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RECEIVED <br />aPR ~ ~ 2003 <br />Division of Minerals and Geology <br />2.3 Reserved Easements. Seller shall have the right to reserve from the conveyance <br />of the Subject Property easements for its access and the access of members of the More Family <br />to the "Home Place", the entirety of Seller's holdings north of the Subject Property, and from <br />both Routt County Road 20 and Colorado Highway 131 to the other properties of members of the <br />More family (the "Reserved Easements"). This right shall inure to the benefit of any successors <br />in interest as to the property benefited by these easements. The specific location of such <br />Reserved Easements shall be agreed to by Seller and Purchaser prior to Closing, may be <br />surveyed as part of the Survey, and shall be reserved in the deed conveying the Subject Property. <br />Purchaser shall have the right, from time to time, to change the specif c route of such easements, <br />provided the change does not materially impair or diminish access to the parcels for which such <br />easements are to be reserved. <br />2.4 Rovalty Exclusions. Purchaser shall not be required to pay for, nor pay a <br />production royalty on, quantities of sand and gravel used by Purchaser in constructing, <br />maintaining or repairing roadways on the Subject Property or used in other areas on the Subject <br />Property, or sand and gravel used for reclamation or flood protection on or in connection with <br />the Subject Property. Purchaser shall not be required to pay for, nor pay a production royalty on, <br />sand and gravel excavated but not suitable for sale and such sand and gravel shall be used on the <br />Subject Property for reclamation in accordance with the approved reclamation plan or otherwise <br />disposed of on the Subject Property by Purchaser. On occasion materials may be imported onto <br />the Subject Property for processing and sale such as Portland cement, asphaltic cement, and <br />stone and the Purchaser shall not pay a production Royalty on such materials. <br />ARTICLE III. CONVEYANCE OF THE PROPERTY <br />3.1 Closing Date. Except as otherwise expressly provided in this Agreement, the <br />transaction forming the subject of this Agreement shalt be closed on or prior to the Closing Date. <br />Upon mutual agreement of the parties, or as otherwise provided in this Agreement, the Closing <br />Date maybe adjusted. <br />3.2 Seller' Closing Obligations. At Closing, Seller shall be obligated to provide or <br />perform the following: <br />(a) Deed. Seller shall convey title to the Subject Property (including, without <br />limitation, the water rights to be conveyed) to Purchaser on the Closing Date. Title shall be <br />- 4- <br />~r <br />