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Home My WebLink About34917 / 88-153 July 7, 1988 #153 RESOLUTION (CARRIED LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE MINERAL LEASE AGREEMENT [NITIATED BY: CITY ADMINISTRATION BE IT RESOLVED by the Common Council of the City of Oshkosh that the attached Mineral Lease Agreement between the City of Oshkosh and AMSELCO Minerals Inc. of Salt Lake City Utah, for mineral rights in the County of Gogebic, Michigan is hereby approved and the proper City officials are hereby authorized and directed to enter into same. SUBNITTED BY APPROVED G�� _ qp _ �� - � RESOLUTION H153 MINERAL LEASE AGREEMENT TNIS ltINERAL LEASB AGREEMENT ('Agreemen[") Se made effecClve tMa lst dey of July . 19 88 . by end betveen City of Oshkosh ------------- ------ _'_'___"__"'__ _"'_____'__'_"_"___"'___'_'_"____"_" . vhoae sddrese Sa P. 0. Box 1130, Oshkosh, Yisconsin 54902 ------------------------------------- -------------�-�------ (hereinefter referred to sa "Lesaor'), end . ANSELCO MINERALS INC.� a Delaware corporation, vhose addresa Se 10 Eas[ South Temple, Salt Lake Ci[y, Utah 84147 (heceinafter refecred to ae 'Amselco"). RECITALS , NHEREAS , Lessor owns severed mSneral rights in the County of Gogebic � , State af Michigan ; and NHEREAS , Lessor may awn -certatn surface and rater rights which are appurtenant to Lessor's severed mineral rights ; and MHEREAS, . Amselco is interested in leasSng said severed mineral rSghts and any and all appurtenant surface and water rights from Lessor . NOW THERFORE , in consideration of the first year 's rental payment Of One Hundred Dollars (� 100.00 )pold t0 Le550� by AmSel - co in accordance with Section 5, the receipt of which is hereby ac- knowledged , and the payments , obligations , representations and agree- ments hereinafter set forth , the parties agree as foltows : � SECTION 1 CEfSNITIONS For purposes of this Agreement, the fcllowing definitions aDD�Y� a . Mineral Rights . Those certain severed mineral rights on and under the real �property described in Exhibit A attached Aereto and by this reference made a part hereof. b. Surface Riahts . All real property encompassed by any and all surface rights appurtenant to the Mineral Rights and whlch , by virtue thereof, are owned or controlled by Lessor. Thie Snstrument vas prepeced by Amselco MLnerals Inc., 10 Fast South Temple, Sal[ Lake Ci[y, U[ah 84147. - 4oa - ' ' �� RESOLUTION H153 I c , Water Rights . Any and all water rights appurtenant to or riparian to the Surface Rights and which , by virtue thereof, are owned or contralled by Lessor . d . Mineral Substances . The words "Mineral Substances" as used Sn this Agreement shall include , wtthout betng limTted to , all gold , silver , platinum group metals , tron , copper, molybdenum, zinc , lead , cinnabar , bauzite , kaolin , diamonds and other precious and semi -pre- tious stones , oil , gas , asphalt , bitumen , liquefiable hydrocarbons , � geothermal resources and all other minerals of any nature whatsoever ,- w�ether similar or dissimilar in character ta the foregoing minerals . e . Surface Mining MethoCS . The term "Surface Mining Methods " shall mean any methods of mining Mineral Substances Tn which the space vertically above the place of minfng is not covered by geologic for- mations , and which includes , but .is not limited to , open pit , strip , anG solution mining methods . f, Underground Mininu Methods . The term "Underground Mining Methods " shall mean any methods of mining Mineral Substances which are not within the definition of Surface Mining Methods , incluGing, but no limited to , all underground and other subterranean methods . SECTION 2 GRANT a . Mining , Surface and Water Riahts . Lessor hereby grants , � demises , leases and lets ezctusively unto Amselco and its successors and assigns , the following : ( i ) any and all Mineral Rights ; ( ii ) to the extent it has the right and power to do so , the right and privilege to explore for, develop , mine by any Surface Mining or Underground Mining Methods ( including any methods hereafter developed) , eztract , mitl , store , process , remove and market all Mineral Substances , exciuding only sand and gravel . Notwithstanding the fore- going , Amselco shall be entitled to utilize any sand and gravel rights II - 40b - � � �RESOLUTION #153 ot Lessor as may be necessary , useful or convenient for the conduct of any operations which result in the extractlon of Mineral Substances ; ( ifi ) to the eztent it has the right a�d power ta do so, the right and privilege to place on the Surface Rights and to con- struct , maintafn , use and , at its electton , to remove therefrom such structures , facilities , equipment , roadways , haulageways and such other improvements as Amselco may deem necessary , useful or convenient in tonducting its oDerations thereon and to use and consume so much of � the Surface Rights as may be necessary, useful or convenient for the full enjoyment of all of the rights herein granted ; and . ( iv) to the extent that it has the right and power to do so , the right to exercise and -use any and all Water Rights necessary , useful or convenient for [he full enjoyment of all the rights herein granted. . b . Cross Hininq , To the extent it has the right and power to do so , Lessor hereby grants to Amselco the right to use shafts , open- fngs , or pits � on and under the Surface Rights and any structures , facilities , equipment , roadways , haulageways and all other appurten- ances installed on the Surface Rights for the additional purpose of producing, removing, treating , qr transporting metals , ores , minerals or materials from adjoining or nearby property owned or controlled by Amselco and the right to mine and remove Minerat Substances from the Surface Rights through or by means of shafts , openings or pits Nhich- may be made in or upon adjoining or nearby property. Amselco ' s oper- ations hereunder, and its mining of adjoining or nearby lands , may be conducted upon the Surface Rights and/or upon such other lands as a . single mining operation to the extent as if the Surface Rights and all such other properties constitute a single tract of land. c . Lomminglina, After Mineral Substances have been sampled and weighed or measured by volumetric survey, truck factors or any other manner as will permit the computatton of royalty to be paid hereunder, Amselco may miz the same with ores , materials or products from other oDerations of Amselco . • d . Stockoilt �a . Amselco shall have the right , at any time during the term hereof , to stockpi )e Mineral Substances at such place - 40c - ' � - - RESOLUTION #153 or places as Amselco may elect , etther upon the Surface Rights or upon any other lands owned or controlled by Amselco. The stockpiling of Mineral Substances shall not be deemed a removal or shipment thereof requiring payment of royalty thereon . e . DeDasit of Naste . Naste, overburden , surface stripping and � other materials from mining operations on the Surface Rights or on other lands owned or controlled Dy Rmselco may be deposited on the � Surface Rights so long as such deposition will not interfere Nith mining of Mineral Substances . � SECTION 3 LESSOR 'S REPRESENTATIONS Lessor represents that it owns the Mineral Rights ; that Lessor' s title to the Mineral Rights is marketable , free and clear of all claims, liens or encumbrances , ezcept as may be noted in Exhibit A , and is free and clear from any reservation of any minerals or mining rights or interests in any person or governmental entity ; and that Lessor has the full right , power and capacity to enter into this Agreement upon the terms and conditions herein contained . SECTION 4 TERM . Unless sooner terminated as hereinafter prov.ided , the term of this Agreement shall be for a primary period of five (5) years from the effective date hereof and for a total term of twenty (20) years and for so long thereafter as production tontinues in "paying qaan- tity" , which is defined as sufficient to Day at least the minimum royalty , a�d Amselco continues to make rental or production royalty payments to Lessor , whichever payment is appropriate under the terms of this Agreement . SECTION 5 PAYMENTS TO LESSOR a . Rental . Amselco shall pay to Lessor rental payments accord- ing to the following schedule during the term of the Agreement . The - 40d - � � � RESOLUTION #153 rental payment for the first year Shall De made on or before the ef- tecttve date of this Agreement , and rental payments for subsequent years shall be made on or before each subsequent anniversary of th� effective date . Year s Rental Per Year F1 �St S 1 .00 pe� LC�¢* •See addi[ional rental Second 2.00 per acre* cezms sec forth in Third 3.00 per acre• Exhibic A aeeachea Fourth 4.00 per acre* hereco. Fifth through Ninth 5 .00 per acre+ Tenth through Twentieth 30.00 per acre* Rental payments for the first five (5) years from the effec- � � tive date