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<br /> <br />i. The parties acknowledge that the SEO has approved the lining of the <br />Reservoir. <br />Due Diligence <br />9. 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 />10. Phase I Environmental Audit. The parries acknowledge that a Phase I Environmental <br />Audit was been completed by ERO Resources Corporation in August, 2000. The parties shall each <br />pay one-half (~/z) of the mst of such audit. <br />11. Aggregate's Environmental Responsibility Prior to Closino. Aggregate agrees to <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 Twenty-three Thousand, Seven Hundred Ffty and no/100 Dollars <br />($1,923,750). Should the cost of any such remedial, removal or mitigation actions exceed One <br />Million, Nine Hundred Twenty-three Thousand, Seven Hundred Ffty and no/100 Dollars <br />($1,923,750), Aggregate may terminate this Agreement upon notice to Thornton, unlessThomton <br />notifies Aggregate that it will accept the Property with the contamination or environmental Issues <br />within (thirty) 30 days of receipt of the notice from Aggregate. If the Agreement is terminated <br />under this paragraph, the provisions of either Paragraph 29(a) or 29(b) shall apply at Thomton's <br />sole option. <br />12. Property Inspections And Testing. Thornton shall have the right at its expense to <br />conduct such inspections and testing of the Property as may reasonably be necessary for it to <br />complete its due diligence investgatons, provided that (a) any damage to the Property resulting <br />from such Inspections and testing shall be promptly repaired byThomton, (b) such inspections and <br />testing shall not unreasonably interfere with the activities and operations of Aggregate on the <br />Properly, and (c) such Inspections and testing shall be completed within forty-five (45) days after <br />all work on the Reservoir, Including remedial work necessary to comply with the SEO Guidelines <br />For IJning Gravel Pits attached as Exhibit C to this Agreement, has been completed by Aggregate <br />and Thornton has received all documents reasonably requested In writing from Aggregate. In the <br />event additional construction work is undertaken by Aggregate subsequent to Thomton's Initial <br />inspection period, Thornton shall have an additional forty-five (45) day period to conduct at its <br />expense such additional inspections and testing of the Property as may reasonably be necessary <br />for it to complete Its due diligence investigations. <br />North Dahlla <br />Purchase Agreement <br />December 11, 2000 <br />Page 8 of 22 <br />