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<br />After Recording; Please Retum To:
<br />Bening and Associates, Inc.
<br />P. Q. Box 805
<br />Franktown, CO 80116-0805
<br />RECEPTION#: 785817, 01/28/2008 at
<br />10:38:05 AM, 1 OF 3, MEMO R $16.00
<br />FRANCINE TIPTON-LONG, MONTROSE
<br />COUNTY, CO CLERK AND RECORDER
<br />MEMORANDUM OF COAL MF41NG LEASE
<br />TE[1S MEMORANDUM OF COAL MILTING LEASE is by and between
<br />GEORGE E. L. GLASIER, dealing in his sole and separate property, (hereinafter referred to
<br />as "Lessor"), with an address at P..O.. Box 98, Nucla, Colorado 81424, and WESTERN
<br />FUELS-COLORADO, A Limited Liability Company, a Colorado limited liability company
<br />CI. essee"), with,.an address at L JO_.. Box 334 .4,-Denver, Colgjrado 80233 3424.
<br />L_... .... ____ ..._
<br />Lessor, in consideration of the covenants and agreements contained in that certain
<br />COAL MINING LEASE ("Lease") dated December o , 2007, ("Lease Date") has leased
<br />for mineral exploration purposes and mining purposes, and by these presents does lease to
<br />Lessee for said purposes, that certain land ("Property") situate in Montrose County, State of
<br />Colorado, described as follows:
<br />Iownship 47 North, Range ib West. NMPM
<br />Section 25: N/2 NW/4
<br />being Montrose County Assessor Parcel Number 402525200007, containing 80 acres, more or
<br />less, with all of'the rights to conduct mining activities as described in the Lease.
<br />1. Grant. In consideration of any bonuses, rents, and royalties to be paid, and the
<br />conditions and covenants to be observed in the Lease, Lessor hereby grants and leases to
<br />Lessee the exclusive right and privilege to drill for, mine, extract, remove, or otherwise
<br />process and dispose of the coal deposits in, upon, or under- the Property.,
<br />2. Term. The lease shall be in effect for twenty (20) years commencing on the
<br />Lease Date and for so long thereafter as: (1) coal is produced in commercial quantities from
<br />-'ous oi'
<br />tlie'Pr"o °near or a t?r`e o or an coati ' ous or ne VYelands as p P arf of a coiifi ??
<br />PAY, Y p Y
<br />integrated mining operation ok mining plan, (2) the Property is being reclaimed per the
<br />requirements of the mining permit covering the Property issued by the Colorado Division of
<br />Minerals and Geology, Office of Mined Land Reclamation, or (3) until all reclamation bonds
<br />issued on the Property are fully released.,
<br />3. Effect of AL-reement. This Memorandum of Coal Mining Lease is provided as
<br />constructive notice of the existence of the Lease between the parties and shall not be
<br />construed as a change, modification, amendment or enlargement of said Lease..
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