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domestic, irrigation, irrigation equipment and facilities, sub-irrigation, livestock water or ditch
<br /> rights of any type, including all shares or certificates of any type in ditch or water delivery
<br /> companies or associations, and (v) any and all other surface and subsurface rights, permits,
<br /> hereditaments, easements, recorded rights of access, historic rights of access, incidents and
<br /> appurtenances belong thereto (together with the Land, all of the foregoing being collectively
<br /> referred to herein as the "Pro rt ").
<br /> 2. EARNEST MONEY DEPOSIT. Within five(5)business days of the
<br /> Effective Date, Purchaser shall deliver the sum of FIVE.THOUSAND AND NO/100
<br /> DOLLARS($5,000.00)(together with all interest accrued thereon,the"De osit")to Land
<br /> Title Guarantee Company. 102 S. Tgion Street, Suite #760, Colorado Springs, Colorado
<br /> 80903, phone 719-634-4821 (the ''Title Company") as escrow agent, which Deposit the'Title
<br /> Company shall hold in an interest bearing account for the benefit of the Party entitled to the
<br /> Deposit, and shall otherwise pay. apply or refund as expressly provided in this Agreement.
<br /> The Deposit shall become non-refundable in the event the conditions described herein for the
<br /> benefit of Purchaser are satisfied or are waived by Purchaser. Subject to and at the time of the
<br /> Closing,the Deposit shall be applied toward the Purchase Price(as defined herein) to be paid
<br /> by Purchaser at Closing.
<br /> 3. PURCHASE PRICE. The purchase price which Purchaser shall pay Seller for
<br /> the Property, including credit for the Deposit as applicable, shall be SIX MILLION SIX
<br /> HUNDRED SIXTY THOUSAND AND NO/100 DOLLARS ($6,660,000.000)(the
<br /> "Purchase Price"). At Closing, the Purchase: Price, credited for the Deposit as applicable, shall
<br /> be paid to Seller by Purchaser in cash, certified funds, or by wire transfer of federal or other
<br /> immediately available funds. Seller and Purchaser each hereby understand, acknowledge and
<br /> agree that all of the Land and the Property will be conveyed to and acquired by Purchaser
<br /> subject to and at the time of the Closing, and that notwithstanding that the Land is comprised
<br /> of various tracts or parcels. Purchaser shall be obligated to acquire all of the real property
<br /> comprising the Land, and shall not have the right to portions thereof.
<br /> 4. CLOSING DATE. The closing of the purchase of the Property (the
<br /> "Closint;") shall be held at the office of the Title Company on that date which is one hundred
<br /> twenty(120)days following the Effective Date, at a time to be mutually agreed upon by the
<br /> Parties and the Title Company (the"Closing, Date-). The Closing Date may be extended by
<br /> mutual agreement of the Parties in writing; provided, however, that if the Closing does not
<br /> occur by the Closing Date for any reason other than a failed condition to the Closing or default
<br /> by one of the Parties, then this Agreement shall terminate and be of no further force or etlect
<br /> as of the Closing Date,and neither Party shall have any further rights or obligations hereunder,
<br /> except as expressly provided herein. The foregoing notwithstanding, if the Closing does not
<br /> occur on or before the Closing Date as a result of a default by either Seller or Purchaser
<br /> hereunder, then the provisions of Section 14 "Default"below shall apply. Possession shall be
<br /> delivered to Purchaser as of the date of Closing.
<br /> 5. ESCROW, TITLE COMMITMENT AND TITLE REVIEW. Purchaser
<br /> shall deliver the fully executed Agreement to the escrow officer at the Title Company
<br /> promptly following the Effective Date. Purchaser shall,within five (5) business days
<br /> following the F,tTective Date, order a commitment for an owner's policy of title insurance at
<br /> Seller's expense (the "Title Commitment-) issued by the Title Company in which the Title
<br /> Company shall agree to insure, for the full amount of the Purchase Price, title to the Land in
<br /> the name of Purchaser. The Title Commitment shall include (a) the best available copies of
<br /> the deed or deeds by which Seller holds title to the Land. the best available copies of any
<br /> instruments listed in the legal description for the Land. and the best available copies of all
<br /> exceptions to title, pursuant to which the Title Company shall issue to Purchaser a standard
<br /> l a,lc concicte/Contract 2a 2
<br /> t1 'labs' „ . .;.,,nd.-
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