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<br />a conditional use permit fi~om Mesa Cotmh', Colorado; a mining permit from Colorado Division of <br />Minerals and Gzologv (`CMG"), a well permit from the Coiorado State Engineer, a state hishway <br />access pet7rtit, a flood plain pemlit, a discharge perit, and an zmissions permit. If any of these <br />permits shall be denied or not ~ anted within eighteen months from the execution date of this lease <br />' (as set forth in the introductory paragraph); then this Lease shall terminate and be of no furthzr force <br />and effect. The temr of [his lease shall commence upon the date of issuance of the last of such <br />permits to he issued. GJP shall have the privilege of access to the Property prior to the <br />commencement of the lease rerm for the purpose of performing [he work necessary to apply for and <br />obtain the permits referred to above. <br />3. The term of this lease is as follows: <br />1 A The initial term of this lease is for a period of ten (10) years, cornmencing <br />' on the date set forth in Paragraph 2, above. <br />B. Subject to the provisions of Paragraph 3.C., below, GJP shall have the right <br />and option to extend this lease for an additional period of ten (10) years after the expiration of the <br />' initial term, under the same terms and conditions as provided for in die initial term of this lease. <br />This option to extend shall be exercised by the riving of written notice by GJP [o Lessor of the <br />election to do so not more than ninety (90) nor less than thirty (30) days prior to the end of the <br />initial term. <br />C. Notwithstanding the provisions of Paragraph 3.B., above, the Lessor shall <br />have the right to terminate GJP's option to extend this lease for an additional ten-year term. This <br />F.~MnH\GJ PIPE\oARNESGd~'LSB.~R Rv1 -~' June I. 1998 <br /> <br />