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<br />5. Exercise of Option. Thornton shall exercise the option granted herein by giving <br />written notice by Thomton's City Manager of its exercise of the option to Aggregate within the two <br />(2) year option period. Thornton shall provide Aggregate a written notice of its intent to exercise <br />the option at least thirty (30) days prior to exercising the option. <br />6. Activities During the Option Period. During the option period Thornton, its <br />employees, agents and consultants, shall have the right to have access to the Property to observe <br />and inspect the mining activities to determine if the mining is proceeding in accordance with the <br />Mining Plan, provided that such observation and inspection activities do not interfere with <br />Aggregate's mining activities on the Property. Prior to anyThornton employee, agent or consultant <br />accessing the Property they shall arrange with Aggregate to take a safety training course given by <br />Aggregate on the site. <br />Transfer Of The Prooer[v <br />7. Aoreement for Conveyance. After Thomton's exercise of the option to purchase, <br />Aggregate shall convey and Thomton shall accept the Property, as herein defined, at the Closing <br />and upon the terms and conditions set forth in this Agreement. <br />8. Pro a .The parties acknowledge thatthe Property includes all rights, easements, <br />privileges and appurtenances, including but not limited to any water rights or water storage rights <br />pertaining thereto owned by Aggregate: <br />a. At Thornton's request, at Closing Aggregate shall either convey to Thornton <br />by assignment or other appropriate document all of Aggregate's right, title <br />and interest in and to conditional water storage rights in Case No. 99CW <br />032, Water Division No. 1, State of Colorado or Aggregate shall dismiss such <br />action. <br />Aggregate shall retain all tributary water rights associated or used in <br />connection with the Property. <br />c. Aggregate shall reserve (a) any and all deep bedrock (Senate Bill 5 <br />Groundwater) water rights, and (b) an easement, to be mutually agreed <br />upon by the parties to locate any well or wells, to develop the reserved and <br />excepted water rights, and to have access to the location for purposes of <br />developing and maintaining said well or wells;; <br />d. In the event Aggregate drills one or more wells to extract the deep bedrock <br />groundwater underlying the Property, then Aggregate shall operate such <br />Hammer <br />Option & Purchase Agreement <br />December 11, 2000 <br />Page 4 of 29 <br />