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rhether or not Ravenwood and those holding thereunder, by <br />and from it, are carrying out the terms, covenants, and <br />agreements in this lease contained. <br />1. TERM nF i.vacr <br />a) This lease shall be in full force and effect <br />from and after the date first above written. <br />b) The operational term of this lease shall be in <br />full force and effect for five (5) years from <br />and after the effective date hereof, unless <br />sooner terminated pursuant to the provisions <br />herein. <br />c) Ravenwood shall be entitled at its option, by <br />giving written notice to CFSI no less than <br />thirty (30) days before the end of the initial <br />five (5) year term, to extend and renew this <br />lease for a successive term of five (5) years, <br />provided strip mining is being performed on <br />the leased premises at the end of the initial <br />five (5) year term. In the event that such <br />option is so exercised by Ravenwood, CF&I <br />reserves the right to reasonably adjust the <br />production royalty rate for the ensuing five <br />(5) year term. <br />2. ROYALTY PAYME2v'TS <br />w •~ <br />a) Quality Coal <br />Ravenwood agrees to pay CFI a production <br />royalty for coal mined or recovered from <br />surface materials in the amount of Two Dollars <br />__~ ,_J($2.00) per ton, of 2,000 -pound-s of -quality ~~ <br />merchantable coal, except as provided in (d) <br />below. <br />N lJ <br />