hereof s�all not be recoverable by Amselco vpon termination of the Agreement and shalt not .be credited against production royalty payments . Rental payments for subsequent years shall be credited against productioq royalty Dayments to the eztent specifically set forth in paragraph c . of this Section 5 . b . Minimum Royalty . Subsequent to the twentieth year , an annual minimum royalty , payable in advance , of 550.00 per acre shall be paid . All minimum royalties shall be credited against production royalty payments to the eztent specifically set forth in paragraph c . of this Section 5 . . c . Production Royalty . Amselco shall pay to Lessor, or its successors and assigns , a production royalty of four percent ( 4%) of the Gross Retur�s received by Amselco from the sale of Mineral Sub- stances mined by Surface Mining Methods , and chxee percenc (3%) of che Gross Returns received by Amselco from the sale of Mineral Substances mined by Underground Mining Methods . The term "Gross Returns" shall mean the total dollar value of returns received from the purchaser for Mineral Substances . Whenever Mineral Substances are delivered far direct sale or future processing thereof to a processing or sales facility owned or controlled by Amselco or which processes or sells such Mineral Substances for Amselco on a talt basis , they shall be deemed sold when so delivered and the Gross Returns from such deemed - 40e - . . . RESOLUTION #153 sale shall be an amount not less than the amount which would have �been realized by Rmselco if the sale had been to the nearest independent purchaser of 5uch products . d . _Set -Off Rental and Minimum Rovalty Pa ments . Productton royalty payments for Mineral Substances paid to Lessor in any lease year commencing . on ar after the fifth annlversary of the effectfve date of this Agreement shall be reduced by the amount of the rental or minimum royalties paid to Lessor by Amselco for such lease year, . e . Administrat{ on of Production Ro altv - Amselco shall make production royalty payments withfn thirty (30) days after the end of the calendar quarter in which the Gross Returns from the sale of Mineral Substances are realized or deemed to be realTzed . At such time , Amselco shall provide Lessor vith a statement showing in reason- � able detail the computation of the production royalty payments . Each quarterly statement furnished to��Lessor shall be deemed to be correct and binding upon Lessor unless Lessor, aithin ninety (90) dayz of its receipt , notifi.es Amselco in writing that it disputes the correctness of such statement and specifies its objections in detail . Amselco shall maintain true and correct records of all Mineral Substances mined and 5old , and Amselco shall permit Lessor to inspect , at Lessor ' s ezpense , the books a�nd records of Amselco rhich are pertS - nent to the determination of the production royalties payable under this Section 5, at any reasonable time during normal business hours , , provided such inspection is conducted by Lessor or by an accounting firm of recognized standing , at least one of whose members is a member of the American Institute of Certified Public Accountants , and pro- vided such inspection does not unreasonably interfere with Amselco ' s operations or procedures . In all cases Hhere Mineral Substances are stockpiled or commingled with ores or concentrates from other develop- ment operations of Amselco , Amselco shall measure ore , weigh other product and take and analyze samples thereof i� accordance with sound mining and metallurgical practice , and keep accurate records thereof as a basis for computing royalty payments , which records shall be available for inspectfon by Lessor. Lessor, at its sole risk and - 40f - , � - � RESOLUTION q153 expense , shall have access to the records for inspection purposes at such times , in such manner and upon such notice to Amsetco as shall not unreasonably hinder or interrupt the operations of Amselco. f. No Express or Implied Covenants . Nothing in this Agreement , including the production royalty , shall impose any obltgations or covenants upon Amselco, express or implied , to conduct any expiora- tion , development or mining operations , it being the intent of the parties that Amselco shali have the sole discretion to determine the time , method , manner and rate of conduction any operations thereon . SECTION 6 METHOD OF MAKING PAYMENTS � Any payments required Co be made by Amselco to Lessor here- under