1999-03-31_PERMIT FILE - M1999050

• Permit No: M1999050
• IBM Index Class Name: Permit File
• Doc Date: 3/31/1999
• Doc Name: CONSTRUCTION MATERIALS REGULAR 112 OPERATION RECLAMATION PERMIT APPLICATION FORM
• Media Type: D
• Archive: No

OPTION AGREEMENT
This Option Agreement is entered into effective October 16 ,
1998 by Esther J. Weitzel, a . k .a . Esther Weitzel ("Seller" ) and
Connell Resources , Inc . , a Colorado corporation, or assigns
( "Buyer" ) .
Seller owns the real property, together with all improvements ,
inclusions and appurtenances as described on Exhibit A, attached
and incorporated by reference (collectively referred to as the
"Property" ) .
Buyer desires to obtain an option to purchase the Property on
the terms set forth below.
In consideration of the sum of $10, 000 . 00 y y paid b Buyer to i
Seller, which sum is not refundable but shall be credited to the
purchase price for the Property in the event this option to
purchase is exercised, and for other valuable consideration, the
receipt and sufficiency of which are acknowledged, the parties
agree as follows :
1 . Grant of Option.
Seller offers to sell and convey to Buyer and grants to Buyer
the exclusive and irrevocable option to purchase the Property
subject to the terms and conditions set forth below and in the form
of the Vacant Land/Farm and Ranch Contract to Buy and Sell Real
Estate which is attached as Exhibit B (the "Contract" ) .
2 . Time for Exercise .
The Buyer ' s option to purchase the property must be exercised
by the Buyer on or before October 15, 1999 . However, by written
notice to extend the time and payment of an additional $10 , 000 . 00
in good funds on or before October 15 , 1999 , at 6 : 00 p.m. mountain
time, which amount is also non-refundable, buyer shall have until
June 1 , 2000 to exercise the option. The additional $10 , 000 . 00 if
paid shall also be a credit on the purchase price. If the option
to purchase is not exercised on or before October 15, 1999 , or June
1 , 2000 if the option is extended, this Option to Purchase shall
automatically cease and terminate, neither party shall have any
further rights hereunder, and this Agreement shall be null and
void, all without further action or documentation by either party.
3 . Manner. of Exercise.
Buyer' s option to purchase shall be exercised by the delivery
t6 Seller at Seller' s address below of two copies of the Contract
duly executed by Buyer, and with one duly executed copy to John E.
Weitzel at P. O. Box 100, Timnath, Colorado 80547 . The $10, 000 . 00
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