />TERMS <br />This agreement shall be effective from the date of execution and shall remain <br />in full force for one calendar year. <br />In the event that processed gravel products remain in stockpile at the <br />conclusion of this agreement, United Companies shall have an option to extend <br />this agreement. In consideration of an extension, United Companies shall pay <br />to Edward H. Koch, per month or per year for rights of use of the <br />property. <br />]t is agreed upon that a royalty fee of per ton shall be paid for gravel <br />products removed from the property. <br />Remittance of royalty fees shall be made by the 25th of the month for <br />material removed the previous month. <br />Gravel quantities for material used in <br />shall be determined by scaling tons used <br />of liquid asphalt used in the mix. <br />the production of hot asphalt mix <br />on the job and deleting the amount <br />Quantities for aggregate base courses shall be those tons actually scaled. <br />Gravel removed from the property without the benefit of scales at the site <br />shall be paid for at a rate of per cubic yard. (Single-axle truck - <br />5 cubic yards, tandem-axle truck - 10 cubic yards). <br />United Companies agrees that the operations at this site shall be conducted <br />within the parameters specified by the Colorado State Mined Land Reclamation <br />Division, and the full scope of work will be performed in a good and workman- <br />like manner. <br />-11- <br />Ii~n,.., rn,...,,.n;nr M ngn~n r,,.,~n, rn~ <br />