may be made in cash or by check , in the sote discretion of Amselco , and may be personally delivered or deposited in the United States mail , postage �prepaid and registered or certified with return receipt requested , and addressed to Lessor at the address shown in Section 10. The personal deli;very to Lessor or the deposit in the mail to Lessor by Amselco of any such payment on or before its due date shall be deemed timely payement thereof. Upon making payment to Lessor , Amselco shall be relieved of any responsibitity for the dis- tribution of such payment among Lessor and any of Lessor' s successars ar assigns . Any late payment shall draw interest at the rate of one and one-half percent ( 1 .5X) a month . SECTION 7 TITLE MATTERS a . Title Documents ; Data . Following execution of thts Agree-� ment by both parttes , and upon request by Amselco, Lessor shall de- liver promptly to Amselco all abstracts af title to the Mineral Rights , and copies of all titte documents affecting the MTneral Rights which Lessor has in its possessTon . - b . Title Defects , Defense and Protection . If , ( i ) 1n the opinion of counsel for Amselco , Lessor ' s title to the Mineral Rights - 409 - . � - � RESOLUTION #153 or any part thereof is defecttve or less than as represented in Sec- tion 3 , or ( S1 ) Lessar ' s title is contested or questioned by any person , entity or governmental agency , and lessor is unable or un- willing to corract promptly the defects or alleged defects in titte , Amselco may, without obligation , attempt to perfect , defend or initt - ate litlgation ta protect Lessor 's title . In that event , Lessor shall ezecute all documents and shall take such other actions as are rea- sonably necessary to assist Amselco in it efforts to perfect , defend or protect Lessor's titte . If title is less than as represented in . Section 3, then (and only Ihen) the costs and ezpenses of perfecting, defending or protecting title ( including, but not limited to, attar- �neys ' fees , costs of litigation and costs of releasing or satisfying any mortgages , liens , encumbrances or other claims) shall be a credit against payments thereafter to be made to Lessor unless the costs arise from Amselco ' s failure to perform obligations hereunder ( in which case such costs shall be borne by Amselco) . c . Lesser Interest Provisions . Since the payments set forth in Section 5 are predicated upon Lessor's awning the entire Snterest in the Mineral Rights , tf Lessor'�s title to the Mineral Rights (or any portion thereof) is less than the entire interest , Amselco shall have the right , wfthout waiving any other rights it may � have hereunder, to reduce all payments to be made to Lessor hereunder to the same propor- tion thereof as the rights and title actually owned by Lessor bear to the entire undivided rights and title to the Mineral Rights . Section 5 payments shall be divided among the owners of Mineral Rights , as their respective interests appear from the record. d . Purchase of Outstanding Interest . Amselco may purchase , lease or atherw7se acquire the rights of any party clatming any in- terest in the Mineral Rights and exercise such rights as may be ob- tained thereby, but Amselco shall not suffer any forfeiture nor incur any ltability of Lessor by reason thereof. e . General . Nothing herein contained and no notice or actlon which may be taken under this Section 7 shall affect the right of Am- selco to terminate this Agreement in the manner set forth in Section 9. - 40h - . _ � RESOLUTION #153 SECTION 8 OBLIGATIONS OF AMSELCO a , Protection from Liens . Amselco shall atlow no lien to remain on the Mineral Rights on account of any debt for materials or services furnished to Amselco for the benefit of the Mineral RightS : provided , however, that Amselco shall not be requTred to remove any such lien so long as Amselco is contesting , in good faith , the valid- ity or the amount thereof , b . Liability . Amselco shall ever hold harmless and defend , Lessor from any suit , claim, judgment or demand whatsoever arising out of the exercise by Amselco of any of its rights pursuant to this Agreement , provided that Lessor or any person or instrumentality acting in its behalf shall not have been a contributing cause to the event giving rise to such suit , claim, judgment or demand . Amselco shall carry lia6ility insurance to cover injuries , deaths and damages caused by or to Amselco ' s agents or employees while an the Premises and to