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S &G -PER. DOC
<br />Rev. 12/97
<br />FUND: School
<br />STATE OF COLORADO
<br />STATE BOARD OF LAND COMMISSIONERS
<br />Department of Natural Resources EXHIBIT Ni
<br />Denver, Colorado
<br />SAND & GRAVEL PERMIT NO GP 3442
<br />TI-US SAND & GRAVEL MINING PERMIT, Made in duplicate and entered into this 1st day of September 2010
<br />by and between the State of Colorado, acting through its STATE BOARD OF LAND COMMISSIONERS, hereinafter
<br />referred to as Permitter, and the Moffat County Road and Bridge Department, P.O. Box 667, Craig, CO 81626 hereinafter
<br />referred to as Permi
<br />WITNESSETH: Permitter, for and in consideration of the sum of two hundred seventy and no /I 00 Dollars
<br />($270.00), receipt of which is hereby acknowledged as payment of the filing fee in the amount of $ 20.00, rental payment in
<br />the amount of $ 250.00 for the five year permit term, and a bonus in the amount of $ -0 -, and in further consideration of the
<br />terms, conditions and agreements herein and of the payments of reserved herein, to be kept and performed by Permittee, its
<br />successors and assigns, does hereby lease to Permittee the right and privilege of exploring and prospecting for, developing,
<br />and mining of and taking of sand and gravel minerals for the sole purpose of fulfilling a local, state, or federal contract from
<br />the lands herein described, situated in the County of Moffat, State of Colorado, to wit:
<br />ACRES SUBDIVISION SEC.TWP.RGE. PATENTS
<br />60.00 Lot 21 and N/2 Lot 22 16-7N-98W 6 PM None
<br />30.00 E/2 Lot 12 and NE/4 Lot 19 l7- 7N -98W 6"' PM None
<br />containing 90.00 acres, more or less, together with the right to use as much of the surface within the Division of
<br />Minerals & Geology, Mined Land Reclamation Permit, as may be reasonably required, including the right to
<br />reasonable ingress and egress; the right to make excavations, stockpiles, and other improvements as may be
<br />reasonably necessary in the mining and removal of said minerals; subject, however, to all existing easements and
<br />rights -of -way of third parties, and the rights of surface Permittees and surface owners, and further subject to the
<br />terms, conditions and agreements set out in this lease. The benefits, terms, and obligations of this lease shall extend
<br />to and be binding upon the heirs, executors, administrators, successors, or assigns of the respective parties hereto.
<br />RESERVING, however, to Permitter:
<br />A. All rights and privileges of every kind and nature, except as are herein specifically granted.
<br />B. The right to use or lease said premises or any part thereof at any time for any purpose, including the right to
<br />explore and prospect said premises, to issue additional permits within the legal description of the premises
<br />but outside of the Reclamation Permit boundary, not inconsistent with the rights and privileges herein
<br />specifically granted.
<br />C. The right to dispose of or lease the surface where Permitter is the surface owner.
<br />D. The right at all times during the life of this lease to go upon said premises and every part thereof for the
<br />purpose of inspecting said premises, and the books of accounts and records of mineral workings therein, and
<br />of ascertaining whether or not said Permittee and those holding thereunder by and from it, are carrying out
<br />the terms, covenants and agreements in this lease contained.
<br />E. The right at any time to grant a right -of- way.upon, over or across all or any part of said premises for any
<br />ditch, reservoir, railroad, com,itunication system, electric powerline, or pipeline, schoolhouse or other
<br />lawful purpose; but that such grants shall be subject to the rights of Permittee.
<br />F. The right at any time to place the Leased Premises into the Stewardship Trust as set forth in Section
<br />10(1)(b)(l) of. Article IX, of the State Constitution. Said placement into the Stewardship Trust shall be for
<br />reasons not inconsistent with the rights and privileges of Permittee.
<br />TO HAVE AND TO HOLD The above - described premises unto Permittee, its heirs, successors, assigns, or legal
<br />representatives for the term of 5 years, and until Twelve O'clock noon on the 1st clay of September , 2015, and, except as
<br />hereinafter stated, as long thereafter as the royalties and rentals provided for herein are being paid, or by any extension
<br />hereof, subject to the following terms, conditions and agreements, to wit:
<br />I . ADVANCE MINIMUM ROYALTY — This paragraph is not applicable.
<br />2. PRODUCTION ROYALTY -- Permitter reserves as royalty, and Permittee agrees to pay to Permitter on or before
<br />the last clay of each calendar month following the month of production, $ NA per ton of 200011, or $0.50 per
<br />loose cubic yard, or NA % of the gross sale price at the first point of sale to an independent purchaser, whichever is
<br />greater.
<br />EXHIBIT N (Source of Legal Right to Enter)
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