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Pazcel 2. Purchaser shall not be required to pay for, nor pay a production royalty on, sand and <br />gravel excavated but not suitable for sale and such sand and gravel shall be used on Pazcel 1 and <br />Parcel 2 for reclamation in accordance with the approved reclamation plan or otherwise disposed <br />of on Pazcel 1 or Pazcel 2. On occasion materials may be imported onto Parcel 2 for processing <br />and sale such as Portland cement, asphaltic cement, and stone and the Purchaser shall not pay a <br />production Royalty on such materials. <br />2.6 Exercise of Option. If Purchaser intends to exercise the Option, Purchaser shall <br />give notice of that intent to Seller on or prior to the Notice Deadline allowed pursuant to Section <br />2.1. If Purchaser elects to purchase only a portion of Parcel 2, the notice shall include a legal <br />description of the portion to be purchased and must be contiguous to Pazcel 1. If the acreage <br />purchased creates a tract of less than 35 acres whether such is remaining to Sellezs or purchased <br />by Purchaser, Purchaser will be responsible for obtaining any necessary subdivision approvals or <br />exemptions or waivers therefrom. Effective as of the date Purchaser sends such a notice (the <br />"Exercise Date"), this Agreement shall become the purchase and sale Agreement for Pazce12 as <br />further provided in Sections 5.3 and 5.4. <br />RECEIVED <br />APR 11 2003 <br />Division of Minerals and Geology <br />ARTICLE III. <br />CONVEYANCE OF THE PROPERTY <br />3.1 Closine Date. Except. as .otherwise expressly provided in this Agreement, the <br />transaction forming the subject of this Agreement shall 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 Oblieations. At Closing, Seller shall be obligated to provide or <br />perform the following: <br />(a) Deed. Seller shall convey title to Parcel 2 (including, without limitation, <br />the water rights to be conveyed) to Purchaser on the Closing Date. Title shall be conveyed by <br />general warranty deed in a form reasonably satisfactory to the Purchaser, reserving the <br />production royalty described in Paragraph 2.3(b) and the Reserved Easements described in <br />Section 2.4, <br />- 5_ ~-. <br />C~n_- <br />~- ~~ <br />