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OPTION TO PURCHASE <br /> I. For and in consideration of the payment of$4,760.00, receipt of which is <br /> hereby acknowledged,the undersigned,being the owner of 104 shares of the FoGntain <br /> Mutual Irrigation Co., hereby gives and grants to Transit Mix Concrete Co.of Colorado <br /> Springs, Colorado,the right to purchase said shares at a price of$800.00 per share"for <br /> 56 shares and$1,050.00 per share for 48 shares for a total price of$95,200.00 for a <br /> period of one(1)year,which shall expire December 30,1979. <br /> 2. Transit Mix Concrete Co. may exercise this option to purchase within the <br /> option period by written notice to Mr. Dick Winter,c/o Louis Johnson, 501 Mining <br /> Exchange Building, Colorado Springs, Colorado, 80903. The option money herein <br /> receipted for shall apply on the total purchase price at the closing on or before <br /> thirty(30)days after the notice to exercise the option,the purchase price shall be <br /> paid as follows: a total of 29% upon exercise of option on or before December 30, <br /> 1979,one-half of balance on the 30th of January of the next year, with the remaining <br /> balance on the 30th of January of the second year. All of said payments without <br /> interest. The deferred balance shall be represented by a promissory note. <br /> 3. Dick Winters hereby covenants and agrees to deposit said shares with <br /> Louis Johnson at 501 Mining Exchange Building, Colorado Springs, Colorado, 80903, <br /> to be held during the option period and covenants and agrees that he will not sell, <br /> assign or dispose of the same during said option period. The same shall be delivered <br /> with blank stock powers to enable the transfer on exercise of said option. <br /> 4. Transit Mix Concrete Co.,shall pay any assessments levied on said stock <br /> for the year 1979. <br /> Signed and delivered this ,' day of January,1979. <br /> Dick Winters <br /> Thema-Winters -- <br />