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a <br />containing -4�L acres, more or less, with all of the rights ( "Rights ") to conduct mining activities as <br />described in Sedtion 3 of this Lease, <br />BY THIS iLEASE, LESSOR INTENDS TO LEASE TO LESSEE ALL OF LESSOR'S RIGHT, <br />TITLE AND INTEREST IN THE COAL IN, ON OR UNDER THE PROPERTY, UPON THE TERMS <br />AND CONDITIONS STATED HEREIN, <br />1. M . This Lease shall be in effect for fifteen (15) years commencing on the Lease <br />Date stated above and for so long thereafter as: (1) coal is produced in commercial quantities from <br />the leased lands or any part thereof, or any contiguous or nearby lands as a part of a continuous <br />or integrated mining operation or mining plan, (2) the Property is being reclaimed per the <br />requirements of the mining permit covering the Property issued by the Colorado Division of Minerals <br />and Geology, Office of Mined Land Reclamation or (3) until all reclamation bonds issued on the <br />Property are fully released. <br />Notwithstanding any other provisions made in this Lease to the contrary, Lessee shall have <br />the right at any time, upon the basis of at least thirty (30) days advance written notice to Lessor, to <br />terminate this Lease effective on December 31 of any year, but Lessee shall pay to Lessor all <br />amounts, if any, due under the terms of this Lease to the day previous to the effective date of <br />termination including, but not limited to, the remaining balance of the $540,000 guaranteed payment <br />set forth in paragraph 2(b). <br />After expiration or termination of this Lease, Lessee shall have an additional ninety (90) days <br />during which Lessee shall have the right to re -enter the. Property and remove all of Lessee's <br />Property from the Property, and thereafter, as and when required by law, and until such time as <br />2 <br />