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iii iiiiiiiiniu iii <br />' ~~® - 09/02/1998 :44R 8 LSERGR <br />~~e~ 1 of 6 R 0.00 D 0.00 N 0.00 E16rir•L Cor+tly CO <br />~~ `,1tiQO~ LEASE AGREEMENT <br />Vogt (Gravel Pit) <br />S~Q ~sp~Gs° <br />`~otM`°°tDTHIS LEASE AGREEMENT is made and entered into this 15th day of July, 1998 by and <br />0~+`' behveen M&M Land Cu., Ltd., a Texas limited partnership, hereinafter referred to as 'ticssor". <br />and the Board of County Commissioners of Elbert County, hereinafter referred to ac "Lessee". <br />RECITALS: <br />WHEREAS, Lessor is the owner of approxima[cly'100 acres of real property ("Premises") <br />located in Elbert County at 25295 Elhcrt County Road 25-41, and more specifically described <br />in Exhibit A, which cxhibitis attached hereto and incorporated herein; <br />WHEREAS, Lesscc currently mines gravel under Pertttit No. M-85-129 and by written <br />lease dated January 23, 1991 and assignment dated July 15, 1993, from Lessor on a portion <br />of the Property; <br />WHEREAS. Lessor and Lessee duire to enter into this Lease for the purpose of <br />continuing to mine gravel on the Property according to the terms herein stated, which Leazc and <br />terms shall replace the above lease dated January 23, 1991. <br />In consideration of the mutual covenants herein recited, it is agreed as follows: <br />PREMISES LEASED -PURPOSES. <br />1.1 Lessor hereby leases and grants to Lesscc the exclusive right to extract, process, <br />stockpile and remove gravel and rock cobble from the Premises above described. Lessor further <br />grants to Lessee an easement for ingress and egress necessary to operate a gravel pit on the <br />Premises. Lessor agrees to continue providing the necessary conduits and other facilities <br />necessary for Lessee to supply electricity to the Premises. Lcssce shall promptly pay all charges <br />for utilities furnished to the Premises. <br />1.2 Lessee agrees to maintain in good standing at all times the required permit from <br />the Colorado Mined Land Reclamation Board which permit is now in place. <br />2. TERM OF LEASE. <br />2.1 The effective date of this least shall he July 1, 1998 and shall extend according <br />to the terms herein for a primary period of ten (1Q) years thereafter, with option to renew az <br />described below. <br />2.2 If the leased lands are subsequently sold by the Lessor to another parry, then the <br />new owners will abide by all the terms and a~nditions of this Lease and execute a new Lease <br />with the Lcssce with the same terms and conditions as herein described. <br />2.3 Conditional upon the faithful performance by Lessee of its crnenants herein <br />recited, Lessee is hereby granlcd an option to renew this Lease Agreement for five (5) <br /> <br />