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F. Sand and Gravel Fee means a Sales Royalty pursuant to Paragraph 3.A for <br />sand and gravel aggregate Materials produced from the Property or the Import Fee for sand and <br />gravel Materials brought onto the Property, payable pursuant to Paragraph 3.D. <br />G. Waste Material means asphaltic or concrete material produced using sand and <br />gravel aggregate on which a Sand and Gravel Fee is payable that is produced and then returned to the <br />Property as unneeded or unused for the job or project for which it was produced. <br />c l? 2. Term. The Term of this Lease shall be an initial period of fifteen (15) years <br />commencing on theme day of ?'y1v xZL... 2009, and ending on the last day of <br />..,:.; <br />2.0-23' <br />further that the Company slid 1 have, commenced productionopatons prior l to he end of <br />the seventh Lease Year, the Company may obtain an extensionn of the'T'erm for five years (5) after the <br />V? end of the initial Term by providing and recording written notice to Lessor at least 60 days prior to <br />the end of the initial Term. Commercial mining operations shall be deemed to exist on the Property <br />unless there is a total cessation in extraction or processing operations of Materials from the Property <br />for a period in excess of one year. The period of extension of the initial Term shall likewise be <br />considered to be within the Terra of this Lease. <br />3. Sales Rovalties and Import Fee. <br />A. Sales Royalty. Subject to Paragraphs 3.B, and 4, for all Materials sold from <br />the Property during each calendar month, the Company shall pay to Lessor a royalty ("Sales <br />Royalty") at the rate of per sales ton of 2,000 pounds (the "Base <br />Royalty") within twenty (20) days after the close of such calendar month. <br />B. Adjustment. The royalty rate shall be adjusted every year on the first day of <br />the month following the anniversary of the date this Lease becomes effective (the "Adjustment <br />Date"), The basis for this adjustment shall be the Producer Price Index--Construction <br />Sand/Gravel/Crushed Stone•--Series ID No. WPU 1321, published by the United States Department <br />of Labor, Bureau of Labor Statistics (the "Index"). The adjusted royalty shall be determined by <br />dividing the monthly Index last published before such Adjustment Date by he monthly Index last <br />published when this Lease becomes effective and then multiplying the quotient by the Base Royalty <br />so as to increase or decrease the Sales Royalty rate per ton beginning on the first Adjustment Date <br />and each subsequent Adjustment Date thereafter based on such calculation. The foregoing ratio of <br />Indexes shall be calculated on data with base year 1982 = 100 until the Bureau of Labor Statistics <br />publishes data with anew base period. If the Index just described or one reasonably similar thereto is <br />no longer published, then an index or adjustment accomplishing as nearly as practical the result <br />which would have been obtained by using the stated Index if it had been available shall be selected <br />by agreement of the parties hereto. <br />C. Payment Records. The Company shall keep and maintain adequate and <br />accurate records of the quantities of Materials rained and sold. The Sales Royalty payments shall be <br />accompanied by a monthly statement with the royalty calculation that includes an accounting of the <br />