HYDRO24866

• Permit No: M2000041
• IBM Index Class Name: Hydrology
• Doc Date: 10/12/2004
• Doc Name: Water Lease Agreement and Right of First Refusal
• To: DMG
• Media Type: D
• Archive: No

intends to accept t e offer, or if Evans makes an offer to sell either the 4481
acres, the Mined L d, r a combination of properties that include either the
4481 acres or the ine Land, and the offeree accepts the offer, Evans must
give written notice of th offer to the Board. The Board will have sixty (60)
days to accept in ~tin~the offer and, if accepted by the Board it will be
obligated to porch s~ th property that is the subject of the offer strictly in
accordance with th Iterms of the offer.
B.
C.
D.
If the Board does n
to consummate the
disclosed to the Bo
in the offer, the Bo
purchase the proper
offer and then fails
expire as to the pro
included in the offe
The Board does no
described in Exhib
transactions: (i) sa
defined below) or
means (A) any cor7
voting stock; (B) a
(C) any limited par
80 percent or more
which Evans owns
pt an offer to purchase, Evans will thereafter be free
tion substantially in accordance with the offer as
Evans fails to consummate the transaction set forth
continue to have a Right of First Refusal to
was the subject of the offer. If the Board accepts an
on the purchase, Evan's Right of First Refusal will
abject to the offer, but not as to any property not
eluded in this Right of First Refusal.
havd any Right of First Refusal to purchase the 4481 acres
A or the Mined Land in either of the following
of ~e properties to a related entity (as that term is
en umbrances of the property. The term "related entity"
iration in which Evans owns 80 percent or more of the
in which Evans owns 80 percent or more;
ip in which Evans is the managing partner and owns
total partnership; or (D) or any other similar entity in
percent or greater interest.
The Board's Right f F
the offers to purcha e n
the date of this Agr em
written contract ace pte
the purchase and sa a is
the contract.
E: The Right of First F
subject to the offer.
effect if Evans does
F. Subject to paragrap 31
property by January 1,
paragraph 3 ] .D expi e
date, the Board and uc
the exclusive right t ne
.t Refusal to purchase the property does not apply to
3e to Evans by Mark Morley and Carl Avara prior to
.t provided that (1) such agreement is reduced to a
by Evans on or before December 31, 2004; and (2)
in substantial conformity with the terms of
continues as to any portion of the property not
fight of First Refusal also continues in full force and
nsummate the sale.
above, if Evans has not completed the sale of the
6, or such later date as the contract described in
gout sale of the property, then commencing on such
:her parties as may wish to join with it, shall have
:late the purchase of the 448E acres from Evans.