Laserfiche WebLink
Notwithstanding any other provisions made in this Lease to the contrary, Lessee shall have <br />the right at any time, upon the basis of at least thirty (30) days advance written notice to Lessor, to <br />terminate this Lease effective on December 31 of any year, but Lessee must pay to Lessor all <br />amounts, if any, due under the terms of this Lease to the day previous to the effective date of <br />termination. <br />After expiration or termination of this Lease, Lessee shall have an additional ninety (90) days <br />during which Lessee shall have the right to re-enter the Property and remove all of Lessee's property <br />from the Property, and thereafter, as and when required by law, and until such time as Lessee is <br />released by all appropriate regulatory agencies, Lessee shall have the right to perform reclamation <br />and environmental work on and respecting the Property, provided however, that reclamation and <br />environmental work shall be performed in a reasonable and timely manner after termination of the <br />Lease. <br />2. Royalties. Lessee shall pay to Lessor, as total payment for all of the benefits secured <br />by Lessee under or in connection with this Lease, the following royalties when and to the extent <br />stated: <br />(a) Advance Roo . Absent closure of the mine as described below, Lessee <br />shall pay to Lessor advance royalty payments of $50,000 per year in years 1998 through 2003 (6 <br />years) and $100,000 per year in years 2004 through 2010 (7 years), with a final payment of $75,000 <br />in year 2011. If all payments are made, lessee shall pay Lessor $1,075,000 in advance royalties. <br />The first payment, for year 1998, will be due within 30 days of the date of signing of the agreement. <br />Subsequent payments will be due on the anniversary date of the signing of the lease. The payments <br />will be for leasing surface and coal rights. Notwithstanding the scheduled payments called for above, <br />any and all advance royalty payments will cease if the mine is shut down, and Lessee shall have no <br />further obligation to pay any advance royalties for periods subsequent to any shutdown. If, at the time <br />of a shutdown, Lessee has mined more tons of coal than it would be entitled to mine based on <br />royalties of $1.40 per ton, any shortage computed on the basis of $1.40 per ton will be paid by Lessee <br />in a lump sum within sixty days after the shutdown. <br />a <br />(b) Production Royalty. The advance royalty payments are payments, in advance, <br />for the coal produced from Lessor's property, at the rate of $1.40 per ton. Lessee will only pay <br />