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All insurance policies must contain an unqualified provision that the insurance carrier will <br />give LICENSOR ten (10) days' prior written notice of any cancellation, change or lapse of <br />such policy. Prior to utilizing the Property herein and upon LICENSOR'S request, <br />LICENSEE shall furnish to LICENSOR a certificate of insurance showing that the <br />requirements of this paragraph have been satisfied. <br />3. Permits and Reclamation. LICENSEE shall bear the responsibility and cost of obtaining all <br />federal, state, and local permits necessary to perform exploration activities on the Property <br />as authorized in this Agreement and LICENSOR agrees to provide any consents necessary <br />to secure such permits. LICENSEE shall minimize surface disturbance to the maximum <br />practical extent. LICENSEE shall be responsible for all reclamation necessary as a result <br />of its operations and for other costs and liabilities including without limitation payments to <br />landowners for surface damages, replacement of fencing, loss of livestock, loss of forage, <br />and use of water supplies. LICENSEE shall conduct all operations in compliance with all <br />federal, state, and local laws and regulations. LICENSEE shall use only existing roads for <br />ingress and egress on or over LICENSOR'S Property. LICENSEE shall use only existing <br />well pads for coring operations. Use of other locations shall require the written consent of <br />LICENSOR. LICENSOR shall advise LICENSEE of any special or unusual conditions <br />required by any lease agreement or other agreement applicable to Exhibit A. <br />4. Oil and Gas. LICENSEE is aware that there are oil and gas operations on the Property. <br />LICENSEE will use reasonable care to avoid interference with such activities. <br />5. No Entry. LICENSEE shall not enter the Property between August 25 through November <br />1. Access during November and December will be limited as necessary to accommodate <br />hunting on the Property. <br />6. Data and Reports. LICENSEE shall provide LICENSOR with copies of the data and <br />reports obtained by LICENSEE pursuant to LICENSEE'S activity on the Property as <br />contemplated by this Agreement. <br />7. Term of Agreement. This Agreement shall commence on the Effective Date and remain in <br />effect until December 31, 2008, such term to be extended until one year following the <br />Effective Date with the written consent of the LICENSOR. After the end of the term of this <br />Agreement, LICENSEE shall have a reasonable time to complete reclamation, which shall <br />be diligently pursued by LICENSEE. <br />8. Diligence. LICENSEE agrees to diligently pursue its activities on the Property so that they <br />are completed as soon as reasonably feasible. <br />9. Operative Provisions of Agreement. <br />(a) This Agreement and Exhibit A attached hereto state the entire agreement between <br />the Parties, and replace all oral and written representations, correspondence and <br />agreements by or between the Parties concerning the Property. No amendment or <br />modification of this Agreement shall be binding unless made by written instrument <br />of equal formality. Each Party shall be entitled to insist strictly upon the timeliness <br />of performance by the other Party of the other Party's obligations.