cover its operations on the Premises . Liability limits shall be 81 ,000,000 per occurrence for property damage and E1 ,000,000 per occurrence for bodily injury and death . Lessor , by reference if not explicitly by name , shall be included as an "also insured" in said liability insurance policy , c . Tazes and Assessments . Amselco shall pay before delinquency and bear the expense of any and all tazes assessed and levied on the � nineral Rights during the term of this Agreement . Amselca shall have [he righ[ to contest , in the courts or otherwise , the validity or amount of any tazes or assessments before it shall be requtred to Day the same . In no event shall Amselco be liable for any tazes levied or measured by income of Lessor, or for taxes applicable to or levied against or based upan payments made to Lessor under Section 5 of this Agreement . Amselco agrees , during the continuation of this Agreement , not to atlow any Mineral Rights to be sold for unpaid taxes . d , Compliance with Laws and Re ulations . During the term of . this Rgreement , Amselco shall perform all of its operations in a goad and workmanlike manner in compliance with all applicable federal , - 40i - • . RESOLUTION #153 state and tocal laHS and regulations pertaining to environmental pro- tection and reclamation and shall obtain all necessary permTts prior to commencing the operations requiring such permSts , provided that Amselco shall have the right to contest , in the courts or otherwise , the validity of any such laws or regulations and the necessity of obtaining any such permits . In addition, Amselco shall comply with all governmental bonding requSrements . SECTION 9 TERMINRTION; REMOVAL OF PROPERTY a . Termination by Lessor. in the event Lessor considers that Amselco has not complied with any obligation hereunder, other than the making of a payment pursuant to Section 5 , Lessor shatl give notice to Amselco , in accordance with Section 10, setting out specifically in what respects it is claimed that Amselco has breached this Agreement . If the alleged breach is not cured within sixty (60) days after notice is given , or i�f Amselco has not within that time commenced to cure the alleged breach and does not thereafter diligently complete such cure , Lessor may , within thirty (30) days thereafter, terminate this A9ree- ment by delivering to Amselco written notice of such termination in accordance with Section 10. Neither the service of any notice nor the doing af any acts by Amselco aimed to meet all or any of the alleged breaches shall be deemed an admission or presumption that Amselco has faited to perform all of its obligations hereunder. If Amselca fails to make a payment pursuant to Section 5, Lessor shall give notice to Amselco , i� accordance with Section 10, of such failure to pay . If Amselco does not thereafter make the payment within thfrty (30) days of the effective date of such notice , Lessor may within thirty (30 ) days thereafter terminate this Agreement by delivering to Amselco written notice of such termination in accordance with Section 10. b . Termination by Amselco. Amsetco shall have the right to terminate this Agreement at any time with respect to all or any por- tion of the Mineral Rights by giving notice to Lessor in accordance - 4aJ - . RESOLUTION N153 with Section 10. Upon such termination, all right , title and i�terest of Amselco under this Agreement shall terminate with respect to Such Mineral Rights , and Amselco shall not be required to make any further payment wlth resDect to such MSneral Rights , the due date of which would otherwlse occur on any date after the effective date of such terminatton . A'mselco shall be relSeved of nny and all further obltga- tions set forth in this Agreement with respect to such terminated Mineral Rights, except those obligatSons , if any, which have accrued � prtor to such termination . Any tazes , assessments and governmental charges shall be prorated as of the termination date . c . Release UDOn Termination. Promptly following termination or expiratton of th15 Agreement with respect to the Mineral RigAts , Amselca shall prepare a fully executed release of this Agreement , in recordable form, with respect to such Mineral Rights and shall deliver that release to Lessor. d . Removal of Property. Upon any termination or expiratSOn of this Agreement , Amselco shall have a period of one (1) year from and after the effective date of terminatSan in which to remove all of its