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<br />2.2 -Lessor and Lessee acknowledge that pursuant to the terms of a warranty deed <br />between Neal J. Dow and Anna Dow Trustees under a Trust Agreement dated 10/25/77 and an <br />amended Trust Agreement dated 4/21/92, as seller, Sam F. Love and Virginia L. Love as buyers, <br />dated January 3, 2006 and filed for record with the County Clerk of Rio Blanco County Colorado <br />at reception number 283710, it is provided: "Seller reserves all gravel royalties for the <br />natural lifetime of either Neal J. Dow or Anna Dow only; not to include the amended Neal J. <br />Dow Trust Agreement U/T/A Apri121, 1992. Seller retains all other mineral rights". Lessee <br />shall therefore pay of all royalties to Neal J. Dow and Anna Dow as Trustees at 28000 <br />South East Paulina Highway, Prineville, Oregon 97754 on a monthly basis as provided below. <br />2.3 -All of royalties owed under this paragraph shall be paid Lessor and of <br />the royalty payments directly to Neal J Dow and Anna Dow for their lifetimes jointly. Upon the <br />death of both Neal and Anna Dow, of the royalties shall be paid to Lessor. Royalty <br />payments shall be made quarterly, concurrently with the quarterly report required in Paragraph <br />2.1 above, on or before the 10`h day of the month following the end of the quarter for all materials <br />removed the preceding quarter. The first royalty payment will be due the 10~' day of the month <br />following the quarter in which the first sale of material occurs. This payment will be for all <br />material removed the preceding quarter. <br />2.4 -Lessee agrees to keep a strict and accurate record of all materials removed from the <br />leased premises. Lessor shall have the privilege, at reasonable times, to examine the mining <br />procedures and check the books and records of Lessee for the purpose of verifying the amount of <br />royalties payable. <br />3. COVENANTS OF LESSEE <br />Lessee covenants and agrees with Lessor as follows: <br />3.1 - To comply with all applicable laws, rules and regulations of governmental <br />authorities including, without limitation, the Colorado Division of Minerals and Geology of the <br />State of Colorado, the Environmental Protection Agency, the Army Corp Of Engineers, and as <br />well to co th appropri zoning, land use, and other ordinances and regulations of Rio <br />Blanco County. <br />3.2 - To conduct all of its operations in accordance w the laws of the United States and <br />the State of Colorado, including, without limitation, the water laws, mining laws and regulations <br />of the State Engineer. <br />3.3 - To allow the Lessor or his agents, from time to time, to enter upon all parts of the <br />leased premises for the purpose of inspection, surveys, taking of samples and measurements. <br />3.4 - To provide the Lessor continued access to those portions of leased premises not <br />Page 2 of 10 <br />