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LEASE TERMINATION AGREEMENT <br />This LEASE TERMINATION AGREEMENT ("Agreement") is made and entered into <br />effective January 1, 2009 by and between THOMAS F. LATHAM AND GINGER L. LATHAM <br />("Landlord") and ELAM CONSTRUCTION, INC. ("Tenant"). <br />RECITALS <br />A. The parties hereto entered into a lease agreement dated March 1, 1999, a copy of <br />which is attached hereto as Exhibit "A" ("Lease"). <br />B. The parties hereto wish to terminate the Lease. <br />COVENANTS AND AGREEMENTS <br />NOW, THEREFORE, the parties hereto agree as follows: <br />The Lease is terminated effective January 1, 2009. <br />2. Neither Landlord nor Tenant have any known claims against one another and all rents, <br />royalties and charges have been paid. Landlord accepts the return of the premises AS IS - WHERE <br />IS, except that Landlord agrees that Tenant shall have until 5:00 p.m. on February 27, 2009, to <br />remove the mined material currently on the premises. Such mined material may be picked up by a <br />third party. In the event Tenant removes the mined material in accordance with this provision, <br />Tenant shall pay Landlord the royalties due for the mined material. If not, then Tenant releases any <br />claim to the mined material left on the premises. <br />3. Landlord agrees and understands Tenant is released from all obligations under the <br />Lease including but not limited to site reclamation. Furthermore, Landlord agrees and understands <br />that. Tenant is released from all obligations under the Water Use Agreement between the parties <br />dated January 1, 2003. Any permits held by Tenant pursuant to its gravel operations under the Lease <br />shall be assigned to Landlord with release of Tenant from any obligations thereunder. Tenant agrees <br />to cooperate with the transferral of such permits to a new operator if requested by Landlord. <br />Landlord shall indemnify and hold Tenant harmless from any and all claims, damages, and liabilities <br />arising out of or related to activities on the premises after January 1, 2009. Tenant shall quit claim <br />to Landlord its interests in the Decree entered on October 9, 2008 in District Court, Water Division <br />No. 5, State of Colorado, Case No. 05 CW 076 ("Decree") and in the 2008-2010 Substitute Water <br />Supply Plan for the DeBeque Pit (DMG #M -81-058) approved by letter dated April 28, 2008 <br />("SWSP"), and Landlord shall assume all duties and obligations under the Decree and SWSP and <br />release Tenant from any obligations thereunder.