machinery, buildings , structures , facilities , equtpment and other property of every nature and; description except supports placed in shafts , drifts or openings . Any property of Amselco not so removed at the end of said one (1 ) year period shall become the property of Les- sor; however, Amselco does not warrant the condition thereof . . SECTION 10 NOTICES Any notice or communication required or permitted hereunder shall be in writing and shall be effective when personally delivered or when addressed : If to Lessor: City of Oshkosh P.O. Box 1130 Oshkosh, Wisconsin 54902 - 40k - � ' RESOLUTION #153 If to Amselto : � AMSELCO MINEMLS INC. 10 Eeet South TeoWle Sal[ Leke C![y, Uteh 84147 and deposited , postage prepaid , and registered or certified with return receipt requested, 1n the United States mail . Either Lessar or Rmselco may, by notice to the other given as aforesaid, change its mailin9 address for future notTces hereunder. � SECTION 11 CONFIDENTIALITY Lessor shall not without the express written consent of Amselco disclose any information, 1 �cluding the terms of this Agree- ment, it may obtain with respect to the resutts of the operattons hereunder nor tssue any �press_ releases concerning the operatians ; provided , however , that if Lessor contemplates selling or assigning its interest, it shall have the right to disclose such information to a potential purchaser if it first obtains an agreement in writing from such third party and furnishes a copy of such agreement to Amselco that the third party shall hold confidential the informatian furnished to it . The preceding sentence notwithstanding, Lessor shall have the right to disclose information with respect to this Agreement , in strict confidence , to Lessor' s attorneys or financial consultants . SECTION 12 TRANSFERS OF INTEREST Any assignment of interest under this Agreement shall be made expressly sub,�ect to this Agreement and shall require the as- sSgnee to assume and agree in writing to perform all of the obliga- tions of the assignor under this Agreement as relate to the interest assigned . In case of assignment by mortgage, however, such assumption of obligatlons shall not be required , but shoultr such mortgage be foreclosed , the purchaser on foreclosure shall take subject to this Agreement . No assignment shall be effective as between the parttes until delivery to the non-assig�ing party of satisfactory evidence �of - 401 - � - RESOLUTION #153 such assignment . The provisions of this Agreement shall inure to the benefit of and be binding upon the partles and their respective heirs , ezecutors , �administrators , personal representatives , beneficiaries , successors and assigns . SECTION 13 ' FORCE MAJEURE Amselco shall � not be liable for failure to perform any of its obligations , other than making payments due under Section 5 , � during any period in which performance Ts prevented , in whole or in part , by causes herein termed "force mafeure" . for purposes of this Agreement , the term "force majeure" shatl include , but not be limited to, labor disputes , acts - of�- �God, action of the elements , inclement weather, floods, slides , cave-Sns , laws , rules , regulations and re- quests of qovernmental bodies or agencies thereof, unavoidable delay in obtatning necessary materials , facilities and equipment in the open market , or any cause , except for inability to meet financial commit- ments , ahether similar or dissimitar to those specifically enumerated , beyond the reasonable control of Amselco . If Amselco desires to invoke the provisions of this Section 13, Amselco shall give notice of the commencement of and the circumstances giving rise to such force majeure and shall take all reasanable acttons to cure the sa�me , but Amselco shall not be o6ligated to settle labor disputes or to question the validity of any act of a governmental body or agency. The time for discharging Amselco' s obligations with respect to the prevented performance shall be extended for the period of force majeure . SECTION 14 MEMORANDUM Amselco and Lessor shatl execute a memorandum of this Agree- ment in a recordable form sufficient under the law of the State of Michigan to give notice to third parties of the rights granted here- under . Amselco shall have the right to record such memorandum at any time . If such memorandum of this Agreement shall have been recorded by Amselco , then promptly following termination or expiration of this - 40m - . . RESOLUTION #153 