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r <br /> of cancellation, subject to the following conditions : <br /> 1. Pitkin shall proceed to develop the access <br /> road into a► haulage road; shall complete the work of developing <br /> an operating bench below the Quarry on which equipment can <br /> operate, stockpiles can be created, and loadout can occur <br /> and shall operate the Quarry in accordance with permit <br /> conditions on a Mining Plan to be previously approved by <br /> MCR, and in compliance with applicable laws and regulations, <br /> and with terms of the lease from CF&I Steel. <br /> 2. MCR reserves the right to cancel this agree- <br /> ment if during any calendar year Pitkin fails to quarry stone, <br /> provided that at least sixty (60) days advance notice of <br /> such cancellation shall be given within which the deficiency <br /> can be corrected. <br /> 3. MCR further reserves the right to cancel this <br /> lease for violation of any other term or condition hereof, <br /> or failure to perform the conditions hereof, on giving not <br /> less than sixty (60) days written notice, within which the <br /> deficiency can be corrected. <br /> 4. Pitkin agrees to perform the assessment work <br /> on the claims pursuant to requirements of the CF&I Steel <br /> lease and further agrees to pay the $5,000 annual rental, <br /> with such escalators as may be provided by the CF&I Steel <br /> lease, to Mid-Continent, and Mid-Continent will in turn pay <br /> the same to CF&I Steel. Pitkin also agrees to pay the <br /> 2 <br />