PROJC00053

• Contract/PO #: C153706
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Prowers
• Bill Number: SB 96-124
• Loan Projects - Doc Type: Contract Documents

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take any action which materially affects the
use or value of The Water Rights.

v.

On the Closing date Seller shall have executed
and delivered a special warranty deed to The
Land and a special warranty deed to The Water
Rights and such other instruments of transfer
sufficient to transfer to Buyer good and
marketable title to The Land and The Water
Rights, free and clear of all liens,
encumbrances, assessments and charges, and
shall have executed and delivered all other
documents requested by Buyer.

vi.

As of the Closing date, title to The Land and
The Water Rights shall be good and marketable
in Seller. If title is not good and
marketable or The Land or The Water Rights are
subject to any easement, agreement or
encroachment not acceptable to Buyer or any
encumbrance, lien, assessment, charge or
interest, and notice of any defect is given by
Buyer to Seller within 30 days after Buyer's
receipt of the title commitment regarding The
Land or the legal opinion regarding The Water
Rights, Seller shall use its best efforts to
correct the defects prior to the Closing Date.
If Seller is unable to correct the defects to
Buyer's satisfaction on or before the Closing
Date, at Buyer's option and upon notice to
Seller, the Closing Date shall be extended up
to 30 days for the purpose of correcting said
defects to Buyer's satisfaction.

b. In the event that any of the foregoing conditions shall
not be met to Buyer's sole satisfaction, Buyer shall
notify Seller of the reason for Buyer's dissatisfaction.
Upon such notice, this agreement and all obligations of
Buyer hereunder shall terminate. In the event of a
default by Seller, Buyer shall be entitled to such
remedies as are ,set forth in section 12 below.

12. The Closina.