Hibbing Taconite Company Mahoning January 1, 1979 Lease and Operating Agreement
and all subsequent amendments through January 1, 2006
INDENTURE OF LEASE
THIS INDENTURE OF LEASE, made as of this 1st day of January, 1979, by and between WILLIAM W.
WATSON, LOUIS W. HILL, JR., HARRY L. HOLTZ and JOSEPH S. MICALLEF, as Trustees under that certain Trust
Agreement executed December 7, 1906, by and between the Lake Superior Company, Limited, an association organized
under the laws of the State of Michigan, and LOUIS W. HILL, JAMES N. HILL, WALTER J. HILL and EDWARD T.
NICHOLS, which Trust is commonly known as Great Northern Iron Ore Properties, Parties of the First Part (hereinafter
referred to as “Lessors”), and MAHONING ORE AND STEEL PARTNERSHIP, a Minnesota partnership, Party of the
Second Part (hereinafter referred to as “Lessee”).
W I T N E S S E T H :
That in consideration of the sum of One Dollar ($1.00) paid by the Lessee to the Lessors, the receipt of which
is hereby acknowledged, in consideration of the covenants, agreements and conditions hereinafter contained, to be
observed, kept and performed by the Lessee, and in further consideration of the execution simultaneously herewith
and the full and complete performance by the Lessee of a certain Operating Agreement (hereinafter referred to as the
“Agreement”) dated January 1, 1979, (which Agreement hereby is referred to and hereby is made a part hereof, as fully
as if all the terms and conditions thereof were set forth in this Indenture of Lease), covering, among other things, the
operation of the mining properties hereinafter particularly described, the Lessors have demised, leased and granted,
and by these presents do demise, lease and grant to the said Lessee, its successors and assigns, upon the terms and
to the conditions herein and in the Agreement set forth, the tracts or parcels of land in Minnesota, more particularly
described below, said Agreeme