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I:LIAL LEASE <br />THIS INDENTURE OF LLASF. made and entered into this ~j__ day of <br />May, 1987, by and but.w~en LA PLATA COUNTY, STATE OF COLORADO, Durango, <br />Colorado, hereinafter Lr~ssor, and LA PLATA COAL f,OKPONATION of Durango, <br />Colorado, hereinafter rrferred to as Lessee. <br />WI INESSETII: <br />WHEREAS, Lessor is Lite owner of the coal rights as to the following <br />described real property. hrr,~inafter the Rr~al Fstatr~: <br />Peacock Coal Minn 9G Coal Rts On: SE1/4NW1/4, N1/2NE1/4, <br />SW1/4NE]/4, '~)-35-11 <br />WHEREAS, Lessee desire; to mine and remove coal from said Real Estate <br />upon the terms and conditions hereinafter set forth and Lessor desires to <br />lease the same to Lessee upon terms and conditions as follows: <br />NOW THEREFORE, for valuable consideration paid to Lessor, the receipt <br />and sufficiency of wlticlr is Hereby acknowledged, Lessor hereby grants and <br />leases to Lessee the exclusive right to mine and remove coal from the Real <br />Estate upon the following li~rms and conditions: <br />1) The consideration of the sum of Four Thousand Dollars (E4 ,000.00) <br />set out above shall br paid lu Irs,ees or their lawful agents upon execution <br />of this lease and shall h~~ r.rrnest money to ho ld [hi; lea ;e for a term of <br />fivr yea rs. <br />2) Thi s lease shall he in full force and effect for a period of <br />five (5) years from and arte r the date hereof. <br />3) Lessee shall pay to Lessor a production royalty of E2.00 per ton <br />fur all coal mined aml tihipped (ruin the real estate described herein. Such <br />pr~~~luction royalty shill hr payable no later than the 25th day of each month <br />following the calendar month in which such coal is mined, removed and <br />sh~l~Ued. In deter'mininy the royalties payable hereunder, railroad weights <br />sh.,ll govern with respect. to coal shipped by truck. Lessee shall furnish <br />Le nor with statements showing the amount of coal mined, removed and shipped <br />fr~n the Real Estate din ii~q the. preceedinq calendar month with each produc- <br />ti"ii royalty remittan~~~. tiuch production royalty payment and the production <br />st~lement shall be delu~siled to or' for the account of Lessor at such loca- <br />ti~~n as Lessor shall designate in writing, payable t.o Edward J. Murray, La <br />PI,~La Treasurer, Le;~•ee shall not be responsible for the proper applica- <br />ti~~n, payment or divi;iuri of such production royalty payment. Lessor shall <br />have the right at reasonable times, without notice,, to inspect Lessee's <br />bo~~ks for the purpose nl verifying the amount of coal so mined and Shipped <br />and Lessor shall havr thu right at reasonable times and upon request to <br />insl,ect the operation of lessee. <br />C <br />