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SECTION 3. TERMINATION OF POOLING AGREEMENT. The parties hereto <br />agree to terminate the Pooling Agreement effective as of the date of this Agreement. <br />3 01 Recoupable Advance Royalties. The parties acknowledge that advance royal- <br />ties, which are recoverable by way of credits against future production royalties which <br />may be due on certain leases, have been paid from pooled funds. Peabody agrees to pay, <br />and . Morgan hereby acknowledges the receipt of, ONE HUNDRED AND EIGHT <br />THOUSAND, FOUR HUNDRED AND FORTY DOLLARS ($108,440) as a full and com- <br />plete distribution of and consideration for Morgan's share of and interest in all such <br />advance royalty payments, and commencing with the date of this Agreement, Peabody <br />shall be entitled to all rights, use, benefit and credit of said advance royalty payments <br />without any further obligation or accounting to Morgan. <br />3.02 Accounting. Within ninety (90) days of the date of this Agreement, Peabody, <br />as manager of the pool funds, shall make a final disbursement of all funds which it may <br />hold under the Pooling Agreement and shall provide each party with an accurate <br />accounting of those funds and that disbursement. Upon approval of said accounting <br />(which approval may be indicated by a party's failure to notify the other in writing of any <br />objections to the accounting within thirty (30) days after receipt thereof), each party <br />shall be deemed to have released the other of all claims and liability arising under the <br />Pooling Agreement, except for liability arising from any claim by any lessor under a <br />lease subject to the Pooling Agreement relating to deficiencies in royalty payments due <br />prior to the date of this Agreement. <br />SECTION 4. OPERATIVE PROVISIONS. This Agreement states the entire agree- <br />ment between the parties and replaces all oral and written representations and agree- <br />ments and all prior agreements. This Agreement shall inure to and be binding upon the <br />successors, assigns, heirs and executors of the parties. This Agreement shall be con- <br />strued in accordance with the laws of the State of Colorado. The parties agree to exe- <br />-6-