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• <br /> <br />THIS OPTION AGREEMENT, made and entered into this ~t~ day of January, 2005, <br />by and between Myron F. Smith, Sr., hereinafter referred to as "Lessor", and Northfield Partners, <br />LLC, a Colorado limited liability company, hereinafter referred to as "Lessee". <br />WITNESSETH: <br />That for and in consideration of Lessee paying to Lessor the sum of <br />nd other good and valuable consideration, Lessor does hereby grant unto Lessee, under <br />the terms and conditions hereinafter set forth, an exclusive right to prospect for all of the coal in, <br />on and underlying all those certain tracts or parcels of land situated in, Fremont County, <br />Colorado, and more particularly described in Annex A attached to Annex One attached hereto <br />and made a part hereof and is hereinafter refereed to as the "Leased Premises". <br />It is understood and agreed between the parties hereto as follows: <br />1. GRANT OF OPTION. The Lessor does hereby grant unto Lessee the exclusive option, for a <br />period of three (3) years from the date hereof, upon and subject to the terms and conditions <br />hereinafter set out or referred to, to lease from the Lessor the sole and exclusive right of mining, <br />removing and processing, all of the coal on, in and under the Leased Premises upon the terms <br />and conditions set out in that certain written lease which, in unexecuted form, is attached hereto <br />and marked Annex One and ~is hereinafter, in this a~~reement, referred to as "the Lease". <br />2. EXERCISE OF OPTION. If the option `ranted in para~~raph 1, above, is exercised, such <br />exercise shall be by Lessee in compliance, and only by its compliance, with the requirements of <br />the provisions of both of paragraphs 2.1 and 2.2 as follows: <br />2.1. Lessee shall, ~~~ithin the three (3) rear option period aforesaid, deliver to the Lessor a <br />written notice of the exercise of such option, such notice to be given in the manner <br />~'1'~`~~! ` l <br />