2003-04-17_REVISION - M2001090 - Laserfiche WebLink

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conveyed by general warranty deed in a form reasonably satisfactory to the Purchaser, reserving the production royalty described in Paragraph 2.2(c) and the Reserved Easements described in Section 2.3. (b) Title Insurance. Promptly after the Closing Date, and based upon the Title Commitment described in Paragraph 5.3(a), Seller shall provide Purchaser with a title insurance policy ("Title Policy"), issued by the Title Company, in a form customary for similaz closings within the State of Colorado, agreeing to guarantee the record title to the Subject Property to be good and mazketable in Purchaser in the amount of the Purchase Price of the Subject Property subject only to the exceptions acceptable to Purchaser in accordance with Paragraph 5.3(a) (the "Permitted Exceptions"). Seller shall pay the cost of the Title Policy at closing, and the Title Policy shall be provided to Purchaser as soon as it becomes available. (c) Possession. Seller shall deliver possession of the Subject Property to Purchaser on the Closing Date. 3.3 Purchaser's Closing Obligations. At Closing the Purchaser shall cause to be delivered to Seller the full amount of the Purchase Price pursuant to Paragraph 2.2(a), after accounting for closing adjustments, prorations and costs. ~ECEI VED ARTICLE IV. APR ~ ~ 2003 PRE-CLOSING RIGHTS TO SUBJECT PROPERTY Division of Minerals and l;eology 4.1 Purchaser's Rieht of Entry. During the period from the Effective Date until and including the Closing Date, Purchaser steal! have the right, from time to time, at Purchaser's sole cost, expense, risk and hazard, all in such manner as Purchaser may reasonably determine, to enter upon the Subject Property, to make, or cause to be made, inspections and engineering, environmental and other studies, including without limitation, surveying, conducting test borings and other surface and/or subsurface soil or groundwater sampling in order to determine reserves, soil conditions, possible environmental impact or potential liability for remediation, cleanup or removal of any hazardous substances or materials in compliance with environmental laws or regulations, conducting environmental audits of the Subject Property and any other testing occasioned by the results of such audits and, in general, conducting other soil tests, analyses and studies of the Subject Property and any inspections deemed necessary by Purchaser relating to any improvements or fxtures located on the Subject Property. If any of the activities conducted by Purchaser on the Subject Property cause damage or injury to the Subject Property Purchaser shall restore the property to its original condition or shall compensate Seller for the reasonable value of such damage or injury to the property or assets if for any reason the purchase and sale of the Subject Property does not close. Purchaser shall not, by its actions, allow any mechanics liens to attach to the Subject Property. If Purchaser deems any matter found by such inspection to be unsatisfactory to Purchaser in its sole discretion, Purchaser may give Seller notice of such matter within sixty (60) days after the Effective Date. If Seller and Purchaser do not reach agreement as to resolution of such matter within 20 days after such notice, Purchaser may ether terminate this Agreement or waive the matter as an objection to Closing. - 5-