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2465 <br /> II 11111 II nil II 11, 11 II Page. 4 of96907P 50 <br /> 07l03/2003 3: <br /> i <br /> Boulder County Clerk, CO AG R 0.00 D 0.00 <br /> the County as required above,no division/sof the Property shall have been approved by the <br /> Board of County Commissioners,the Lots shall not be legally divided parcels,no:r shall they <br /> be legal building lots,and no development rights shall attach to the Lots (except such rights <br /> as already exist under the Boulder County Land Use Regulations). Upon receipt and <br /> recording of the instruments described above,BoulderCounty shall record a notice indicating <br /> that these requirements have been satisfied. <br /> 3. The purchase price for the Property shall be ONE MILLION FIVE HUNDRED <br /> THOUSAND DOLLARS ($1,500,000.00), payable in cash, certified funds or County <br /> warrant at closing. The Earnest Money shall be applied to the purchase price for the <br /> Property. Additionally, Seller agrees to convey to County, at no extra cost, any quitclaim <br /> deeds requested by County to insure that County receives title to the Property as <br /> historically described or to insure that County receives Sends right,title and interest to any <br /> additional property adjacent to the Property for which Seller may have a claim by adverse <br /> possession except for any adjoining lands for which either Seller retains title. The purchase <br /> price shall be apportioned to each respective Seller pursuant to the terms of a separate <br /> agreement between the respective parties comprising Seller under this Agreement. <br /> County acknowledges this is a bargain sale transaction and,as such, will execute IRS <br /> Form 8283, at or after the closing of the transaction. County makes no representation as to <br /> the actual value of the Property. <br /> The purchase price for the Property shall include well and well rights and subsurface <br /> water, if any, appurtenant to the County Parcels owned by Seller,together with the Water <br /> Rights. Seller shall be entitled to use such water and Water Rights in conjunction with the <br /> agricultural lease and sand and gravel and gold mining operations. <br /> The purchase price shall include any and all minerals appurtenant to the Property, <br /> reserving to Seller all sand, gravel, and related minerals through December 31,2035, or the <br /> completion of mining and reclamation activities. Seller shall retain all royalties and any and <br /> all proceeds from the sale of such royalties from any lease to mine,for the duration of mining <br /> and reclamation activities. Effective January 1,2036, or earlier if reclamation is completed <br /> sooner, all remaining rights in sand, gravel, and related minerals shall become County's <br /> property, except that Seller shall have a period of three(3) months following completion of <br /> reclamation in which to sell any excess topsoil,overburden or other related materials. Seller <br /> will provide written notice to County within 30 days of completion of reclamation, as <br /> determined by issuance of a letter from the State of Colorado Division of Minerals and <br /> Geology stating that the Letter of Credit Bond and Performance Warranty are released. <br /> The purchase of the Property shall also include the existing access to the Property <br /> that the Seller has title to or an interest in, as modified by the Amended and Restated <br /> GOLDEN FARM, LLLP PURCHASE AGREEMENT <br /> -4- <br />