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ennK 875 racl 5~7
<br />72 DEGREES 45 MINUTES EAST 122 FEET, THENCE SOUTH
<br />~ 16 DEGREES 45 MINUTES WEST 132 FEET, THENCE WEST
<br />245.5 FEET, THENCE NORTH 223 FEET TO POINT OF
<br />BEGINNING, AND EXCEPTING THEREFROM THE FOLLOWING
<br />DESCRIBED PROPERTY:
<br />A TRACT OF LAND IN THE SOUTHWEST %. OF SECTION 31,
<br />TOWNSHIP 47 NORTH, RANGE 15 WEST, NEW MEXICO
<br />PRINCIPAL MERIDIAN DESCRIBED AS COMMENCING AT A
<br />POINT ON TOWNSHIP LINE WHERE SOUTHWEST CORNER OF
<br />SAID SECTION 31 BEARS WEST 1443 FEET, THENCE NORTH,
<br />PARALLEL TO THE WEST BOUNDARY LINE OF SAID
<br />SECTION 31, 800 FEET, THENCE EAST PARALLEL TO THE
<br />SOUTH BOUNDARY LINE OF SAID SECTION 31, 300 FEET,
<br />THENCE SOUTH PARALLEL TO THE WEST BOUNDARY LINE OF
<br />SAID SECTION 31, 800 FEET, THENCE WEST ALONG SAID
<br />SOUTH BOUNDARY LINE OF SAID SECTION 31, 300 FEET,
<br />MORE OR LESS TO THE POINT OF BEGINNING, COUNTY OF
<br />MONTROSE, STATE OF COLORADO
<br />(the "Lease Property") together with all rights and privileges to conduct surface, auger and/or
<br />underground mining activities and related operations. Lessor also grants unto Lessee, its
<br />successors and assigns, upon the terms and conditions set forth in this Memorandum and the
<br />Coal Lease, an option on the coal mineral deposits ("Option Coat") located in, on and under
<br />the following described land in Montrose County, Colorado:
<br />I ALL THAT PORTION OF THE FOLLOWING DESCRIBED PROPERTY SITUATE
<br />OUTSIDE OF AND BEYOND THE BOUNDARIES OF LOTS 3 AND 4 OF SECTION 31,
<br />TOWNSHIP 47 NORTH, RANGE 15 WEST, N.M.P.M., TO-WIT:
<br />COMMENCING AT A POINT ON TOWNSHIP LINE WHERE
<br />SOUTHWEST CORNER OF SECTION 31,TOWNSH-P 47 NORTH,
<br />RANGE 15 WEST, NEW MEXICO PRINCIPAL MERIDIAN, BEARS
<br />WEST 1062 FEET, THENCE NORTH 1058 FEET, THENCE
<br />SOUTH 53 DEGREES 20 MINUTES EAST 92 FEET, THENCE
<br />SOUTH 74 DEGREES 15 MINUTES EAST 90.5 FEET, THENCE
<br />SOUTH 72 DEGREES 45 MINUTES EAST 122 FEET, THENCE .
<br />NORTH 16 DEGREES 30 MINUTES EAST 357 FEET, THENCE
<br />NORTH 70 DEGREES 30 MINUTES WEST 407 FEET, THENCE
<br />NORTH 1243 FEET, THENCE EAST 1062 FEET, THENCE SOUTH
<br />2640 FEET TO TOWNSHIP LINE, THENCE WEST ALONG
<br />TOWNSHIP LINE 1062 FEET TO PLACE OF BEGINNING, EX PT
<br />THAT PART DESCRIBED AS FOLLOWS:
<br />A TRACT OF LAND IN LOT 4, SECTION 31, TOWNSHIP 47
<br />NORTH, RANGE 15 WEST, NEW MEXICO PRINCIPAL MERIDIAN
<br />DESCRIBED AS BEGINNING AT THE SOUTHWEST CORNER OF
<br />SAID SECTION 31, THENCE EAST 1062 FEET, THENCE NORTH
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