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n <br />U <br />LAND LEASE AND OPTION AGREEMENT <br />This Land Lease Agreement ("Lease"), is made and entered into as of the _ <br />day of , by and between North Central Energy, Inc.. a Colorado <br />corporation ("NCE"), and Picket~vire Processing, LLC, a Colorado limited liability <br />company ("Picketwire"). <br />RECITALS <br />A. A. P. Maxwell Development, Co., L.L.C., an Indiana limited liability <br />company ("Maxwell"), has entered into a Purchase Agreement with NCE of even <br />date herewith; <br />B. Pursuant to the Purchase Agreement, NCE agreed to lease to Picketwire <br />the surface of certain lands identified on Attachment A hereto (the "Leased Lands") <br />on the terms set forth below (no part of the mineral estate is leased herebv); <br />C. Unless specifically defined in this Lease, the capitalized terms used <br />herein shall have the meanings specified in the Asset Purchase Agreement. <br />• NOW, THEREFORE, in consideration of the sale and purchase of the Assets <br />and other good and valuable consideration, the parties hereby mutually covenant <br />and agree as follows: <br />1. Grant of Lease. NCE hereby leases and lets the Leased Lands unto <br />Pickettivire, for the purpose of placing on the Leased Lands, refuse generated by the <br />coal processing facility formerly known as the New Elk mine, Colorado permit <br />#C-81-012, which is being sold by Basin Resources, Inc. to Picketwire of even date <br />herewith, as it now exists or may be renovated, expanded or otherwise altered <br />during the Term of this Lease (the "Prep Plant"). Picketwire shall have the <br />following rights and privileges associated with the leasehold granted herein: <br />a. To transport, store, prepare, and place upon the Leased Lands <br />refuse generated by the Prep Plant, including silt from ponds <br />associated with the Prep Plant, and to use the Leased Lands for <br />any and all purposes associated therewith; and <br />b. To enter upon the Leased Lands after termination of this Lease <br />to conduct any and all required reclamation or restoration <br />activity as may be necessary to comply with applicable laws, <br />ordinances and regulations; and <br />• <br />