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cannot be modified except in writing signed by both parties. <br />14. Waiver. Any waiver of any provision of this Lease must be in writing. No waiver of any <br />breach of this Lease shall constitute a waiver of any other or subsequent breach. <br />15. Invalid Provisions. If any term or provision of this Lease shall be held to any extent invalid or <br />unenforceable, the remaining terms and provisions of this Lease shall be valid and enforceable to the fullest <br />extent permitted by law. <br />16. Public Notice. At its expense, Lessee may record this Lease, or a Memorandum ofthe Lease, <br />with Larimer County Clerk and Recorder. <br />17. Binding Effect. This Lease Agreement is binding upon, and shall inure to the benefit of, the <br />parties, their heirs, successors, assigns, and legal representatives. <br />18. Relationship of Parties. Nothing contained in this Lease shall be construed to create the <br />relationship of principal and agent or partnership or joint venture between the parties. The parties acknowledge <br />that none of the provisions in this Lease, nor any of the acts of the parties, shall be deemed to create a <br />relationship between the parties other than the relationship of lessor and lessee. <br />19. Survival of Terms. To the extent necessary to give them effect, the terms of this Lease shall <br />survive any termination of this Lease. <br />DATED the date set forth above. <br />LESSOR: SERFER LAND VENTURES, LLC, a <br />Colorado Limited Liability Company <br />By: <br />Todd e f ,Its Manager <br />LESSEE: CONNELL RESOURCES, INC., a <br />Colorado corporation <br />By: <br />Richard Connell, President <br />MBG (8/13/2007) <br />