Laserfiche WebLink
<br />'-~ <br /> <br />c. With respect to use of The Water Rights in the year of <br />Closing (1996), and with respect to crops grown on The <br />Land in 1996, Buyer and Seller agree as follows: <br /> <br />i. <br /> <br />Seller shall not use <br />prior to March 15, <br />Buyer. <br /> <br />The Water Rights in 1996 <br />1996 without consent of <br /> <br />ii. <br /> <br />If, prior to March 15, 1996, Buyer notifies <br />Seller of Buyer's good faith belief that Buyer <br />will be able to close before April 15, 1996, <br />Seller shall not use the water rights before <br />April 15, 1996. Notwithstanding that Buyer <br />has given such notice, Buyer ,will not be <br />responsible to reimburse Seller for any <br />farming expenses incurred prior to April 15, <br />1996 and Seller shall incur any such expenses <br />at its own' risk. <br /> <br />iii. <br /> <br />If, prior to March 15, 1996, Buyer gives <br />Seller such good faith notice, and if closing <br />occurs before April 15, 1996, Buyer shall have <br />all rights to crops grown in 1996 and shall be <br />entitled to the full consumptive use credit <br />attributable to The Water Rights. <br /> <br />iv. <br /> <br />If closing occurs after April 15, 1996, Seller <br />shall have all rights to crops grown in 1996 <br />and Seller shall have the right to use The <br />Water Rights for the 1996 irrigation season. <br />Seller's rights under this subparagraph are <br />subject to Buyer's right to lease a portion of <br />The Water Rights which is addressed below. <br /> <br />v. <br /> <br />If closing does not occur prior to April 15, <br />1996, Buyer shall have the right to lease from <br />Seller for the remainder of 1996 the portion <br />of The Water Rights identified in Exhibit C to <br />this agreement (the "Exhibit C Water Rights") . <br />Under this lease, Buyer shall have the right <br />to use all bf the Exhibit C Water Rights for a <br />lease price of $8.00 an acre foot. <br />