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~cr Icase agreement <br />~t~~t5ed osiozior <br />~~Wa60a -ova <br />RECEIVED <br />MAY 0 y 2002 <br />Oiuision of}}Minerals and Geology <br />~~X6'1/~tf~ <br />NET LEASE AGREEMENT PURSUANT "PO A QUALII+iED <br />EXCHANGE ACCOMMODATION AGREEMENT <br />T[{lS f.liASI? AGRi?EMEiV'I', is made this Zlst day of September, 2001, by and <br />between Highland Properties 3801 LLC, a Colorado Limited Liabihty Company, <br />hereinafter collectively refereed to as landlord, and Western Equipment 8 Truck, <br />Inc., as tenant. <br />"l~he parties arc entering into this Lcasc Agreement pursuant to the terms of a Qualified <br />Exchange Accommodation Agreement dated September 19, 2001 <br />'1'enanl intends to complete atax-deferred exchange pursuant to LR.C. Section 1031 and <br />the 12cverse Exchange safe-harbor procedures of Rev. Proc. Until that exchange <br />is completed the parties agree that `Cenmrt shall be in possession of the property described <br />below as a Tenant under the terms of this Lease Agreement. <br />IN CONSiDL'RA'PION of the covenants herein, it is agreed: <br />1. lease of Premises. "I'he landlord hereby leases to the tenant, and the tenant hereby <br />leases from the landlord, the land and all improvements located at Undivided 42% <br />interest in 23344 Weld County Road 21.75, Milliken, Colorado and all <br />appurtenances thereto, and all Fixtures attached thereto, in present condition, (!hc "Leased <br />Premises")_ <br />2. Gnulifimt of Property. Tenant has examined, and accepts the Leased Premises in <br />present "as is" condition. <br />3. "Perm. The term of this Lease shall be for until such time as Tenant completes the tax- <br />deferred exchange by taking title to the Leased Premises <br />4. Kemal. Tenant shall pay to the landlord, at such place as the Landlord may designate <br />in wr9ling the following rent. <br />• - the time Tenant takes possession of !hc Leased Premises. <br />• every 180 day period extension of this Lease Agreement. <br />Further, Tenant shall pay all costs, payments and sums due on the non-recourse <br />financing used 6y Landlord to acquire the above described real property. <br />5. Use. The tenant may use and occupy the Leased Premises for its own purposes, <br />including mining and/or gravel extraction and tenant shall no[ use or occupy nor permit <br />the leased property or any part thereof to be used or occupied for aoy unlawful business, <br />