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<br />OPTION AND LEASE AGREEMENT <br />THI~ OPTION ANi~~EASE AGREEMENT ("Agreement") is made and entered into <br />this ~_ day ofF-~r~, 2001, by and between James and Dolores French whose address <br />6600 Weld County Road 26, Longmont, Colorado 80504 (hereinafter called "LESSOR"), and <br />ANDESITE ROCK COMPANY, a Colorado corporation, with a mailing address of P.O. Box <br />5829, Sioux Falls, South Dakota 57117-5829 (hereinafter called "LESSEE"). <br />WITNESSETH <br />1. Grant: Subject to the terms, conditions and exercise of the Option described in <br />Paragraph 2 hereof, the LESSOR, in consideration of the covenants and agreements hereinafter <br />contained, has granted, demised, leased, and let and by these presents does grant, demise, lease, <br />and let exclusively unto LESSEE, its successors and assigns, the following described real <br />property situated, lying and being in the County of WELD and State of Colorado (hereinafter <br />called the "Property"), as depicted and described in Exhibit "A" and "Exhibit "B", respectively, <br />which exhibits aze attached hereto and incorporated herein by reference; TOGETHER WITH the <br />exclusive right and privilege to mine, extract, store, stockpile, remove and sell all of the sand, <br />gravel, and overburden and by-product materials incident thereto, (hereinafter called the "Leased <br />Substances"), in, on or under the Leased Premises; TOGETHER WITH the right to construct <br />temporary roads, bridges, and storage water ponds together with the right to install, store, and <br />locate equipment of all kinds for any more of said purposes, and the right to erect suitable <br />temporary buildings for offices, workmen, equipment and repair and storage and the <br />Vanspottation and shipment of the Leased Substances (all of the foregoing being collectively <br />referred to herein as the "Leased Premises"). <br />2. Option to Lease: <br />(a) Inconsideration for payment of the to <br />LESSOR, the receipt of which is hereby acknowledged, LESSOR hereby grants to LESSEE the <br />right and option to lease the Leased Premises ("Option") upon all terms and conditions set forth <br />herein. <br />(b) The term of the Option shall extend TWELVE (12) months from the date of <br />this Agreement ("Option Term"). <br />Contingency -Exercise of Option: <br />(a) At any time during the Option Term, the LESSEE may exercise the Option <br />herein granted to lease the Leased Premises upon the terms herein stated. <br />(b) The LESSEE shall exercise the Option by giving LESSOR written notice of <br />its election and payment of the quarterly installment of Minimum Annual Payment in the amount <br />hereafter set forth. <br />(c) Upon giving such notice of election and payment, the lease terms of this <br />Agreement shall be in full force and effect, LESSEE shall be entitled to take possession of the <br />CICM~57136U59687.03 <br />