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• <br />• <br />• <br />XII. • LIENS AND ENCUMBRANCES <br />12.1 LESSEE shall not allow liens of any nature to encumber the Leased Premises <br />described in Paragraph 1.1 above during the term of this MINING LEASE. Should any such <br />lien(s) be levied against the Leased Premises then LESSEE shall have sixty (60) days to either <br />remove such lien or place in escrow suitable to OWNER or deposit with the court of law which <br />has jurisdiction over the lien action, funds in the amount to discharge such lien(s) <br />12.2 During the term of this MINING LEASE, LESSEE shall post and maintain a <br />conspicuous sign on all entrances to the Leased Premises and at the entrance to any office or <br />location of any work on the Leased Premises, and the wording of such sign shall be as follows: <br />"This property is leased by CALAIS RESOURCES COLORADO, INC. of <br />Boulder, Colorado and all charges for labor and/or materials provided for any <br />activity on this property Anil be the sole responsibility of CALAIS RESOURCES <br />COLORADO, INC." <br />XIII. DEFAULT BY LESSEE <br />13.1 . Should LESSEE be in default of any provision of this MINING LEASE, OWNER <br />shall notify LESSEE in writing of such default describing such default in detail if OWNER <br />wishes to exercise his rights hereunder. <br />13.2 OWNER shall have the right to terminate this MINING LEASE if LESSEE does <br />not correct such default within thirty (30) days from receipt of notice given under 13.1 above if <br />such default is for the failure to pay money to OWNER. <br />s: lciientlhendrickslmlaisgen\smith mining lease.rtf <br />Duane A. Smith, Trustee <br />Duane A. Smith Revocable Trust <br />2911 Cedar Avenue <br />Durango, Co 51301 <br />Lessor <br />9 <br />Page 144 <br />