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~~ <br />,~ <br /> <br />The closing shall be held thirty (30) days after final approval has been <br />3 <br />received by Brannan of the permits for the mining and extraction of gravel from state <br />and local agencies. In the event the applications have been made and the final approval <br />has not been granted within the 120 days hereinabove provided for then the contract <br />shall be automatically extended for an additional sixty (60) days to provide for the <br />160 days in which to conclude all matters affecting the sale and purchase of this property. <br />It Is understood and agreed by the parties hereto that a judgment or decision of the Board <br />is not final until the permit has been granted and thirty (30) days has elapsed therefrom <br />and no litigation or objection and no petition for judicial review has been filed. It is <br />understood and agreed that the approval is considered final thirty (30) days after the <br />same has been granted and on the date that time for seeking judicial review has expired. <br />Closing shall take place thirty (30) days thereafter. So long as the permit has been <br />granted within the 120 days or the sixty (60) day extension hereinabove referred to, the <br />obtaining of the zoning shall be deemed to have been timely, and the additional thirty <br />(30) days to await determination of whether an appeal has been filed in the matter shall <br />automatically extend the time by the number of days necessary for the right to appeal to <br />expire. Closing shall be held within sixty (60) days after the final permit or approval <br />of the plat has been received. <br />It is further agreed by the parties hereto that because of the complex nature <br />of a gravel mining application for rezoning and permit that the purchaser may elect <br />to exercise its option to purchase the property at any time, notwithstanding the fact <br />that the conditions herein set forth have not been met or fully met. <br />It is understood by the parties hereto that the Deed of Trust which shall be <br />executed by the purchaser to the seller shall provide that gravel and sand may be <br />extracted from the property without constituting a violation of the security agreement <br />or Deed of Trust and that no additional payments shall be made, dependent on the gravel <br />being extracted. It is the intention of the parties to permit Brannan to fully utilize <br />the property, including the extracting and removal of gravel from the site without <br />additional payment therefor. <br />It is understood by the parties hereto that the purchaser receives all the <br />mineral rights, including sand and gravel, except that the seller shall receive one-half <br />