Laserfiche WebLink
<br />, . <br /> <br />m n -dtse0vered-re~ariiin~-{I:H~Wat8r-Asset~,I:>urGll(lser-may--pnwide--wnt1en-notice to Seller of those <br />defects prior to the expiration of the Diligence Period. If such notice is given, then Seller shall <br />have thirty (30) days in which to cure said title defects. If Seller is able to cure the title defects <br />and provides evidence and written notice of such cure within the thirty-day cure period, then <br />Purcha.ser shall have ten (lD) days from the written notice of cure to accept such cure and go <br />, . . <br />forward with this Agreement or to terminate the Agreement. If Seller fails or is unable to cure <br />. said title defects, then Purchaser shall have ten (10) days from written notice that Seller is unable <br />to cure the title defects or ten (10) days from the expiration of Seller's cure period, whichever is <br />earlier, to elect to terminate this Agreement or to waive said title defects and go forward with this <br />,_ Agreement by giving writteii notice to Seller. Absent any notice of termination or notice of title <br />defectwithin the Diligence Period, or absent any notice or election of termination within ten (10) <br />days of the expiration of the cure period, Purchaser shall be deemed to have accepted the status <br />of Seller's title to the Water Assets. <br /> <br />1 .3"" AiriendllleIlfof Change Application. Upon the Effective Date of this <br />Agreement, Purchaser and Seller will begin to seek a stipulation from each of the objectors in the <br />Change Application stipulating to the dismissal of the Change Application. These stipulations <br />will not be executed until after Purchaser has given Seller notice that the loan application to be <br />submitted to the Colorado Water Conservation Board has been approved. Said dismissal shall be <br />without prejudice and without conditions except those conditions specifically approved by <br />Purchaser in its sole discretion. If stipulations with all objectors in the Change Application as set <br />forth above are not reached by, the date 20 days after the date upon which Purchaser has given <br />Seller notice that the loan application to be submitted to the Colorado Water Conservation Board <br />has been approved, Seller shall file a motion to dismiss Case No. 82CW130, without prejudice <br />and without conditions except for conditions specifically agreed upon by Purchaser. Seller <br />covenants that it will diligently pursue the dismissal of the Change Application under the terms <br />described herein. Purchaser may, at its sole discretion, move to intervene as an objector in Case <br />No. 82CW130, in which case Seller shall not oppose Purchaser's intervention. <br /> <br />1.4 Dry-Up Covenant and Designation of Permanent Dry-Up Land. <br /> <br />a. Seller acknowledges that the Water Rights will not be used on the <br />Dry-Up Land except for the purposes of revegetation as required <br />by the Revegetation Covenant, and that the Dry-Up Land described <br />in Exhibit B is subject to dry-up. Purchaser and Seller <br />acknowledge that the Dry-Up Land described in Exhibit B was <br />chosen by Purchaser and Seller based on their current best efforts <br />to identify acreage for dry-up that is both practical for Seller to <br />permanently dry-up, taking into consideration Seller's future <br />agricultural operations, and that is acceptable to Purchaser for <br />permanent dry-up, taking into account Purchaser's need to <br />maximize the consumptive use credits for the Water Rights. <br />Purchaser and Seller further acknowledge that, pursuant to Section <br />1.9.a.viii., a condition precedent to Seller's obligation to purchase <br /> <br />Page 5 of 29 <br />