Agreement with respect to the Mineral Rights , Amselco Shall prepare a tully executed release of this Agreement , in recordable form, and shall have that release recorded in the land records of cogebi< � County and shall , within thirty (30) days of such recordatlon , send to Lessor a copy of that recorded release . . SECTION 15 LONSTRUCTION OF AGREEMENT Th1s Agreement shall constitute the sole understanding of . the parties with respect to the subject matter hereof, and no �odifi - catton or alteration of the terms hereof shall be binding unless such modSfication or alteratton shall be in wrSting executed subsequent to this Agreement. ThSs Agreement shall be governed and construed in accordance with the law of the State of Michtgan . The tltle headSngs of the various sectSons of this Agreeme�t are inserted for convenience only and Shall not be deemed to� be part of this Agreement . . � SELTION 16 RELEASE OF HOMESTEAD AND DOMER For the consSderation stated hereinabove, each of the under- signed persons ( 'Lessor" herein) does hereby foin in this instrument for all purposes and does hereby release and relinquish unto Amselco , its successors and assigns , any and all of his and/or her rights o,f homestead and her rights of dower in and to the Mineral Rights to the extent necessary to implement the purpose of this Agreement . / / / / / / / - 40n - ' � RESOLUTION #153 SECTION 17 EXECUTION IN COUNTERPARTS This Agreement may be eaecuted in any number of ldentftal , counterparts , each of whtch when so executed and delivered shall De deemed to be ah original and all of which when taken together shall constitute but one and same tnstrument . IN MITNESS WHEREOF , Lessor and Amselco have executed this MINERAL LEASE AGREEMENT effective as of the date above set forth . Executed in the presence of the two undersigned Witnesses: LESSOR S/S No. S/S No. Executed in the presence of the two undersigned Hitnesses : AMSElCO AMSELCO MINERAiS INC. By : C. F. Soklik President Attest : Richard E. Piexce Assistartt Secretary � - 400 - , STATE OF ) RESOLUTION #153 )ss . COUNIY Of ) On thSs day o1 , l9_ before ae , personally appeared , to me know� to be the person Oescri ed n anE M o executed t e foregoSng lnstrument , enA acknowledged tAat he (or she) executed tfie same as his (or Aer) iree act and Oeed . Subscribed• and sworn to before ne thfs day of , of 19 , ott��ublic County, y ommission ezpires STATE Of ) )ss. COUNTY OP ) On this day oi � , l9 , before me , Dersonally appeared to me known to be the person described in and w o executed the foregoing instrument , and acknowledged thnt he (or she) executed the same as his (or her) free act and deed . Subscribed and sworn to before me this day of , of. 19 ot1�ary�ublic Lounty , � y ommission expires STATE OF UTAN ) ) SS. COUNTY OF ) On this the day of , 19 , before me, appeared G. F. Toklik and RSchard E. PLerce, to me personally known vho, being Dy me duly eworn (or effirmed), did say [hat they are the Presldent end Asaistant Secretary of Amselco Minerals Inc. , end that the seal affixed to the foregoing instrument ia the corporate eeal of eaid corporation end [ha[ said ins[rument vas signed and eealed in behalf of eaid corporation by authority of 1[s Board of Directors and tha[ said G. P. Joklik ack- nowledges the execution of [he said instrument as [he free act and deed of said Corporation. Subscribed and awom to before me thls day of , 19 � Notary Public County. My commission explres - 44P - . RESOLUTION N153 FJ(HIBIT A Attached to end made e pert of that certain Mlneral Lease Agreement deted the let day of July� 1988, betveen City of Oshkosh, as Leseor, end Amselco Minerals Inc. , es Amselco. , DESCRIPTION OF REAL PROPERTY T.47N. , R.43N. � Section 24 N1/2NE1/4 80 ecrea more or less An undivided 1J2 of an undivided 2,651/27 �166[h Lnterest !n and to minerels end mineral rights in the above parcel. All Sn the County of Gogebic and S[ate of Michigan. RENTAL REVISION * It is egreed by [he par[Ses hereto, that notvithstanding the rentals provided for Ln Sectlon 5 of [his Lease, City of Oshkosh� the oaner of an undivided 1/2 of an undivided 2,651/27,166th in the 80 acres of property descrlbed above, vtll receive es a minimum yearly ien[al for the first through the tventieth years of thia Lease the swn of $100.00 per year. _ QpQ ' I � � � �� Y C . � E N a L U Q N N � N J ^ H V �O 2 N i O W N N p } C CO 6 Q � � E � N ik > 1� Z W O O � L T � � v� ¢ F- 2' N ¢ � O Q K Q 'J EU . . . ��.:\�' •