Laserfiche WebLink
18/09 '09 YEN 11:51 PAX 418 692 2420 <br />CARRIES POLYCOR INC 0009 <br />the parties shall meet and negotiate in good faith on the terms and conditions of the lease <br />agreement to be in plaoa for the Renewal Tenn. Upon the termination of the Initial Team or <br />the Renewal Tenn, Lessee peaceably shall surrender the Property and shall not hold over <br />beyond the Term provided. <br />2.3 Lessee's Right to Tie. Notwithstanding <br />contrary, and niaz�e g an Yprovisaon contained herein to the <br />ab Lessee shall , ly, but to limitation, the provisions of parag 2.2 <br />no ]stet' than December 31 2008, said terminate this Agreement by written notice to Lasser <br />termination to become effective June 30, 2009. In the <br />event Lessee does not provide such written notice to <br />a second have � Agreement effective June 30, 2009, this Lessor aflesseB'B desire to ter minate <br />thereafter until Lessee shasecond � shall remain iu full force and. effect <br />notice to Lessor no later than Da optima � terminate this Agreement by written <br />30, Zfl24. In the event Lessee dog no�pr�'� l wrl� notice to become effective June <br />Lessor as set <br />the Agreement shall continue and remain in full force and effect u r a t i n afth <br />initial Term subject to Lessee's right to renew said Agent herein `Oa °f the <br />provided. <br />2.4 Minimum Royalty. On the commencement of the Initial Term, a shall <br />Y Lassa pay <br />Minimum Royalty Ten Thousand Dollars o liar <br />s (310,000) for the period April 6, Less a <br />June 30, 2004, On Julyl, 2004 and at the b end Z6, calendar qua' Oe 200 b though <br />ranuary 1, and April 1, through June 30, 200 s shall pay quarterly <br />1, <br />nrcfiidahle Mmimtun Lessor the quarterly <br />n n re un d in Royalty of Ten Thousand Dollars (510,000) subject to adjustment <br />Paragraph 2.5. Commencing July 1, 2007, and continuing on the each calendar quartet., October ber 1, January 1, and April 1, through §i day of <br />and any Renewal Term of the Lease, the 8 Initi al Term <br />2 of the Lease shall be Twenty Thousand Dom ($20,000) 8 P q� oe , s su bb j ct th in <br />adjustment as provided in paragraph 2.6. <br />rtquarter, ject to <br />2 •5 Production Royalty. Lessee shall <br />of Blocks Ssved pay to Lessor a Production Royalty of $ 1.10 per cubic foot <br />than Y (v) du ing the previous calendar quarter which payment shall be made no Later <br />y days following the close of the previous calendar quarter. T ,f„ <br />` , 3�?► �ultt be cre�itctii a q �T1fe :.�. ). <br />( o iiieat the. pr tio Royalty .thoProducti ` <br />. _..... quarter of. the Initial Term e e thabgeirmeal <br />cash payn1ent for Production Royalty will be made by Lessee t Rfl �` for hat. qu no <br />Production Royalties in I excess of the to Lessor. � addition, in, <br />Minimum Royalty will accumulate during each five <br />year p of the Initial Tenn command January 1, 2005, and will be credited against <br />dun► Royalty due for each charter during such five year period. <br />2 Royalty Adjustments. It is twclerstood and <br />agreed that ail ya[ti <br />hereunder, both lVliztimum Royalty oY es due and payable <br />here yal ty � Precinct-ion Royally, and all accumulations and <br />credits of each <br />against the other as herehrbefore provided, are subject to a Producer Price <br />Index adjustment every five years during the Initial Tenn. The first such ad3' <br />us <br />made effective on January 1, 2005. From and after each Adjustment Mint shall be <br />Malty and Production Royalty for the ensuing five year p w eriod shall the <br />to th t o th um <br />Minimum Royalty and the Production Royalty, e <br />period rnultipli ®d by a fraction the ����' far �° ��°� five year <br />Non d m lti e d by als, Commodity numerator or which h shall be the Producer Price Index for <br />Code 13, as published by the United States Department <br />