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r• <br />ESCROW AGREEMENT FORM <br />THIS AGREEMENT is <br />Management Association <br />corporation, <br />("Escrow Agent"). <br />made by and among the Lower Arkansas Water <br />("LAWMA" or "Buyer"), a Colorado non-profit <br />("Seller"), and , <br />WHEREAS, Buyer and Seller <br />and purchase agreement for <br />("agreement"), under date <br />attached hereto as Exhibit A; <br />and <br />entered into an option contract <br />purchase of certain property <br />1995 a copy of which is <br />WHEREAS, pursuant to the terms of said agreement., Buyer is to <br />make a refundable down payment in the amount of $ to be <br />deposited with an escrow agent; and <br />WHEREAS, pursuant to the terms of said agreement, closing is <br />to occur within 30 days of Buyer's notice, but in no event later <br />than October 15, 1996; and <br />WHEREAS, pursuant to the terms of said agreement, if closing <br />does not occur by October 15, 1996, Buyer is entitled to a refund <br />of the principal amount of the down payment ("principal") and <br />Seller is entitled to the interest accumulated on the principal; <br />and <br />WHEREAS, pursuant to an agreement between the Colorado-Water <br />Conservation Board, State of Colorado ("Board" or "State") and <br />Buyer, if LAWMA elects to close, LAWMA must obtain written approval <br />from the State ( "State approval") before funds in escrow may be <br />paid; and in the event closing does not occur by October 15, 1996, <br />payment of the principal held by the escrow agent is to be made <br />directly to the Board in satisfaction of Buyer's refund <br />entitlement; <br />NOW, THEREFORE, in consideration of $1.00, the undertakings <br />and covenants as herein contained and other good and valuable <br />considerations, it is agreed as follows: <br />1. The Escrow Agent shall hold the principal amount of <br />$ received from the Buyer in escrow in an interest bearing <br />account or as otherwise instructed by the Seller with Buyer's <br />written approval. <br />2. If Buyer elects to close pursuant to the agreement, Buyer <br />shall provide the Escrow Agent with written notification of intent <br />to close, hereinafter referred to as "Buyer's notification". <br />Buyer's notification shall be given by personal delivery or by <br />certified or registered mail, shall specify the time and the place <br />of closing, and shall be given no later than five (5) working days <br />before closing but in no event later than October 8, 1996. <br />1 <br />have <br />the <br />Appendix A <br />