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-29- <br />• • <br />' <br /> SAND AND GRAVEL <br /> LEASE AGREEMENT <br />' <br /> THIS AGREEMENT made and entered as of the date of <br />~ execution hereof, by and between MAMIE MUNDELL IRREVOCABLE <br />I , TRUST, JANE MUNDELL, TRUSTEE of Denver, Colorado hereinafter <br /> referred to as "Lessor" and BACA COUNTY, COLORADO, <br /> hereinafter referred to as "Lessee". <br /> WITNESSETH: <br /> <br /> Lessor, in consideration of the agreements set forth in <br /> this lease to be kept and performed by Lessee, and of the <br /> payments by Lessee as provided in this lease, and subject to <br /> the terms, conditions, and pro~.•isions contained in this <br />' lease, leases to Lessee a tract of land located in Baca <br /> County, Colorado, which is described in Exhibit A, attached <br /> to the lease, for the purpose of quarrying, mining, <br /> screening, and removing all sand, gravel, rock, and clay, <br /> all of which are referred to in this lease as materials. <br /> 1. This lease shall be in effect for a period of <br /> TEN (10) years from October 1, 1994 to <br /> September 30, 2004. Lessee shall have the <br /> right and option to renew this lease for an <br /> additional period of THREE (3) years. <br /> 2. Lessee shall pay to Lessor monthly $.25 per ton <br />' for material removed from the property. <br />Lessee shall maintain accurate records of the <br /> quantity of material removed from the premises and <br /> make the records available for inspection upon <br />' Lessor's request. <br /> 3. This lease may be amended or terminated prior to <br /> the end of the term only by written agreement <br /> signed by both parties. <br />' 4. This lease shall inure to the benefit of and shall <br />be binding on the heirs, legal representatives, <br /> successors, and assigns of the parties. <br /> <br />1 <br /> <br />i~ <br />i~ <br />