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IN CONSIDERATION of the above recitals, the rental to be paid and the agreements <br />herein contained, and other good and valuable consideration, the receipt and sufficiency of which <br />is hereby acknowledged, Landlord and Tenant hereby agree as follows: <br />1. Lease Term. Except as provided in Paragraph 3.1 below, the term of the Lease <br />(hereinafter "Lease Term ") shall commence on the Effective Date and continue until the sand <br />and gravel located on the Heinselman property is fully mined and shall continue until the <br />Premises are fully reclaimed and any reclamation bond for the Premises is released by the <br />Colorado Mined Land Reclamation Board. <br />2. Rent Payable on the Effective Date. Beginning on the Effective Date and by no <br />later than the thirtieth (30 day of June of each year thereafter during the Lease Term, Tenant <br />shall pay Landlord "Rent" in the amount of Five Hundred Dollars ($500). Upon the third (3` <br />anniversary of the Effective Date, and every three (3) years thereafter, the annual Rent payment <br />shall be increased by One Hundred Dollars ($100). <br />3. Conveyor installation and Operation. Tenant shall be solely responsible for <br />purchasing, installing and maintaining the sand and gravel conveyor system, including without <br />limitation, all appurtenant structures and features necessary to establish, operate and maintain <br />such a conveyor system. <br />3.1 Landlord's Operations. In the event the right -of -way across the Nix <br />Property depicted in Exhibit B hereto causes or threatens to cause an interference in any way <br />whatsoever with Landlord's future mining and/or reclamation of the Nix Property, Tenant shall <br />at its sole cost and expense relocate or remove the conveyor system from the Premises. Whether <br />the conveyor system on the Premises causes or threatens to cause interference under this <br />provision is a determination that shall be made by Landlord in Landlord's sole discretion. The <br />relocation or removal of the conveyor system shall be completed by Tenant within sixty (60) <br />days of Tenant's receipt from Landlord of a written notice to relocate or remove the conveyor <br />system. <br />3.1.1 Tenant Reimbursement of Landlord. Tenant shall reimburse <br />Landlord for the reasonable cost and expense Landlord incurs to revise or amend any permit <br />Landlord currently holds or obtains in the future that relates to Landlord's use of the Nix <br />Property (including, without limitation, for mining and reclamation) that is required to reflect or <br />otherwise account for the right -of -way across the Nix Property depicted in Exhibit B hereto and <br />Tenant's conveyor on the Premises. <br />3.2 Oil and Gas. In the event the location of the conveyor system on the <br />Premises causes, or threatens to cause, an interference with the right of any third party to develop <br />oil and gas mineral resources on the Premises, or the Nix Property more generally, Landlord and <br />Tenant shall jointly negotiate an appropriate accommodation of the competing activities on the <br />Premises, if any, with any such third party. <br />4. Reclamation. Tenant shall be solely responsible for all costs and work necessary <br />to reclaim the Premises. <br />