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7.9 Lessor is responsible to timely pay all real property taxes owing for the Property. <br />8. Termination. This Lease shall terminate on the earlier of: <br />8.1 Either party terminating this Lease by giving the other party written notice on or <br />before July 1 of any calendar year stating that the Lease is being terminated as of December 31 of that calendar <br />year, subject to Lessee's right to remove equipment and Material under Section 6.4 above. Furthermore, in the <br />event Lessor terminates this Lease under this Section 8.1, Lessee shall have the right for whatever period of <br />time is necessary to remove all Material which is then subject to any bid submitted by Lessee prior to <br />termination, or is subject to a contract entered into by Lessee prior to termination. <br />8.2 Either party terminating this Lease under the default provisions of Section 11 below. <br />9. Notice. Any Notice under this Lease shall be mailed via certified mail, return receipt <br />requested, to the parties at their addresses listed below (or to such other address as a party may designate in <br />writing): <br />Lessee Connell Resources, Inc. <br />4305 East Harmony Road <br />Fort Collins, CO 80528 <br />Lessor SerFer Land Ventures, LLC <br />4315 East Harmony Road <br />Fort Collins, CO 80528 <br />Notice shall be considered given when deposited in the mail. <br />10. Time of the Essence. Time is of the essence to this Lease. <br />11. Default. If either Lessor or Lessee defaults under this Lease, then the non-defaulting party <br />may give the defaulting party forty-five (45) days written notice specifying the particular default or defaults. If <br />said default is not corrected within the 45-day period, then this Lease, at the option of the party who is not in <br />default, may be terminated by such party, in which case the non-defaulting party may recover from the <br />defaulting party such damages as may be proper, including all reasonable attorney's fees and costs. In the event <br />of such default by Lessee, and Lessor elects to treat this Lease as terminated, then all payments made hereunder <br />shall be forfeited and retained by Lessor. In the event, however, the non-defaulting party does not terminate <br />this Lease and instead elects to treat this Lease as being in full force and effect, then the non-defaulting party <br />shall have the right to an action for specific performance or damages, or both, together with all reasonable <br />attorney's fees and costs. <br />12. Laws and Governmental Reeulations. This Lease shall be subject to all federal, state and local <br />laws, executive orders, rules and regulations, and this Lease shall not be terminated in whole or in part, nor <br />shall the Lessee be held liable for failure to comply therewith, if compliance is prevented by, or if such failure <br />is the result of, any such law, order, rule or regulation, or if such compliance is prevented, by, or failure is the <br />result of, inability of the lessee through no fault of its own, to obtain authority to continue production of <br />Material form the Property. <br />13. Entire Agreement. This Lease constitutes the entire agreement between the parties, and it <br />MBG (8/13/2007) <br />