1999-03-08_PERMIT FILE - M1999025

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right shall be exercised by the giving of written notice by Lessor to GJP that this lease shall terminate at the end of the initial term and that GJP shall not be entitled to exercise the option set forth in Paragraph 3.B., above. This notice shall be given by Lessor not less than ninety-one (91) days prior to the end of the initial term. If the Lessor terniinates GJP s option to extend this lease, ' GJP shall have onz year afrer the end of the initial temp of this lease to remove all sand, gravel, and related products That were mined fiom the Property under this lease and which remain stockpiled on the Property at the end of the initial teen. GJP shall have the tight of access to and across the Property dunn~ this one year period to remove the stockpiled materials. Royalties shall be paid to Lessor for such materials as they are removed, as provided in Paragraph 6, below. Any mined material remaining on the Property at the expiration said one-near period shall become the property of Lessor, and no royalty shall be payable by GJP on such material. 1 4 G.TP shall have the right to install machinery, pumps, equipment, personal property, telephone lines, electric lines and \a~ater lines on the Property and shall remove such equipment from the Property at thz end of the lease tem7 or any extension thereof, or upon any other termination of ' this lease. Lessor shall not Ue liable for payment of any utility or other charges for machinery, pumps, equipment, persona] property, telephone lines, electric lines and water lines installed by GJP. S. The parties agree as follows with respect to water and water rights: A. Promptly afrer execution of this lease. GJP shall apply' for a well permit from the Colorado State Engineer's office for the mining of the Property under this lease (the "Well Permit"), at its sole cost and expense. ' F.`.hIAH~GIPIPE\BARN ESGR\'LSBA R.RVI -4- June I, 1298