Exhibit 10.4.28
SECOND AMENDMENT TO GEOTHERMAL LEASE
This Second Amendment to Geothermal Lease is entered into this
25th day of June, 1993, by and between Xxxxxxx Xxxxxx, Xxxxxx Xxxxxx and Xxxxx
Xxxxxxxx, Trustees and Beneficiaries of the Xxxxxx Trust ("Lessor"), and Far
West Capital, Inc., a Utah Corporation on behalf of itself and its Assignee,
Steamboat Development Corp. ("Lessee").
RECITALS
A. The parties entered into that certain Geothermal Resource Lease
("Lease") effective June 27, 1988, and have previously amended the Lease by that
certain Amendment to Geothermal Lease dated in January, 1992.
B. This Amendment is caused primarily by the Nevada Department of
Transportation taking by eminent domain of a portion of the leased premises for
highway construction and a power line right of way, thus creating great
uncertainty about the sufficiency of the remainder of the leased premises
available for plant site and resource development.
C. The parties desire, to further amend the Lease to provide for
extension of the time deadlines as set forth below in consideration of Lessee's
drilling a deep core hole on the leased land.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and performances provided in the Lease and this amendment, the parties
agree to amend the Lease as follows:
1. The parties hereby acknowledge that the production well
contemplated by Sections 2.(a) and 2.(b) herein has been constructed and
drilled by Lessee and the Lease was thereby extended through June 27,
1993.
2. Lessee agrees that it will drill a deep core hole on the leased
land which core hole will be completed on or before September 1, 1993.
The core hole will be drilled pursuant to a
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$600,000 Department of Energy ("DOE") Grant and will be drilled to a
depth in excess of 4,000 feet.
3. In consideration of Lessee's agreement to drill and complete
said deep core hole the term of this Lease is hereby extended until
October 1, 1993 and Section 2.(c) of the Lease is hereby amended to read
as follows:
2.(c) If Lessee shall obtain a contract for the sale of electrical
energy generated by the use of geothermal fluids produced from the
Premises by October 1, 1993, then in that event the term of this Lease
shall be automatically extended until October 1, 1995. If a power
plant capable of generating electrical energy by the use of geothermal
fluids is thereafter constructed within the extended Lease term then
the Lease term shall then be as provided in the initial paragraph of
this Section 2.
4. It is the intention of the parties to negotiate a further
extension of the Lease and its terms based on the information developed
concerning the leased geothermal resource from the core hole referred to
in paragraph 2 hereof and outcome of negotiations with the Nevada
Department of Transportation.
5. Notwithstanding any terms of this lease to the contrary Far
West Capital and/or DOE personnel will have access to the leased premises
for a two year period commencing with the completion of the core hole
contemplated herein, to test and collect data from hot air well #4 and
the core hole and to perform such test on the core hole and hot air well
#4 as they may desire.
6. Except as expressly modified by signed written amendment all
other terms of the Lease shall remain unchanged and shall remain in full
force and effect.
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IN WITNESS WHEREOF, the parties hereto have executed this Second
Amendment to Geothermal Lease as of the day and year first above written.
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LESSOR: TRUSTEES AND BENEFICIARIES OF
THE XXXXXX LEASE
/s/ Xxxxxxx Xxxxxx
----------------------------------------
XXXXXXX XXXXXX
/s/ Xxxxxx Xxxxxx
----------------------------------------
XXXXXX XXXXXX
/s/ Xxxxx Xxxxxxxx
----------------------------------------
XXXXX XXXXXXXX
LESSEE: FAR WEST CAPITAL, INC.
By: Xxxx X. Xxxxxxxx
------------------------------------
Its: President
-------------------------------
STEAMBOAT DEVELOPMENT CORP.
By: Xxxx X. Xxxxxxxx
-----------------------------------
Its: President
------------------------------
STATE OF NEVADA )
: ss
COUNTY OF WASHOE )
On this 30th day of June, 1993, personally appeared before me, a Notary
Public in and for said County and State, Xxxxxxx Xxxxxx and Xxxxxx Xxxxxx in
their capacities as Trustees and Beneficiaries of the Xxxxxx Lease, and
acknowledged to me that they have read and understand the contents of the
above document and sign the same of their own free will.
/s/ Xxxx X. De Lipkau
----------------------------------------
NOTARY PUBLIC
[SEAL]
XXXX X. De LIPKAU
Notary Public - State of Nevada
Appointment Recorded in Washoe County
MY APPOINTMENT EXPIRES SEPT. 15, 1994
4
STATE OF UTAH )
:ss
COUNTY OF SALT LAKE )
On this 25th day of June, 1993, personally appeared before me, a Notary Public
in and for said County and State, Xxxx X. Xxxxxxxx, in his capacity as
President or Far West Capital, Inc., and acknowledged to me that he has read
and understands the contents of the above document and signs the same of his
own free will.
