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<br />. <br /> <br />. <br /> <br />(3) <br /> <br />If LAWMA has not used the monies to purchase additional water <br />rights for use in the Association's augmentation program (with the <br />approval of the Board) within three years from the last sale of the <br />Land or four years from the first sale, whichever occurs, then all <br />monies in the escrow account shall be applied to LAWMA's existing <br />Construction Fund loan. <br /> <br />(4) The Land is to be sold at no less than fair market value. <br /> <br />(5) All conveyances of the Lands shall include covenants regarding use of <br />X-V Ranch water and wells acquired by LAWMA and compliance with <br />any revegetation requirements. <br /> <br />The staff recommendation will be presented at the May 14, 1996, Board meeting. <br /> <br />Attachment <br /> <br />12.blmay 1996) <br /> <br />e <br /> <br />e <br /> <br />, <br /> <br />e <br /> <br />e <br /> <br />e <br />