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entry ") during the period from the Effective Date (as defined below) through the date five <br />(5) years thereafter ('`Option Period"). Lessee shall give Lessor not less than thirty (30) <br />days prior written notice of the date selected for the actual re -entry into the Property <br />pursuant to this Right of Re- entry. In the event Lessee elects to exercise its Right of Re- <br />entry, the rent to be paid under the Lease shall be that rent which would apply if the PPI <br />adjustments had been annually calculated and the rent adjusted from February 1, 2012, to <br />the date that the Lease is reactivated as a result of the exercise of the Right of Re- entry; <br />however, the term of the Lease shall be for. another fourteen years (six years having <br />elapsed as of the date of this Agreement). Further, all terms and conditions contained in <br />the Lease are to apply to the Right of Re- entry; however, as an exception thereto, while <br />the early termination provision in the Lease shall apply (Lessee may exercise an early <br />termination right by paying the applicable fee), any termination during the last ten years <br />of the Lease tern shall require a lease termination fee payment equal to three (3), not two <br />(2), years of the AMR, calculated in accordance with the Lease. <br />B. If Lessee elects to re -enter the Lease, Lessee will accept the Property <br />in its "as is" condition, with all benefits and faults." <br />C. Lessee's Right to Re -entry shall be conditioned on (1) Lessee not <br />being in default under this Agreement at the time of the exercise of the Right of Re -entry, <br />or as of the date on which Lessee's occupancy of the Property is scheduled to occur, and <br />(ii) Lessor not having sold or leased the Property following compliance with Paragraph 6 <br />below. <br />6. Right of First Refusal. Lessor, during the Option Period, hereby grants to <br />Lessee a right of first refusal (the `Right of First Refusal ") to either purchase the Property <br />or lease the Property for a sand lease operation, on the following basis: <br />A. Lessee shall have five (5) days after being notified by Lessor, in <br />writing, of Lessor's desire to accept the terms from a bona fide third party to either (i) <br />purchase the Property, or (ii) lease the Property for a sand mining operation (which notice <br />is hereinafter referred to as "Lessor's Notice ") within which to notify Lessor, in writing, <br />if Lessee desires to exercise its Right of First Refusal. <br />B. If Lessee timely notifies Lessor of its decision to exercise its Right of <br />First Refusal, then Lessee shall be required to either (i) purchase the Property on the same <br />9 L£/9 <br />4 <br />svom ssele AS el!/\ <br />dLO:Z6 6691 <br />