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iv. Adequate and reasonable insurance for other risks ordinarily insured <br />against in similar operations. <br />V. Such insurance shall name Lessor as an additional insured. <br />C. The Company agrees that it shall require all independent contractors, <br />contractors and subcontractors who perform work in connection with the Property to have <br />similar and adequate insurance in full force and effect. <br />12. Title. <br />A. Lessor warrants that Lessor owns the surface estate and the Materials <br />within the Property, and Lessor agrees to defend said title against all adverse claims. <br />B. The Company has accepted Lessor's title as marketable, to the best of its <br />knowledge, at the exercise of this Lease. If subsequent thereto the Company determines that <br />Lessor's title to the Property and Materials is not good and marketable, the Company may so <br />notify Lessor in writing, in which case Lessor, of Lessor's cost, may correct the specified title <br />defects. If any title defects which render the title umnarketable or adversely affect the <br />Company's right to mine are not cured within sixty (60) days after receipt of such notice, the <br />Company, at its option, may terminate this Lease without any further obligation to Lessor. The <br />Company shall, as part of such termination, have the right at its option to have any and all <br />prepaid royalties not offset by Production Royalties refunded to the Company. <br />C. Without regard to the warranties of title given to the Company by Lessor, <br />if Lessor own less than one hundred percent (100%) of the Materials under all or any portion of <br />the Property, then the amounts payable to Lessor hereunder as Advance Minimum Royalty <br />payments and Production Royalties shall be reduced in the proportion that the interest of the <br />Lessor in the Materials bears to one hundred percent (100%) of the Materials allocated to the <br />Property. <br />D. With the exception of existing oil and gas leases, Lessor shall not hereafter <br />lease or otherwise authorize oil and gas rights or operations on the Property during the Term of <br />this Lease, except under conditions which prohibit surface entry or occupancy and interference in <br />any manner with the Company's operations on the Property. The Company acknowledges the <br />existence of an oil and gas well on a portion of the Property and agrees not to disturb the well <br />and related production activities or cause the relocation of such well. The Company shall not be <br />obligated to relocate any existing or future oil and gas well locations and, in the Company's sole <br />discretion, the Company may determine the economic feasibility of oil and gas well relocation. <br />The Company in its sole discretion may modify the mine permit and reclamation plan to reflect <br />'future oil and gas well installations located on the surface of the Property and to exclude these <br />,areas from sand and gravel extraction and Materials processing. <br />-7-