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• <br />• <br />• <br />32.1 In the event that OWNER wishes to sell all or part of the Leased Premises or any <br />interest therein during the term hereof, LESSEE shall be afforded a thirty (30) day right of first <br />refusal (the "Right of First Refusal") to purchase such interest for the price and upon conditions <br />offered to a third party purchaser. <br />32.2 OWNER shall notify LESSEE in writing of the proposal to sell and LESSEE shall <br />have thirty (30) days after receipt of notice in which to exercise the Right of First Refusal by <br />giving notice to OWNER. If LESSEE so elects, the purchase shall be consummated within thirty <br />(30) days after notice of exercise by LESSEE. <br />32.3 If LESSEE fails to elect within the period provided, OWNER shall have ninety <br />(90)'days following the end of the thirty (30) day refusal period to sell at the price and on the <br />terms specified in the notice to LESSEE, and those terms only. <br />32.4 If OWNER fails to sell within the ninety (90) day period, the Right of First <br />Refusal shall be revived in favor of LESSEE and shall apply anew to any further proposed sale. <br />32.5 This section shall not apply to a transfer at law upon the death of OWNER, but <br />shall apply to future transfers during the term hereof. <br />DATED this 1 day of November, 2003, the "term commencement date." <br />s:lclient\hendricks calaisgen\smith mining lease.rtf <br />XXIal. RIGHT OF FIRST REFUSAL <br />17 <br />OWNER <br />Duane A. Smi <br />Duane A. Smi . Revocable Trust <br />