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part to be kept or performed according to the terms and provisions of the Agreement
<br /> shall, at the elections of Lessors constitute an event of a default. Upon such event of
<br /> default, Lessors shall give to Sutherland a written notice of its intention to declare a
<br /> forfeiture of this Agreement and to terminate the same on account thereof, specifying the
<br /> particular default or defaults relied upon by it, and Sutherland shall have a reasonable
<br /> time (which in any case shall not be less that thirty (30) datis) after receipt of such notice
<br /> in which to contest,or to make good, or commence to cure such default or defaults, in
<br /> which event there shall be no forfeiture therefor. If Sutherland contests such default
<br /> occurred it, shall so advise Lessors in writing within thirty (30) days after receipt of the
<br /> Notice of Forfeiture. If within fifteen (15) days thereafter, the parties have not resolved
<br /> the dispute by mutual agreement, the issue of default shall then be submitted to
<br /> arbitration under Paragraph 14 below. If arbitration is so sought, Sutherland shall not be
<br /> deemed in default until the matter shall have been determined finally by appropriate
<br /> arbitration. If the arbitration results in a final finding of default. Sutherland shall have the
<br /> time specified in the arbitral award to cute the default, or if not so stated in the arbitral
<br /> award, then within sixty (60) days. Upon failure to so cure the default. Lessors may
<br /> declare forfeiture and termination of their agreement.
<br /> 12. Removal of Equipment. Within thirty (30) days after a valid forfeiture,
<br /> cancellation, expiration or other termination of the Agreement, Sutherland shall offer to
<br /> Lessors and Lessors may acquire at a price mutually agreed upon all buildings, structures,
<br /> warehouse stocks, merchandise, materials, tools, hoists, compressors, engines, motors,
<br /> pumps, transformers. electrical accessories, metal or wooden tanks. pipes and
<br /> connections, and any and all machinery, trade fixtures, equipment and personal property
<br /> erected or placed in or upon the Subject Property by Sutherland. As to any of the
<br /> foregoing items not acquired by Lessors, Sutherland shall have three (3) months from the
<br /> date of valid forfeiture. cancellation, expiration or other termination to remove said items.
<br /> 13. Rieht of Assignment. The Lessors, However, shall have the right to assign
<br /> this lease or any part thereof and shall have the right to sell or otherwise dispose of the
<br /> Subject Property. However, any transfer of the property shall be subject to the terms and
<br /> conditions of this lease.
<br /> 14. Arbitration of Disputes. Any dispute, contest, controversy or claim arising
<br /> from this Agreement, including alleged breaches hereof and defaults hereunder. shall be
<br /> resolved by arbitration in substantial accordance with the Colorado Uniform Arbitration
<br /> act of 1975. as the same rnav be amended at the time for the call for arbitration.
<br /> Arbitration proceedings shall be held in Grand Junction, Colorado, and any arbitration
<br /> award may be enforced in any Colorado court of competent jurisdiction, the parties
<br /> hereto consenting to the jurisdiction of such courts for this purpose. The arbitration
<br /> decision shall be in writing and shall set forth finding of fact and conclusions of law
<br /> supported by a reasoned opinion. The total costs of such arbitration shall be borne solely
<br /> by the losing party.
<br /> 15. Notices. Any notice, election payment or other correspondence required or
<br /> permitted hereunder shall be deemed to have been properly given or delivered when
<br /> made in writing and delivered personally to the party to whom directed, or when
<br /> deposited in the United States Certified mail, or sent by Wester Union Telegraph, with
<br /> all necessary postage or charges fully prepaid, return receipt requested (or in the case of a
<br /> telegram. confirmation ordclivcry), and addressed to the party to whom directed at its
<br /> below specified address, to wit
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