LEASE
<br />Lease made NV e"Lr 15 , 2005, between James Moser, Conservator of the
<br />Estate of Mildred Moser, aka Mildred M. Moser, Protected Person, as to an undivided
<br />one-half (1/2) interest, and Eldon Moser, aka Eldon L. Moser, as to an undivided one-
<br />half (1 /2) interest, of Yuma County, Colorado, here referred to as lessor, whether one
<br />or more, and Yuma County, Colorado, a statutory county organized under the laws of
<br />Colorado, acting by and through its Board of County Commissioners, here referred to
<br />as Lessee.
<br />Lessor, in consideration of the agreements set forth in this lease to be kept and
<br />rfoz7med by Lessee, and of the payment of royalties by Lessee as provided in this
<br />lease, and subject to the terms, conditions, and provisions contained in this lease, leases
<br />to Lessee a tract of land situated in Yuma County, Colorado, which is described in
<br />Exhibit A,, attached and incorporated in this lease by reference, for the purpose of
<br />quarrying, mining, removing, and using for public purposes all sand, gravel, rock, and
<br />any other minerals in the quarry,-all of which are referred to in this lease as materials.
<br />SECTION ONE
<br />TERM OF LEASE
<br />This lease shall be in effect for a period of ten (10) years, from January 1, 2006, to
<br />December 31, 2015.
<br />Lessee shall have the right and option to renew this lease for one period of five (5)
<br />years, extending from January 1, 2016 to December 31, 2020.
<br />If Lessee desires to exercise its option to renew this lease, Lessee shall give written
<br />notice of its intent to renew to Lessor no later than July 1, 2015; and, time being of the
<br />essence, if such notice of intent is not timely made, Lessor, in its sole discretion, may
<br />determine whether to accept such tardy notice.
<br />SECTION TW O
<br />ROYALTIES
<br />. Subject to adjustment provided below, Lessee shall pay to Lessor, as royalty,
<br />for each cubit yard of materials removed from the premises. The quantity shall be
<br />determined after the materials are loaded in trucks.
<br />Lessee shall be obligated to pay the amount of royalty at least quarterly of each year
<br />that this lease is in effects payable on the fifteenth (15&) day of the month following the
<br />end of each calendar quarter.
<br />Lessee shall forward to Lessor reports for the time frame of each payment showing
<br />the quantity of materials removed during the preceding time frame, according to load
<br />tickets, with dates of loadn* The report shall be forwarded to- essor with the royalty
<br />payment by the fifteenth (15 ) day of the month in which payment is made.
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