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2018-01-11_REVISION - M2006017
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2018-01-11_REVISION - M2006017
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Last modified
6/16/2021 2:26:03 PM
Creation date
1/22/2018 7:45:58 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
M2006017
IBM Index Class Name
REVISION
Doc Date
1/11/2018
Doc Name
Application
From
San Acquisition Holdings, LLC
To
DRMS
Type & Sequence
SO3
Email Name
TC1
WHE
BJC
Media Type
D
Archive
No
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(ii) Until the Closing, the Buyer agrees to (A) use its commercially <br /> reasonable efforts to obtain any Governmental Permits that are necessary for its due <br /> diligence activities or any mining on the Owned Real Property prior to the Closing, (B) <br /> promptly commence and complete its preliminary tests after the Execution Date, (C) <br /> keep the Seller and the Individuals apprised of the Buyer's progress on completing its <br /> due diligence activities and (D) keep in full force and effect until the Closing, the <br /> insurance coverage listed in Article IX below,and to have the Seller and the Individuals <br /> named as additional insureds on that policy while any testing or work is performed on <br /> the Owned Real Property. <br /> (iii) Copies of all third party engineering reports and sand test results <br /> received by the Buyer related to the quality and quantity of the situ reserves located on <br /> any of the Owned Real Property (the "Engineering Reports") will be obtained and <br /> transferred by the Buyer to the Seller and the Individuals in the event that the Closing <br /> does not occur on or before the Termination Date. In this regard, the Buyer covenants <br /> and agrees that it will also provide to the Seller, in the event that a Closing does not <br /> occur on or before the Termination Date, (A) a survey prepared by a licensed surveyor <br /> and (B)test borings of the sand deposit sufficient to estimate the amount and quality of <br /> sand under the Owned Real Property. If this Agreement is terminated by Buyer, Buyer <br /> agrees to transfer to Seller any and all studies and reports regarding the Owned Real <br /> Property obtained by the Buyer prior to the Termination Date,including,but not limited <br /> to, the Engineering Reports, laboratory testing such as frac testing, water filtration <br /> reports and any evaluation of water quality and production potential from the Water <br /> Rights. <br /> (iv) Notwithstanding anything to the contrary in this Agreement other <br /> than the obligation in Section 4.1(a)(iii), the Buyer, at its reasonable discretion, may <br /> terminate its due diligence at any time prior to the Closing or the conclusion or receipt <br /> of any Engineering Reports if any initial borings indicate that the proposed resources on <br /> the Owned Real Property are not satisfactory to Buyer. <br /> (b) Access after Closing. <br /> (i) For a period of ninety (90) days after the Closing Date, the Buyer <br /> shall give the Seller and the Individuals reasonable access to, and a non-exclusive, <br /> temporary license to enter upon the Transferred Real Property containing the two <br /> residences and related structures occupied by the Individuals as of the Execution Date, <br /> an exclusive temporary license to access and reside in the residential premises <br /> (including for clarity, the houses and other structures) on the Transferred Real Property <br /> and the Buyer agrees to not unreasonably interfere with the access of the Seller and the <br /> Individuals to remove any and all Excluded Assets and vacate from the Transferred <br /> Real Property.The Seller and the Individuals shall conduct the removal of the Excluded <br /> Assets and vacate the Transferred Real Property in a manner as to avoid any damage to <br /> the Transferred Real Property and the disruption of the Business after the Closing. Any <br /> Damages to the Purchased Assets or the Transferred Real Property that arise after the <br /> Closing and are caused by Seller or the Individuals shall be paid for by the Seller or the <br /> 21 <br />
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