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i <br />• <br />h. The Reservoir shall consist of a single body of water or interconnected <br />bodies of water which function as a single reservoir. <br />Due Diligence <br />16. Environmental Review. Concurrently with the execution of this Agreement, <br />Aggregate shall provide to Thornton copies of any and all environmental reports, soil reports, <br />studies, tests or reports relating to (a) the environmental condition of the Property; (b) the soils <br />condition of the Property or (c) the actual use of the Property as anything other than a sand and <br />gravel operation or water storage facility. <br />17. Phase I Environmental Audit. Upon the completion of mining activities, the parties <br />shall order and each pay one-half (~/x) of the cost of a Phase I Environmental Audit, which shall <br />be performed by a mutually acceptable engineer. <br />18. Agoregate's Environmental Responsibility Prior To Closing. Aggregate agrees <br />perform all the remedial, removal or mitigation actions or measures identified in the Phase I <br />Environmental Audit at its expense, provided the cost of such items do no exceed the total sum <br />of One Million, Nine Hundred Fifty Thousand and 00/100 Dollars ($1,950,000). Should the cost of <br />any such remedial, removal or mitigation actions exceed One Million, Nine Hundred Fifty Thousand <br />and 00/100 Dollars ($1,950,000), Aggregate may terminate this Agreement upon notice to <br />Thornton, unless Thornton notifies Aggregate that it will accept the Property with the <br />contamination or environmental issues within thirty (30) days of receipt of the notice from <br />Aggregate. If the Agreement is terminated under this paragraph, the provisions of either <br />Paragraph 37(a) or 37(b) shall apply, at Thornton's sole option. <br />19. Properly Inspections And Tesdno. Upon exercising the option to purchase Thornton <br />shall have the right at its expense to conduct such inspections and testing of the Properly as may <br />reasonably be necessary for it to complete its due diligence investigations, provided that (a) any <br />damage to the Property resulting from such inspections and testing sha{I be promptly repaired by <br />Thornton, (b) such inspections and testing shall not unreasonably interfere with the activities and <br />operations of Aggregate on the Property, and (c) such inspections and testing shall be completed <br />within thirty (30) days after all work on the Reservoir, including remedial work, has been completed <br />by Aggregate and Thornton has received all documents reasonably requested in writing from <br />Aggregate. <br />Termination <br />20. Rioht To Terminate Contract For Certain Reasons. In addition to any other events <br />or conditions which are identified in this Agreement, Thornton shall be entitled to terminate this <br />Agreement if: <br />Hammer <br />Option & Purchase Agreement <br />December 11, 2000 <br />Page 15 of 29 <br />