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PART I.
<br />UNITED STATES
<br />DEPARTMENT OF THE INTERIOR
<br />BUREAU OF LAND MANAGEMENT
<br />MODIFIED COAL LEASE
<br />THIS MODIFIED COAL LEASE is entered into on May 01, 2012 by and between the UNITED STATES OF AMERICA,
<br />hereinafter called the Lessor, through the Bureau of Land Management, and
<br />hereinafter called Lessee.
<br />Oxbow Mining, LLC
<br />PO Box 535
<br />Somerset, CO 81439
<br />This modified lease shall retain the effective date March 01, 2001, of the original COAL LEASE COC -61357 and is effective for a
<br />period of 20 years therefrom, and for so long thereafter as coal is produced in commercial quantities from the leased lands, subject to
<br />readjustment of lease terms at the end of the 20th lease year (March 01, 2021), and each 10 -year period thereafter.
<br />Sec. 1. This lease is issued pursuant and subject to the terms and provisions of the Mineral Lands Leasing Act of 1920, as amended,
<br />41 Stat. 437, 30 U.S.C. 181 -287, hereinafter referred to as the Act; and to the regulations and formal orders of the Secretary of the Interior
<br />which are now or hereafter in force, when not inconsistent with the express and specific provisions herein.
<br />Sec. 2. 1. Lessee as the holder of Coal Lease COC- 61357, issued effective March 01, 2001, was granted the exclusive right and
<br />privilege to drill for, muse, extract, remove or otherwise process and dispose of the coal deposits in the D seam only, upon, or under
<br />the lands described below as Tract 1.
<br />2. The Lessor in consideration of fair market value, rents and royalties to be paid, and the conditions and covenants to be observed as
<br />herein set forth, hereby grants and leases to lessee the exclusive right and privilege to drill for, mine, extract, remove, or otherwise
<br />process and dispose of the underground coal deposits in the D seam only on the following lands described as Tract 2.
<br />3. The Lessor in consideration of fair market value, rents and royalties to be paid, and the conditions and covenants to be observed as
<br />herein set forth, hereby grants and leases to lessee the exclusive right and privilege to drill for, mine, extract, remove, or otherwise
<br />process and dispose of the underground coal deposits in the D seam only on the following lands described as Tract 3.
<br />4. The Lessor in consideration of fair market value, rents and royalties to be paid, and the conditions and covenants to be observed as
<br />herein set forth, hereby grants and leases to lessee the exclusive right and privilege to drill for, mine, extract, remove, or otherwise
<br />process and dispose of the underground coal deposits in the D seam only on the following lands described as Tract 4.
<br />5. The Lessor in consideration of fair market value, rents and royalties to be paid, and the conditions and covenants to be observed as
<br />herein set forth, hereby grants and leases to lessee the exclusive right and privilege to drill for, mine, extract, remove, or otherwise
<br />process and dispose of the underground coal deposits in the D seam only on the following lands described as Tract 5.
<br />See Legal Description Attachment A
<br />Serial No.: COC -6 357
<br />Date of Lease: March 01, 2001
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