Laserfiche WebLink
<br /> .4. GJP shall pay a production rovalty to Lessor at the rate of SU.dO per ton of <br /> sand and gravel mined and removed from the Property under this lease; subject to adjustment <br /> as provided below. <br />' B. Annually on the atmJVersary date of the lease term; the royalty payable <br /> to Lessor shall increase in proportion to the increase in the Consumer Price Index for <br /> urban Wage Earners and Clerical Workers, ".411 Items" category, U.S. City Average, <br /> as prepared and published by the Department of Labor, United States of .4menca. <br /> Such increase shall relate to the index published for the month in which the lease <br />' term commences; as compared to the most current monthly index available on the <br /> anniversary date m each year of the lease term or any extension thereof. Such <br /> increase, if any, when so determined; shall control until the next anniversary date. <br /> If for any reason the descriUed Index shall no longer be published, then the parties <br /> shall attempt to reach a nuttua] agreement on an index reasonably sunilar thereto. If <br /> no mutual agreement can be obtained, then the index to be applied shall be <br /> detemuned by arbitratton under the Rules and Procedures of the .4nrencan <br /> Arbitration Association (Commercial). <br /> C. Subject to the provisions of Paragraph 7, below, no production rovalty shall <br /> be payable to Lessor unless and until [he product is removed fi'om the Property. <br />t D. GJP shall provide Lessor with a written statement as to all materials removed <br /> by it during the preceding month and; subject to the provisions of Paragraph 7, below, shall <br />1 make payments to Lessor of any royalty due by the ?0th day of each month. <br /> E. GJP shall install scales and weigh all materials before or at the time of <br />' removal from the Property and shall preserve the weight tickets. Lessor shall have the right <br /> to review the weight tickets during GJP's normal business hours. <br />' F. If GJP exercises its option to extend the lease term as provided in Paragraph <br />3, above, the parties shall, prior to the end of the initial ]ease term, renegotiate in good faith <br />and mutually agree upon the royalty rate which shall apply during the initial year of the <br />' extended luise term. That new royalty rate shall thereafter be adjusted in subsequent years, <br />as provided in Paragraph 6.B., above. If the parties arz not able to mutually agree upon a <br />new royalty rate by the expiration date of the initial term, then the royalq~ rate for the first <br />year of the extended term shall be determined by arbitration under the Rules and ProcedLres <br />of the American Arbitration Association (Commercial). <br />' 7. GJP shall pay advance royalties to Lessor as follows: <br />A. GJP shall pay Lessor an advance royalty of S10,000.00 upon execution ofthis <br />Lease by both parties, and shall pay an additional advance royalty of S 1 d,000.00 upon the <br />F.'~NIAHIG1 PfPE1BAR NESIGRVLS BA R.RVI -6- June I. 1998 <br />r~ <br />