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<br /> <br />iii. Prior to the exercise of the option, Aggregate may place fill or make <br />modifications requiring review by the SEO, Dam Safety Branch upon <br />giving notice. <br />iv. Subsequent to Thornton's exercise of the option, Aggregate shall not <br />permanently place such fill or make modifications that Thornton <br />believes would require review by the SEO, Dam Safety Branch, <br />without Aggregate first obtaining Thornton's written agreement. <br />v. Any dam or modification shall be designed by a Colorado registered <br />engineer and be submitted to Thornton for review and comment at <br />least thirty (30) days before the start of installation. The design <br />documents submitted to Thomton shall include at a minimum the <br />following: <br />(1) Design report and calculations as required by the SEO, Dam <br />Safety Branch; and, <br />(2) Drawings and technical specifications as required by the <br />SEO, Dam Safety Branch <br />vi. Subsequent to the exercise of the Option, Thornton will have the <br />right to limit the height of jurisdictional dams and the amount of <br />storage developed above the surface of the original ground surface <br />and negotiate changes to the locations of dam facilities, such as <br />spillways to improve the ability of the completed facility to meet <br />Thornton's long-term objectives. <br />vii. Should Thomton be concerned that the Reservoir contains elements <br />of a jurisdictional dam, not previously identified in the plans, it shall <br />notify Aggregate in writing of its concern. If after discussion <br />between Thornton and Aggregate, Thornton is still concerned that <br />the Reservoir contains elements of a jurisdictional dam Aggregate <br />shall, at Its expense, request the assistance of the SEO in <br />determining whether the Property includes a jurisdictional dam. If <br />the parties reasonably disagree if the Reservoir contains elements of <br />a jurisdictional dam, and Thornton requires Aggregate to request the <br />assistance of the SEO, and the SEO determines that the Reservoir <br />does not include a jurisdictional dam, Thornton shall reimburse <br />Aggregate for its out of pocket expenses paid to outside consultants <br />for presenting the issue to the SEO. <br />Hammer <br />Option & Purchase Agreement <br />December 11, 2000 <br />Page 12 of 29 <br />