[SEAL]
NOTARY PUBLIC /s/ Xxxx Xxxxxxx
XXXX XXXXXXX -----------------------------------
000 Xxxxxxxxx Xxxx XXXXXX XXXXXX
Xxxx Xxxx Xxxx, Xxxx
My Commission Expires
March 19, 0000
XXXXX XX XXXX
XXXXX XX XXXX )
:ss
COUNTY OF SALT LAKE )
On this 25th day of June, 1993, personally appeared before me, a Notary Public
in and for said County and State, Xxxx X. Xxxxxxxx, in his capacity as President
for Steamboat Development Corp., and acknowledged to me that he has read and
understands the contents of the above document and signs the same of his own
free will.
[SEAL]
NOTARY PUBLIC /s/ Xxxx Xxxxxxx
XXXX XXXXXXX ------------------------------------
000 Xxxxxxxxx Xxxx XXXXXX XXXXXX
Xxxx Xxxx Xxxx, Xxxx
My Commission Expires
March 19, 0000
XXXXX XX XXXX
XXXXX XX XXXX )
:ss
COUNTY OF SALT LAKE )
On this 30th day of June, 1993, personally appeared before me, a Notary
Public, Xxxxx Xxxxxxxx personally known (or proved) to me to be the person
whose name is subscribed to the foregoing instrument, who acknowledged that
she is one of the Trustees and Beneficiaries of the Xxxxxx Trust and that she
executed the foregoing instrument on behalf of said trust.
[SEAL]
XXXXX X. XXXXX
Notary Public - State of Nevada /s/ Xxxxx X. Xxxxx
Appointment Recorded in Washoe County -------------------------------
MY APPOINTMENT EXPIRES FEB. 9, 1994 NOTARY PUBLIC
5
1478464
WHEN RECORDED RETURN TO:
Cassac de Lipkau & Xxxxx
X.X. Xxx 0000
Xxxx, XX 00000
MEMORANDUM OF LEASE
-------------------
This Memorandum is to provide notice of the existence of that certain
unrecorded Geothermal Resources Lease ("Lease") made and entered into the
27th day of June 1988, by and between Xxxxxxx Xxxxxx, Xxxxxx Xxxxxx, and Xxxxx
Xxxxxxxx, Trustees and Beneficiaries of the Xxxxxx Trust ("Lessor") and Far
West Capital, Inc., a Utah corporation ("Lessee").
Pursuant to the terms of such Lease, Lessor leases to Lessee the exclusive
right and privilege to drill for, extract, produce, remove, utilize, sell, and
dispose of geothermal steam and associated geothermal resources in or under
that certain parcel of property consisting of approximately sixty (60) acres,
as more particularly described as follows:
All that certain real property consisting of
60 acres located in Washoe County, State of
Nevada, more particularly described as the W
1/2 NE 1/4 SE 1/4 and the SE 1/4 SE 1/4
Section 29, T. 18 N., R. 20 E., M.D.B.&M.
The term of this lease extends for twenty years from the date of its
original execution, and for so long thereafter as geothermal resources are
produced or utilized in commercial quantities on the leased property, or lands
pooled or utilized therewith.
Dated this 15th day of April, 1991.
LESSOR: TRUSTEE AND BENEFICIARIES
OF THE XXXXXX TRUST
/s/ Xxxxxxx Xxxxxx
---------------------------------------
XXXXXXX XXXXXX
/s/ Xxxxxx Xxxxxx
---------------------------------------
XXXXXX XXXXXX
/s/ Xxxxx Xxxxxxxx
---------------------------------------
XXXXX XXXXXXXX
LESSEE: FAR WEST CAPITAL, INC.
By: Xxxxxx X. Xxxxx
-----------------------------------
Its: Vice President
------------------------------
STATE OF NEVADA )
:ss
COUNTY OF NASHOE )
On this 19th day of April, 1991, personally appeared before me, a Notary Public
in and for said County and State, XXXXXXX XXXXXX, XXXXXX XXXXXX, and XXXXX
XXXXXXXX, in their capacities as Trustees and Beneficiaries of the Xxxxxx
Trust, and acknowledged to me that they have read and understand the contents
of the above document and sign the same of their own free will.
[SEAL]
XXXXXX X. XxXXXXX /s/ Xxxxxx X. XxXxxxx
Notary Public - State of Nevada -------------------------------------
Appointment Recorded in Washoe County NOTARY PUBLIC
MY APPOINTMENT EXPIRES APR. 9, 1994
STATE OF UTAH )
:ss
COUNTY OF SALT LAKE )
On this 15th day of April, 1991, personally appeared before me, a Notary
Public in and for said County and State, Xxxxxx X Xxxxx, in his capacity as
Vice President, for Far West Capital, Inc., and acknowledged to me that he has
read and understands the contents of the above document and signs the same
of his own free will.
[SEAL]
NOTARY PUBLIC /s/ Xxxx Xxxxxxx
XXXX XXXXXXX --------------------------------------
000 Xxxxxxxxx Xxxx Xxxxx XXXXXX XXXXXX
Xxxx Xxxx Xxxx, Xxxx
My Commission Expires
March 18, 1994
STATE OF UTAH
MAY 09 1991
BK3255pg0979
HILL XXXXXX ET AL
91 MAY 9 P2:29
FEE $7.00
