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<br />E. The purchase of the Water Rights also includes a right to an Easement for <br />use of the Keesee Ditch and for construction of an augmentation station as more particularly set <br />forth in Section 1.11 (hereinafter referred to as the "Easement"); a covenant to dry-up one-half <br />(~) (i.e. 700 acres) of the Land (the "Dry-Up Land"), as described in Exhibit B, attached hereto <br />and incorporated herein by reference (hereinafter referred to as the "Dry-Up Covenant"); ~ <br />covenant to re-vegetate the Dry-Up Land, as more specifically described in Exhibit B, attached <br />hereto and incorporated herein by reference (hereinafter referred to as the "Revegetation <br />Covenant"); and a right of entry to and upon the Dry-Up Land, as more specifically described in <br />Exhibit B, attached hereto and incorporated herein by reference (hereinafter referred to as the <br />.. ."Rlght of Entry"). <br /> <br />F. The Water Rights, the Dry-Up Covenant, the Revegetation Covenant and <br />the Right of Entry are jointly referred to in this Agreement as the "Water Assets." <br /> <br />G: Accordingly, Seller and Purchasetwish to enter into this Agreement to <br />provide for the sale of the Water Assets from Seller to Purchaser. <br /> <br />SECTION 1 - PURCHASE AGREEMENT <br /> <br />In consideration of the mutual agreements contained herein and other good and <br />valuable consideration the receipt and sufficiency of which are hereby acknowledged, and upon <br />the terms and subject to the conditions expressed herein, Seller and Purchaser agree as follows: <br /> <br />1 .1 Purchase Price and Real Property being Purchased. <br /> <br />a. The Purchase Price for the Water Assets shall be $2,250,000.00 <br />(hereinafter referred to as the "Purchase Price"), which shall be <br />payableasfollows: <br /> <br />1. $150,000.00 (the "Earnest Money") non-refundable <br />payment shall be paid to Seller within ten business days of <br />the Effective Date of this Agreement. If closing does occur <br />the Earnest Money shall be credited towards the Purchase <br />Price. <br /> <br />11. The balance of the Purchase Price less any amount paid for <br />the release of any liens or encumbrances at closing <br />(hereinafter referred to as the "Final Payment") shall be <br />delivered to Seller in cash or certified funds at closing. <br /> <br />b. The Real Property being Purchased for such Purchase Price shall <br />incl ude: <br /> <br />1. The Water Rights; and <br /> <br />Page 3 of 29 <br />