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(c) "Closing Date" means the date 90 days after the Exercise Date at which <br />time the Closing is to occur, subject to adjustment pursuant to this Agreement. <br />(d) "Exercise Date" is defined in Section 2.6 <br />(e) "Permit Approval" means the date on which Purchaser has received <br />written notification from applicable governmental authorities that all of the Required Permits <br />have been received. <br />(f) "Required Permits" are defined in Section 5.1. <br />(g) "Survey" means the ALTA Survey to be obtained pursuant to Pazagraph <br />5.2 (c). <br />(h) `"Title Company" means any title insurance agent or company as is agreed <br />to by Seller and Purchaser. <br />ARTICLE II. <br />PARCEL 2 OPTION <br />RECEIVED <br />APR 17 2D03 <br />Division of Minerals and Geology <br />2.1 Parcel 2 Option to Purchase. Seller hereby grants to Purchaser the sole and exclusive <br />right and option (the "Option") for a period of the earlier to occur of twelve (12) months from <br />and after the Effective Date or 60 days after Permit Approval (the "Notice Deadline") to elect to <br />purchase all or a single portion of the real property so long as such is contiguous in Routt <br />County, Colorado, more particularly described as: <br />Parcel 2 as more particularly described in Exhibit B attached. <br />(such parcel being referred to as the "Land") <br />TOGETHER WITH: <br />(a) all sand and gravel and sand and gravel rights and all minerals and <br />mineral rights, oil and gas and oii and gas rights, coal and coal rights owned by Seller and <br />all rights of Seller in and to existing oil and gas leases and other leases affecting the <br />Land, <br />(b) all rights-of--way and easements owned or used by Seller in <br />connection with the Land, including without limitation a limited right-of--way on Seller's <br />existing easement to the north of the Land granted and described in an easement dated <br />August 18, 1998 and recorded August 27, 1998 in Book 749 at Page 1381, Reception No. <br />49790, as amended by Amendment to Easement dated April 18, 2001 and recorded <br />April 23, 2001 at Reception No 544137, Routt County records, which shall be limited to <br />_ 2_ >' <br />~,;~ <br />~~ ~,.. <br />/Y <br />