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. ' ". .~.:----,. .. .. CI i?3"7tJh WATER RIGHTS AND REAL PROPERTY OPTION CONTRACT AND PURCHASE AGREEMENT THIS OPTION CONTRACT, dated this d. ? th day of f) fr ~ 1'/ I q q5 , 1995, is by and between S BAR-C FARMS, a g n raI' partnership ("Seller"), whose address is P. O. Box 307, Granada, Colorado 81041, and the LOWER ARKANSAS WATER MANAGEMENT ASSOCIATION ("LAWMA" or "Buyer"), whose address is c/o William Grasmick, P. O. Box 1161, Lamar, Colorado 81052. RECITALS A. Seller is the owner of certain real property ("The Land") and all improvements located thereon and other rights appurtenant thereto, such Land, improvements and appurtenances being more particularly described on Exhibit A attached hereto. B. Seller is also the owner of water rights decreed to the X.Y. Irrigating Ditch Company and underground water rights awarded by the Ruling of the Water Referee in Case No. W-2104, Water Division No.2. Seller also owns or controls all rights associated with the XY & Graham storage account in John Martin Reservoir, which account was created by the Operati~g plan for John Martin Reservoir approved by the Arkansas River Compact Commission by Resolution dated April 24, 1980. Seller's interest in the X.Y. Irrigating Ditch Company water rights, the underground water rights awarded to Well Nos. 1 through 13 and Well Nos. 17 and 18 in Case No. W-2104, and the XY & Graham storage account in John Martin Reservoir, together with all other unmentioned water rights, are referred to as "The Water Rights" in this option and purchase agreement and are more particularly described in Exhibit B attached hereto. C. Seller desires to grant Buyer an option to purchase The Land and The Water Rights, and Buyer desires to purchase the option to buy The Land and The Water Rights on the terms and conditions contained herein. I. OPTION. In consideration of the mutual agreements contained herein and