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<br />"Closing" shall mean the execution and delivery of the documents identified in Paragraph <br />27 of this Agreement and the payment of the Purchase Price. <br />"Condemnation Action" shall mean the eminent domain action commenced by Thornton to <br />acquire the Property, in the District Court, County of Adams, State of Colorado, in Case No. <br />98CV2259, Citv of Thornton v. Camas Colorado, Inc., et al. <br />"Dead storage" shall mean the volume of storage that by reason of its location within the <br />Reservoir will not drain by gravity to the lowest point of the Reservoir. <br />"Mining Plan" shall mean the plan for mining the sand and gravel deposits and for the <br />reclamation of the Property pursuant to the Permits. <br />"Normal Maximum Water Surface" shall mean the elevation above sea level which Is two <br />(2) feet below the lowest point of the crest of the Reservoir. <br />"Option Period" shall mean a period of time commencing upon the date this Agreement is <br />fully executed by the parties and ending upon the earlier of a) the date Thornton notifies <br />Aggregate it wishes to exercise the option to purchase the Property, or b) the expiration <br />of two (2) calendar years. <br />"Passive Storage" shall mean water which has been absorbed into the walls of the Reservoir <br />structure. <br />"Permits" shall mean the mining, reclamation and special use permits pertaining to <br />reclamation of the Property, including but not limited to Mined Land Reclamation Board <br />Permit No. M-77-438 and Adams County Conditional Use Permit No. PRJ2000-00036. <br />"Property" shall mean the approximately one hundred forty (140) acres located in the <br />County of Adams, State of Colorado, as described on Exhibit A attached to this Agreement. <br />The description of the Property shall be amended by the addition and/or the deletion of <br />land pending the final configuration of the Reservoir. Such changes shall be by formal <br />amendment to this Agreement. <br />"Purchase Price" shall mean the amount set forth in Paragraph 9 of this Agreement. <br />"Reservoir' shall mean a facility for storing water which has been approved by the SEO. <br />"SEO" shall mean the Colorado Department Of Natural Resources, Water Resources <br />Division, State Engineers Office. <br />Hammer <br />Option & Purchase Agreement <br />December li, 2000 <br />Page 2 of 29 <br />