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BOOK 911vAr.1 �..��9 <br />STATE OF COL9fl�(14, COtil`,"Y Ql: ktCl;TRQSE <br />RE:0rTE0 A7 , C^.��;: <__R.M_12_2Z -95 <br />RcC V 61378 Rl i H E H ,17H, F CaiiL�Efl <br />MEM ORANDUM O. <br />Made as of the LV day of _ A oy . , 1995 ( "Agreement Date`), GARVEY & Co., a Colorado <br />General Partnership ( "Lessor "), with address at P.O. BOX 413, 25501 AA ROAD, NUCLA, CO <br />81424, for good and valuable consideration, the sufficiency and receipt of which is hereby <br />acknowledged by Lessor, hereby trades with Western Fuels- Colorado, LLC (Lessee) the surface <br />lands described in section 2, and hereby leases to the Lessee the coal mineral deposits (Leased <br />Coal or Coal) located in, on and under the following property (Parcel A): <br />LOT 4 OF SECTION 6, T46N, R15W, N.M.P.M., AND THAT TRACT OF LAND DESCRIBED AS <br />BEGINNING AT THE NW CORNER OF LOT 5, SECTION 6, TOWNSHIP 46 NORTH, RANGE 15 <br />WEST OF THE N.M.P.M., THENCE SOUTH 127 FEET, THENCE IN A NORTHEASTERLY <br />DIRECTION 417 FEET TO A POINT 400 FEET EAST OF SAID NORTHWEST CORNER OF LOT <br />5, THENCE WEST 400 FEET TO THE POINT OF BEGINNING. COUNTY OF MONTROSE, STATE <br />OF COLORADO. <br />containing 52 acres, more or less, with all of the rights (Rights) to conduct mining activities as <br />described in Section 4 of the Lease. <br />BY The Lease, LESSOR INTENDS TO LEASE TO LESSEE ALL OF LESSOR'S RIGHT, <br />TITLE AND INTEREST IN THE LEASED COAL IN, ON OR UNDER PARCEL A, AND TO TRADE <br />CERTAIN REAL PROPERTY, UPON THE TERMS AND CONDITIONS STATED HEREIN. <br />1. Term of I ea se. The Lease shall be in effect for twenty (20) years commencing on <br />the Lease Date stated above and for so long thereafter as: (1) coal is produced in commercial <br />quantities from the Leased Coal, or (2) Parcel A is being reclaimed per the requirements of the <br />mining permit covering the Property issued by the Colorado Division of Minerals and Geology, Office <br />of Mined Land Reclamation. <br />Notwithstanding any other provisions made in the Lease and Contract to the contrary, Lessee <br />shall have the right at any time, upon the basis of at least thirty (30) days advance written notice to <br />Lessor, to terminate the Lease of Leased Coal effective on December 31 of any year, but Lessee <br />must pay to Lessor all amounts, if any, due under the terms of the Lease to the day previous to the <br />effective date of termination. <br />2• AgLP-P-meLl to Trade Real P 4 re- As additional consideration for entering into the <br />- Lease and Contract, Lessor hereby agrees to trade Lessor's surface and improvements on the above <br />