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The seller shall convey the real estate and mineral rights to buyer by good and sufficient <br />warranty deed, free and clear of all liens and encumbrances, save and except burdens resulting <br />from the inclusion of said realty and improvements thereon in special assessment districts, <br />subject to zoning, liens and encumbrances created by buyer, subject to taxes accruing after the <br />date of closing, as hereafter provided, and subject to easements and rights of way for roads, <br />ditches and utilities, and, existing at the signing of this lease with option of purchase, which are <br />of record and outstanding. Cost of recording shall be borne by buyer. <br />The buyer without pro rata adjustment shall pay the closing year's taxes and assessments. <br />This contract shall be closed on or before the 45 days of exercise of the option herein, at a time <br />and place within the County of Conejos as designated by the Buyer or on such subsequent date <br />and place as the parties may mutually agree. <br />A current commitment for title insurance in an amount equal to the purchase price, will have <br />been provided within 15 days of the execution of this agreemern, an updated policy shall be <br />famished to buyer on or before the closing. In the event the title insurance commitmern shall <br />disclose that any title corrective work is required, seller shall have a reasonable time to perform <br />the same and agrees to proceed to perfect title with due diligence. The cost of this shall be borne <br />by seller. <br />The seller shall deliver the title insurance policy to Buyer at the date of closing or as soon <br />thereafter as is reasonably possible and pay the premium thereon. <br />Time is of the Essence: Time is of the essence of this contract, and it is irnended that the <br />cortract be performed or closed within a reasonable time of the exercise of the option herein. In <br />the event the seller or buyer defaults in the performance of this contract and shall fail to pay any <br />sums or fail in any other condition hereof by the closing date, the party not being in default may <br />elect to terminate this contract by giving the defaulting party written notice of his intention to <br />terminate 10 days after the mailing to or personal service of said notice upon the defaulting <br />party. Service shall be deemed complete upon the mailing of notice or the personal service <br />thereof. <br />Specific Performance: This option & contract is made for specific performance. <br />Seller's termination remedies: In the event of termination by seller upon buyer's default or <br />upon any buyer's default without termination, then and in that event all payments and things of <br />value received hereunder shall be forfeited by buyer and retained on behalf of seller, it being <br />agreed that such payments and things of value aze liquidated damages, and that this provision for <br />liquidated damages is the sole remedy available to seller. <br />Bindin¢ Effect: This Lease and option shall extend to and bind the parties hereto, their heirs, <br />personal representatives and assigns. <br />