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<br />Within thirty (30) days after Aggregate gives notice to Thornton that the <br />mining activities and any post mining activities required for the use of the <br />Property as a reservoir have been completed, Thornton reasonably <br />determines that the Property is unsuitable for use as a reservoir. If the <br />Agreement is terminated under this paragraph, the provisions of Paragraph <br />37(b) shall apply; or, <br />b. Within thirty (30) days afterThornton's receipt of the Phase I Environmental <br />Audit, such audit discloses material adverse environmental conditions which <br />cannot be remedied by Aggregate. If the Agreement is terminated under <br />this paragraph, the provisions of either Paragraph 37(a} or 37(b) shall apply <br />at Thornton's sole option; <br />provided that notice of such termination shall be given by Thornton to Aggregate within the <br />applicable time period set forth above. <br />Title <br />21. Title Insurance. Within twenty-one (21) days of the exercise of the option to <br />purchase by Thornton, Thornton shall obtain, at its expense, a current commitmentfor an owner's <br />title insurance policy in an amount equal to the estimated Purchase Price along with legible copies <br />of all documents referenced in the title commitment and copies of the deeds whereby Aggregate <br />acquired title to the Property, any plats, mining permits, reclamation plans or permits, special use <br />permits or any other permits or approvals of any agency or division of the federal, state, or county <br />government relating to the Property. Such title insurance commitment shall provide for the <br />deletion of those standard printed exceptions normally deleted to provide "extended coverage" by <br />the Title Company as well as well as an insured closing letter with "GAP" coverage at Closing. <br />Upon the receipt of such title insurance commitment by Thornton, a copy shall be furnished to <br />Aggregate. Aggregate shall execute a mechanic's lien affidavit for the benefit of the Title Company <br />relating to work performed by, through or under Aggregate on the Property. <br />22. Permitted Exceptions. At Closing, Thornton shall accepttitle to the Properly subject <br />to: <br />a. Real properly taxes and assessments for the year of the Closing and <br />subsequent years; <br />b. Building, zoning and other applicable ordinances and regulations; <br />c. Any easements, reservations or other matters affecting title provided for in <br />this Agreement; and <br />Hammer <br />Option & Purchase Agreement <br />December li, 2000 <br />Page 16 of 29 <br />