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• <br /> <br /> <br />• <br />remain personally liable on said promissory note. <br />RELEASES: <br />1. -The Purchasers shall be entitled to a partial release from the trust <br />deed at the rate of Nine Thousand Dollars ($9,000.00) per acre for release <br />structure on all of the down payment of twenty percent (20X), except the first <br />Ten Thousand Dollars ($10,000.00) thereof as recited herein. <br />2. Purchasers shall be entitled to partial releases as follows: <br />(a) Pive acres for each annual principal payment made under the terms <br />and conditions of said promissory note or prepayment equivalent to such annual <br />I. Payment. <br />(b) The final release shall be granted to the premises plus ten <br />shares of the capital stock of the Fulton Irrigating Ditch Company upon payment <br />• or transfer of two (2) two and one-half acre homeaites as hereinafter provided. <br />(c) The first partial release as provided herein shall be at the <br />election or discretion of the Purchasers, all subsequent releases shall be <br />. adjacent and contiguous to those parcels previously released. <br />NOMESITES: <br />As consideration for this agreement the Sellers shall have the option to <br />I~ receive free and clear of all encumbrances, two (2) two and one-half acre home- <br />site lots with domestic water provided located along Nome Street. In the event <br />Sellers reject said homesitee, Purchasers agree to pay to the Sellers an addi- <br />I~ tional $50,000.00 in.lieu of said lots, said payments to be made contemporaneous <br />with the final payment of the promissory note or in two additional annual payments <br />of $25,000.00 each plus interest at the rate of ten per cent per annum on the <br />I~ unpaid principal commencing February 1, 1993, or at such time the balance of the <br />promissory note is satisfied, whichever is first in time. <br />The Sellers shall make the election whether to accept the two (2) two and <br />I~ one-half acre homesite lots with domestic eater as provided herein or elect to <br />receive the additional $50,000.00 in lieu of said lots within one year from <br />final platting and acceptance of said plat by the proper Adams County authorities. <br />I~ RIGHT OF FIRST REFUSAL: <br />Purchasers shall have the right of first refusal to purchase real estate <br />owned by the Sellers lying north of 132nd Avenue (approximately 20 acres) less <br />~ five acres for the residence and grounds as presently situated. Such right must <br />• -2- <br />