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LEASE AGREEMENT <br />rgl <br />THIS LEASE AGREEMENT is entered into this 3 day of kharA.1.5eA by and between <br />the Town of Marble, P.O. Box 802, Carbondale, Colorado 81623 (hereinafter "Town ") and <br />Colorado Stone Quarries Inc., a Delaware Corporation(hereiriafter "Colorado Stone "). <br />WITNESSETH: <br />WHEREAS, the Town owns certain property it wishes to rent to Colorado Stone to use as a <br />marble block loading and supplies an equipment storage site; <br />WHEREAS, the parties desire to execute this Lease Agreement to determine the terms and <br />conditions set forth herein. <br />NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained <br />herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the parties agree as follows: <br />1. Previous Lease Agreement Terminated. The lease agreement executed by Sierra Minerals <br />and the Town of Marble on March 1, 2002 shall terminate on November 30 2005. <br />2. Property. The Town herein leases to Colorado Stone, and Colorado Stone leases from the <br />Town, that portion of the Town Park area as indicated in Attachment Number 1 (hereinafter <br />"Premises "), and further described as: the Oil House, and the southwest corner of the Historic <br />Mill Site parking area, south of the Oil House, and the southwest corner of the Historic Mill <br />Site parking area, south of the Oil House, west of 3` Street, east of the mill site ruins, and <br />north of the Crystal River. Access and use of the Oil House is to be included in the Premises. <br />3. Terms. This Agreement' shall be effective as of the 1st day of December of 2005 and end on <br />the last day of November of 2008. This lease shall be automatically renewed for successive <br />one year terms unless the Town or Colorado Stone provides written notice of termination. At <br />such time as any term ends the terms and conditions of this lease are subject to renegotiation, <br />and either the town or Colorado Stone may terminate the Agreement if acceptable terms and <br />conditions cannot be agreed upon. <br />4. Payment. Colorado Stone shall pay to the Town the total sum of $1 500$ per month for the <br />leased Premises for the first 12 months,. At each anniversary date during the term of this <br />Agreement, the rent shall be increased of 5 % of the then existing rent. Rent shall be paid by <br />the seventh day of the month in which it is due, by mail or hand delivery to the Town's post <br />office box, as listed above. If the rent is paid after the 7 day of the month, Colorado Stone <br />shall also pay a late charge of $35.00 per day. In the event, Colorado Stone is in default <br />failing to pay the rent for more than sixty days, then the Town may provide a notice that <br />within three business .(3) days the lease will be terminated. If Colorado Stone pays the entire <br />amount due within three business days after receipt of this notice, then this Agreement shall <br />remain in force for the term specified herein. Any previous default that has been completely <br />cured by Colorado Stone may not be used by the Town as a sole reason to terminate this <br />Agreement at a later date. <br />5. Use of Premises. Colorado Stone shall use the Oil House on the Premises for the purpose of <br />storing fuel, oil, parts and supplies for the temporary maintenance of its trucks and other <br />heavy equipment. All storage of materials shall conform to the state and federal regulations. <br />The Oil house may also be used as necessary for office and communications. The remainder <br />