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1989-05-26_REVISION - C1981035
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1989-05-26_REVISION - C1981035
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Last modified
1/9/2021 9:02:23 AM
Creation date
4/16/2012 11:21:25 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1981035
IBM Index Class Name
REVISION
Doc Date
5/26/1989
Doc Name
Letter of Intent
Type & Sequence
PR2
Media Type
D
Archive
No
Tags
DRMS Re-OCR
Description:
Signifies Re-OCR Process Performed
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LETTER OF INTENT <br /> This Letter of Intent is executed this ;6 day of 1989, <br /> by ZANE J. LUBIN and FRED FOX, JR. , Co-Trustees of th Gilbert C. <br /> VanCamp, Jr. Administrative Trust, c/o Zane J. Lubin & Associates, 12700 <br /> Ventura Boulevard, Suite 140, Studio City, California 91604. <br /> This letter is issued for the benefit of National King Coal Company <br /> pursuant to proposals made in negotiations by and between the Trustees of <br /> the Administrative Trust and Brad Gosche, as representative from National <br /> King Coal Company. Pursuant to the terms hereinafter set forth, the <br /> Co-Trustees of the Administrative Trust hereby express their intent, subject <br /> to execution of a mutually satisfactory final agreement, to lease to National <br /> King Coal Company the right to mine and extract coal from reserves located <br /> on property owned by the Administrative Trust which is more specifically <br /> described on Exhibit "A" hereto attached, the contents of which are <br /> specifically incorporated by reference herein. Any binding obligation on the <br /> part of the Co-Trustees is expressly subject to the execution of a mutually <br /> satisfactory finalized agreement which, at a minimum, must include the <br /> following provisions: <br /> 1. Utilization of the surface of the property owned by the <br /> Administrative Trust by National King Coal shall be limited to the <br /> maximum extent practical, to minimize disruption of natural foliage and <br /> ground cover. The Co-Trustees acknowledge and understand, <br /> however, that National King Coal may be required to perform some work <br /> on the surface of the property described on Exhibit "A" hereto attached <br /> due to cave-ins or other catastrophies which require remediation <br /> pursuant to applicable state and federal regulations. <br /> 2. Relocation of ditch and water courses along the surface of the <br /> property shall be prohibited. In the event underground water is <br /> encountered through mining operations, National King Coal may divert <br /> such underground water to the extent necessary to allow continuous <br /> mining operations. <br /> 3. The Coal Lease shall extend for a period not to exceed five (5) <br /> years. Operations subsequent to the initial five (5) year period shall <br /> be contingent upon the ability to negotiate a mutually satisfactory <br /> extension agreement. <br /> 4. The finalized agreement between the parties shall provide that in <br /> the event of any default, written notification shall be given and the <br /> lease shall be terminable if such default is not cured within a period of <br /> thirty (30) days after written notification or, alternatively, in the event <br /> such cure cannot occur within said thirty (30) day period, the lease <br /> shall be terminable by the non-defaulting party, if the party in fault <br /> does not, within said thirty (30) day period initiate procedures <br /> reasonable calculated to cure the default and thereafter pursue such <br /> procedures diligently. <br /> 5. The finalized agreement shall require full and complete restoration <br /> of the surface of the property as well as the sub-structure by Lessee <br /> prior to termination and vacation of the premises. <br />
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