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• <br />~ e~ox1348 ract 83 <br />if said sand and gravel is to be extracted during the term hereof, <br />or any extension hereof, or within a period of eighteen (18) <br />months after the expiration of the term hereof or any extension <br />hereof, Lathams must offer to Corn the right to mine and extract <br />such sand and gravel under the same terms and conditions con- <br />tained in this Lease Agreement with the royalty to be paid with <br />respect thereto to be calculated as if this additional described <br />tract had been included for mining purposes in this Lease Agree- <br />ment from the outset thereof, thereby granting to the Lathams <br />the increase in royalty which would be payable by reason of applica- <br />tion of the Consumer Price Index. <br />13. Corn agrees that at all times during the term of <br />this lease or any extension thereof, it shall keep l4orkman's <br />Compensation Insurance in full force and effect. In addition, <br />Corn covenants that it shall indemnify Lathams against any <br />claim or demand for personal injury or property damage and <br />further covenants that Corn is covered by insurance for not less <br />than $300,000 for personal injury and $50,000 for property damage <br />and an umbrella coverage for at least $1,000,000. <br />14. Prompt payment of the amounts herein agreed upon <br />to be paid by Corn and compliance with all terms and conditions <br />herein expressed is of the essence of this Agreement, and if Corn <br />shall fail to make said payment or payments or shall fail to keep <br />and perform the covenants herein contained, Lathams may give Corn <br />written notice of their intention to cancel this contract thirty <br />(30) days after such notice is given to Corn unless within said <br />thirty-day period the default complained of shall have been cured, <br />and if not cured at the end of the said thirty-day period, this <br />Agreement shall become null and void, and Corn shall forthwith <br />remove all of its property and vacate the premises. Any accrued <br />royalties and all necessary reclamation work shall remain the <br />obligation of Corn and shall survive the termination of this <br />Agreement. <br />15. Any written notice which may be desired or required <br />pursuant hereto may be given by certified or registered mail, <br />- 5 - <br />