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• <br />• <br />~m <br />THIS OPTION AGREEMENT, made and entered tnto this ~= day of October, 2005, <br />by and between Daniel H. Adamic, Marie M. Adamic, and Betty L. Adamic hereinafter referred <br />to as "Lessor", and Northfield Partners, LLC, a Colorado limited liability company, hereinafter <br />referred to as "Lessee". <br />WITNESSETH: <br />That for and in consideration of Lessee paying to Lessor the sum of <br />and 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 referred to as the "Leased Premises". <br />It is understood and agreed between the parries 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 minim, <br />removing and processing, all of the coal on, in and under the Leased Premises upon the ten~ns <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;,Treement. referred to as "the Lease". <br />2. EXERCISE OF OPTION. If the option .:ranted in paragraph 1, above, is exercised, such <br />exercise shall be by Lessee in compliance, and only by its compliance, ~~ith the requirements of <br />the provisions of both of paragraphs 2.1 and 2.? as follows: <br />~.1. Lessee shall, within the three (3} }ear option period aforesaid, deliver to the Lessor a <br />~~Titten notice of the exercise of such option, such notice to be given in the manner <br />~ ~ h ~:. <br />l ~,. <br />,` ~'` <br />