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<br />minerals contained therein, and the normal and customary activities of Seller, its <br />employees and agents associated therewith. Seller shall deliver to the escrow agent as <br />hereinafter described a good and sufficient general warranty deed conveying all mineral <br />interests and all remaining minerals to the Buyer. Such deed shall be delivered by the <br />escrow agent to Buyer at the time of final payment described in Section 3.1 (f) hereof. <br />Seller covenants not to encumber, pledge, or hypothecate any such minerals or mineral <br />interests. <br />2.3 Retained Properties. The Property described and depicted on <br />Exhibit A does not include certain property along the South Platte River's current <br />alignment, which property is within the Road Runner's Rest II Subdivision and which by <br />agreement of the parties is retained by Seller. No right of access thereto across the <br />Property is granted or implied by this Agreement. <br />2.4 Access to Adjacent Property. To the extent that it does not interfere <br />with Buyer's operations or installation of improvements to the Property as provided by <br />Section 7.6, Seller shall have a right of access across the Property to property owned by <br />Seller which lies between the northern boundary of the Property and the South Platte <br />River. Such access shall be for the purpose of recreational use of Seller's adjacent <br />property. <br />ARTICLE III <br />PURCHASE PRICE AND TERMS <br />3.1 Purchase Price. The Purchase Price for the Property and other <br />interests, based upon delivery of an estimated operational capacity of 2587 acre-feet is <br />Two Million Six Hundred Fifty Thousand Dollars ($2,650,000). Payment will be made by <br />Buyer as follows: <br />(a) As a good faith and earnest money deposit, Buyer has <br />deposited with the escrow agent the sum of $265,000 <br />("Earnest Money"), the receipt of which in escrow is hereby <br />acknowledged by Seller. Transnation Title Insurance <br />Company, Brighton, Colorado, shall be designated as escrow <br />agent ("Escrow") for all escrow functions described herein and <br />shall be given escrow instructions in accordance herewith. In <br />addition, at dosing Buyer will separately pay to Seiler the sum <br />of $15,250, to compensate for appraisal fees and the <br />Permanent Access defined in Section 7.8. <br />2 <br />