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S <br />leases shall be so made as not to interfere with the operation of this lease, and so as to require the <br />grantees of such tights to assume all risk resulting therefrom. <br />D. All rights and privileges of every kind and nature not herein expressly granted. <br />"CO HAVE AND TO HOLD The abovedescribed premises, with the apputtmuances, onto Lessee and the <br />heirs, assigns, successors or legate representatives of Lessee, from 12:00 Noon on the 2ggd day of <br />_, 1225_, for the term of AIL ( j ) years, until 12:00 Noon on the Aka, day of isthmetrL, <br />21114. One five year extension shall be negotiated within sixty (60) days prior to the termination date herein. <br />Lessor reserves the right not to renew this lease. <br />1. <br />JOYALTY — Lessor reserves as royalty, and Lessee agrees to pay to Lessor on or before the last day <br />of each calendar month following the month of production. $ .50 per tan of 20000, or % <br />of the gross sale price at the first point of sale, whichever is greater. <br />Within sixty days prior to the termination of each and every two-year period for so long as this <br />lease remains in effect, Lessor may reappraise the property herein leased and fix and determine the rate <br />of production royalty to be paid during each year of the succeeding five-year period. Failure to comply <br />with any new royalty rate sex by Lessor may subject this lease to cancellation by thirty -day written notice <br />by Lessor. <br />2. 4DVIlk_bick MINIMUM jtOY LTy a As minimum and advance royalty, without relation to the amount <br />of material mined from the leased premises, Lessee shall pay annually in advance to Lessor the following <br />amounts: <br />LASE YEAR AMR LE An YEAR AMA <br />1995 lyene <br />1,6 Noe <br />1997 Nom <br />198 - None - <br />1999 Nene <br />Royalty due for material produced frenn said premises shall be credited against such advance minimal <br />royalty moil the total awn is equal to the advance minimum royalty poeviomly paid to the State, at which <br />time a regular moldy royalty will be due and paya1e as herein provided, in the event Lessee does not <br />extract minerals from the leased premises during the lease term or any term so agreed to by testier, the <br />nbnimum a nom tc above paid to the State will be forfeited_ <br />Acreage changes resulting from surrender or partial assignment may reduce the advance minimum royalty <br />may- Further, at the end of each two -year period. commencing from the original lease date, <br />Lessor may reasonably change die rate or amount of advance minimum royalty to be paid by Les see. <br />In case of assignment of this lease, all advance minimum royalty paid to the State shall be carried forward <br />and credited to the new assignee.. <br />3. PENA_t'PES — A penalty shall be imposed for, but not limited to, late payments, improper Payments, <br />violations of any covenants of this hand, or any false statements made to Lessor, Penalties shall be <br />determined by lessor and may be in the for of, but not limited to, interest, fees. and fines. <br />Nile 2of <br />