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SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL BASE VALUE X CARRYING CAPACITY X ACREAGE X

9 EFTA_00 195024 EFTA01305269 ZORRO RANCH 49 ZORRO RANCH ROAD STANLEY, NM 87056 TELEPHilli FAX: E MAIL July 6,2006 Reference: GR-2122 Mr. Leroy A. Ulibarri Surface Resources Division NM State Land Office PO Box 1148 Santa Fe NM 87504-1148 Dear Mr. Ulibarri, As per our conversation May 16, 2006, I

HALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NXSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN, THE STATE LAND OFFICE ON OR BEFORE OCTOBER :. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL a BASE VALUE X CARRYING CAPACITY X ACREAGE X

c Lands State Land Office P.O Box 1148 Santa Fe NM 87504-1148 Reference: Sublease Renewal — Agricultural Lease No. GR-2088 (2006-2007) Dear Mr. Leroy A. Ulibarri, Reference your letter dated August 15, 2006, concerning sublease renewal for Agricultural Lease No. GR-2088, enclosed you will find 2 copies which

SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL gm BASE VALUE X CARRYING CAPACITY X ACREAGE

er 1, 2011 and will expire on September 30, 2016. If you have any questions lease feel free to contact me at the address above or at Sincerely, Leroy A. Ulibarri Surface Resources Division NM State Land Office end. SLO SCAN glINAZD312 SDNY_GM_00173602 EFTA_00 195257 EFTA01305502 Ray Powell, M.S., D.V

SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS : ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X

er 1, 2005 and will expire on September 30, 2006. If you have an uestions, please feel free to contact me at the address above or at Sincerely, Leroy A. Ulibarri Surface Resources Division NM State Land Office end. -Stole Land Office Beneliefariet • CMS Tinley BosMul • Clarinble Petal & Reform • Common Se