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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.