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<br />___,._.~""", ........... 111~.;;t <br /> <br />. <br /> <br />. <br /> <br />.5 'I) . "'-11 <br /> <br />PURCHASE AND SALE AGREEMENT <br /> <br />THIS AGREEMENT, made, executed and entered into this ?O day <br />of, Y..~ , 1998, by and between C. R. E:VAllS, hereinafter <br />referred to as "Seller" , and ARKANSAS GROUNDWATER USERS <br />ASSOCIATION, hereinafter referred to as "Buyer", <br /> <br />WIT N E S S' E T H : <br /> <br />WHEREAS, Seller is the owner of 2,883 shares of stock in The <br />Excelsior Irrigating company, also referred to and sometimes known <br />as the Excelsior Ditch; ana <br /> <br />WHEREAS, Buyer is desirous of purchasing 1,007 shares of stock <br />in The Excelsior Irrigating Company from Seller and Seller is <br />desirous of,se11ing 1,007 shares of his stock to Buyer; and <br /> <br />WHEREAS, the parties desire to set forth the terms and <br />conditions of that purchase and sale of stock. <br /> <br />NOW, THEREFORE, for and in consideration of the conditions, <br />covenants, stipulations and agreements herein contained, and for <br />such other good and valuable consideration, the receipt and <br />sufficiency of wnich is hereby acknowledged, Seller and Buyer <br />hereby covenant, stipulate and agree as follows: <br /> <br />1. SALE AND PURCHASE OF SUBJECT PROPERTY. Seller agrees to <br />sell to Buyer and Buyer agrees to purcnase from Seller at tne price <br />and upon the terms and conditions hereinafter set fortn, all of tne <br />snares of stock and water rights more particularly set fortn and <br />described as follows: <br /> <br />One Tnousand Seven (1,007) shares of Tne <br />Excelsior Irrigating Company, represented by <br />Certificate No. 5 currently owned by the <br />Seller together with the rights and <br />obligations inherent with the ownership of <br />said snares of stock. Said shares of stock <br />shall hereinafter be referred to as "the <br />Property" . <br /> <br />2. CONSIDERATION. Buyer agrees to pay as the purchase price <br />for the above-described property the following consideration: <br /> <br />(a) <br /> <br />$590,590.00, which sum is to be paid at tne time of <br />closing, and <br /> <br />As additional consideration for the purchase of <br />said property, the Buyer agrees to pay $33,000.00, <br />which sum represents approximately one-third of the <br />principal balance of a promissory note dated March <br />24, 1997, in the principal sum of $100,000.00 from <br /> <br />(b) <br />