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Section 3. LEASE TERM <br />3.01 Term. The initial term of this Lease Agreement shall be for a period of ten (10) <br />years, beginning as of January 1, 2003. If FCM desires to renew the lease after the initial term, <br />FCM shall have first right to negotiate a renewal of the Lease, so long as FCM is not in default <br />of the terms of this Lease Agreement. FCM shall notify Trenkle and HFGP of its desire to renew <br />this Lease Agreement for a second additional ten (10) yeaz term on or before June 30, 2012. <br />Section 4: RIGHT TO MINE AND RIGHT TO USE <br />4.01 Grant to FCM. Subject to the terms of this Lease, the Gravel Permit and the Land <br />Use Permit, Trenkle and HFGP hereby grant FCM the exclusive right to mine and extract sand, <br />gravel and rock products from the Gravel Pit and the exclusive right [o haul, process and <br />stockpile sand, gravel, concrete, asphalt and related supplies, materials and products at the <br />Gravel Pit. <br />4.02 Land Use Permits. FCM shall be responsible for obtaining, and shall pay all costs <br />associated with, all land use permits required by La Plata County for its intended operations on <br />the Trenkle Property. <br />4.03 Exoansion of the Gravel Pit. Trenkle hereby further grants FCM the right to <br />modify the limits of the Gravel Pit to include any additional area on the Trenkle property that is <br />included in future modifications of or amendments to the Permit, issued by the Division to FCM. <br />Trenkle hereby authorizes FCM to act as their agent with respect to all matters associated with <br />such revision of the Gravel Permit and agree to execute all documents required by all <br />governmental entities, including but not limited to the Colorado Division of Minerals and <br />Geology and La Plata County, associated with such expansion. <br />4.04 Surface Area. Subject to the terms of this Lease Agreement and in consideration <br />of the royalty payments due Trenkle, FCM has the right to utilize the Gravel Pit azea, and any <br />future expansion azea thereof, for the installation and use of its equipment and facilities. FCM's <br />right to use the Gravel Pit azea and any future aze of expansion includes, but is not limited to, the <br />exclusive right to install a screening plant, crushing plant, washing plant, asphalt plant, and/or a <br />concrete batch plant, along with a yard site and field office site. <br />4.05 Laws and Regulations. In conducting its activities under this Lease Agreement, <br />FCM shall comply with all applicable local, state and federal laws and regulations, including <br />those related to: mining and reclamation, safety, environmental protection and mitigation, and <br />workers compensation and employment. FCM shall be solely responsible for the cost of <br />compliance with such laws and regulations. <br />High Flume Pit Lease <br />12/23/02 <br />Page 2 of 7 <br />