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Lessee is released by all appropriate regulatory agencies, Lessee shall have the right to perform <br />reclamation andi environmental work on and respecting the Property, provided however, that <br />reclamation and environmental work shall be performed in a reasonable and timely manner after <br />termination of the Lease. <br />2. Roy lti "s . Lessee shall pay to Lessor, as total payment for all of the benefits <br />secured by Lessee under or in connection with this Lease,'the following royalties when and to the <br />extent stated. <br />(a) Guaranteed aaily Lessee shall pay to Lessor guaranteed royalty <br />payment of $3,000.00 per month for the first 180 months of this lease. Lessee shall pay to Lessor <br />$500.0 per month after 180 months of guaranteed payments if the land is not returned back to <br />Lessor at the end of the guaranteed payment period. Lessee is authorized to use the existing three <br />ground water monitoring wells on Lessor's property without making additional payments. The first <br />quaranteed payment will be due on the date of signing of the agreement. Subsequent payments <br />will be due on the first day of the succeeding months, The guaranteed payments will be for leasing <br />surface and coal tights and 40 shares of C.C. Ditch water. Lessee will also pay the amounts stated <br />in section 3(e) for the use of such water rights. <br />(b) r eltict R oyait At the end of the guaranteed payment period, <br />Lessee shall calculate total production royalty due during the guaranteed payment period at the rate <br />of $1.40 per ton (2,000 pounds) of Coal sold. If this amount exceeds $540,000, Lessee shall pay <br />to Lessor the difference between the total calculated production royalties and the $540,000 <br />quaranteed payment in a lump sum if the difference is less than $3,000; otherwise, payments will <br />M <br />:ak. a`= - ;.;::zbs� ..-� a�'f■ kwliw <br />