02-18-15 Coastal Easement Lease No. CL20140007/Texas General land Office

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2015 Ai: VOL PG 102628 OR 1565 47 RESULTING FROM SUCH DAMAGE OR DESTRUCTION AND TAKE SUCH ACTION AS IS NECESSARY TO PLACE THE PREMISES IN A NEAT, SAFE CONDITION. WITHIN 90 DAYS OF THE EVENT CAUSING THE DAMAGE OR DESTRUCTION, THE GRANTEE MUST EITHER REPAIR OR REPLACE THE IMPROVEMENTS, IF PERMITTED BY LAW, OR RETURN THE PREMISES TO THEIR NATURAL CONDITION. THE GRANTOR MAY MAKE REPAIRS OR REPLACEMENTS PURSUANT TO THIS SECTION,WHEREUPON THE GRANTEE SHALL BE LIABLE TO PAY THE GRANTOR,UPON DEMAND,THE COST AND • ••S EXPENSE INCURRED IN ACCOMPLISHING SUCH ACTION. ANY FAILURE BY THE GRANTEE TO MAKE SUCH PAYMENT TO •' THE GRANTOR MAY BE TREATED BY THE GRANTOR AS AN EVENT OF DEFAULT. • ARTICLE III:TERM ...: The effective date and termination date of this Agreement are specified under the"Effective and Termination Dates" section of Attachment A,unless renewed or earlier terminated as provided herein. Unless otherwise specified herein, renewal of this Agreement is at the sole discretion of the Grantor. ••••• ARTICLE IV: CONSIDERATION THE GRANTEE SHALL PAY,'IN CONSIDERATION OF THE MUTUAL COVENANTS AND AGREEMENTS SET FORTH IN THIS AGREEMENT, THE PAYMENT(S) AND/OR FEE(S) LISTED UNDER THE "PAYMENT(S) AND/OR FEE(S)" SECTION OF ATTACHMENT A ON OR BEFORE THE DUE DATE. ARTICLE V:EVENTS OF DEFAULT 5.01 EVENTS OF DEFAULT: WITH RESPECT TO THE GRANTEE, IT SHALL BE AN EVENT OF DEFAULT HEREUNDER ("EVENT OF DEFAULT")IF: (a) the Grantee fails or refuses to timely pay Consideration or any other payments required by this Agreement after it becomes due; (b) the Grantee fails or refuses to comply,timely perform,or observe any of the covenants,duties,obligations,and/or conditions under this Agreement; (c) the Grantee abandons or vacates the Improvements,the Premises,or any significant portion thereof, (d) there is an entry of a court order requiring the dissolution,winding up, or termination of the Grantee's business affairs;or (e) the Grantee fails to materially comply with rules and regulations in the Texas Administrative Code, the Texas Natural Resources Code, or any other rules or regulations promulgated by any state or federal governmental entity with proper jurisdiction over any of the uses permitted under this Agreement, unless such a failure to comply is redressed through an enforcement action by an applicable state agency with proper jurisdiction. 5.02 NOTICE AND CURE: There shall be no consequences for an Event of Default under this Agreement, unless the defaulting party receives written notice of the Event of Default and such Event of Default continues for a period of 30 days after the defaulting party receives the notice. A notice of Event of Default shall specify the event or events constituting the default. This 30 day period shall be extended if the act,event,or condition is one that by its nature or circumstances reasonably requires more than 30 days to cure; provided,however,the defaulting party shall promptly and in good faith initiate and diligently pursue measures that are expected to cure or eliminate the Event of Default in a reasonable period of time. If either party fails to cure an Event of Default,the non-defaulting party shall be entitled to terminate this Agreement by written notice. This notice and cure provision does not apply to an Event of Default under provision 5.01(a)or any emergency situations that affect public health or safety. 5.03 CUMULATIVE RIGHTS AND REMEDIES; NO WAIVER: IF AN EVENT OF DEFAULT OCCURS AND THE GRANTEE FAILS TO CURE WITHIN THE PERIOD PROVIDED ABOVE,THE GRANTOR MAY,AT ITS OPTION,DO ANY ONE OR MORE OF THE FOLLOWING: (a) terminate this Agreement by sending written notice of such termination, in which event the Grantee shall immediately surrender possession of the Premises to the Grantor(such termination shall not prejudice the rights of the Grantor for any claim of payments due); CL20140007 4 CustomerlD:C000000895 srodrigu CLNewP 090114