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(i) On the tenth anniversary of the Effective Date, unless Licensor and <br />both Licensees agree, prior to this expiration date, to extend the term of the <br />Agreement; or <br />(ii) Upon acceptance by Licensor of the new Proctor Avenue, as <br />provided in Section 2(B) of this Agreement; or <br />(iii) Upon default by either Licensee as provided in Section 3 of this <br />Agreement. <br />2. Permitted Uses. <br />A. Mining. Licensees shall determine which Licensee will mine which portion <br />of the Property. Each Licensee shall amend its Mining Conditional Use Permit and License <br />to incorporate in its approved and licensed mining area that potion of the Property which <br />it will mine. The amended conditional use permits and licenses shall comply in all respects <br />with City of Elk River requirements. <br />B. Replacement Reclamation of Proctor Avenue. Upon expiration of the term <br />of this Agreement, Licensees shall replace reclaim Proctor Avenue, in the location and to <br />the standards subject to post mining development plans offered by third party developers. <br />Elevation and grade for the future alignment will be determined by mining and <br />development plans. <br />(i) If Licensor determines that Proctor Avenue shall be relocated, <br />Licensees will work with Licensor to relocate the existing Proctor Avenue right-of- <br />way to the new location and will replace Proctor Avenue in the new right-of-way. <br />The parties will cooperate to vacate those portions of the existing right-of-way and <br />to dedicate new right-of-way as necessary to relocate Proctor Avenue. <br />(ii) The new Proctor Avenue shall be installed by Licensees to the City <br />of Elk River standard then in place for a nine ton city street. <br />(iii)(i) Failure of Licensees to replace reclaim Proctor Avenue in the <br />location and to the standard required by Licensorunder this Agreement shall be a <br />default under this Agreement and shall authorize Licensor to replace Proctor <br />Avenue on its own initiative and to assess the costs to do so to the adjacent <br />properties as provided herein. <br />C. Security for Replacement Reclamation of Proctor Avenue. To secure <br />Licensees’ obligation to replace Proctor Avenue upon the expiration or termination of the <br />License granted by this Agreement, each Licensee shall deposit with the City a cash escrow <br />or letter of credit in the amount of $______________, to be maintained in that amount and <br />held by the City until Proctor Avenue has been replaced and accepted by Licensor. <br /> 2 <br /> <br />