Laserfiche WebLink
<br />b. Colorado State Teases. Arness covenants and represents that it is <br />the sole owner of the Colorado State Leases describe on Exhibit A and has the right <br />to essio such leases to Durango. <br />3.2 Ownership Reports. Within thirty days from receipt of the $32,000.00 paid <br />herewith Arness shall obtain and deliver to Durango all ownership reports or title <br />in`ormation as it currently has. The costs of such ownership reports shall be borne <br />by :~rness. Within thirty days of delivery of such documents to Durango, Durango shall <br />conduct and complete such title examination as it determines. <br />3.3 Title Defects. If the attorney for Durango renders a written title opinion <br />within fifteen (15) days after the thirty (30) days set forth in Section 3.2 above that <br />title to the Property or any part thereof, in the opinion of Durango's counsel, is <br /> defective, Arness shall, at the request of Durango, cure such defects promptly. The <br /> costs thereof shall be paid by Arness. Arness agrees to execute all documents and do <br />any and all things t:.::t may be necessary or desirable to assist in eliminating any <br />defects in title. ARTICLE IV <br />ASSUMPTION OF OBLIGATIONS AND TERMINATION <br />4.1 Obligations. Durango hereby assumes and agrees to pay all purchase payments <br />upon the Pierce surface, bonuses, delay rentals, advance minimum royalties, and <br />production royalties payable upon the Property which accrue after execution of this <br />agreement .. ,assumes and agrees to pay and perform any and all other obligations <br />pertaining to the Property, except items 2, 5 and 6 of Exhibit B, which shall remain <br />obligations of Arness. Durango shall make all such payments and perform all obligations <br />of Arness accruing after the date of execution under said leases and subleases as <br />6 <br />