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<br /> <br />DEVELOPMENT AND OPTION AGREEMENT <br />(George HaQ Fmnily, !LC Booth Zmid o~ liwsr«k,1LC) <br />Fund Juty 30, 1997-2 G~./"'- <br />TffiS DEVELOPMIIVT AND OP'TIO~RR F.MEN'P is dated July 1997 and is by <br />and between Baoth Land and Livestock, ,organised under the ]aws of the State of <br />Colorado (the "Seller") and George Hall Family LLC, a Limited Liability Company <br />organized under the laws of the State of Colorado (the 'Buyer"). <br />BACKGROUND OF AGREEMFIHT. The following background statements are <br />provided to aid in the understanding and interpretation of this agreement: <br />A. The Seller is the owner of the property and water rights described on Exhibit A (the <br />'~rtY~ <br />B. The Property has been roughly divided into five (5) pazcels as shown on Exhibit B (the <br />Parcel or Pazcels'~. <br />C. The Property is presently zoned Agriculture and the parties desire to put together a <br />development plan for the Property that includes subdividing the Property as well as mining the <br />sand, gravel and aggregate. <br />D. The Seller is the owner of the sand, gravel and aggregate under the Property and the <br />Buyer desires to lease the Property for mining of sand, gravel and aggregate to a tenant. <br />E. Seller has agreed to grant five (5) options (the'Opdon or Options") on the five (5) <br />Parcels to be exercised when the proper zoning for the Property is approved by Weld County <br />for development of the Property, a use by special review for mining the sand, gravel and <br />aggregate has been granted by Weld County and a Mined Land Reclamation bond has been <br />issued, or, if the zoning is not approved, to take an assignment of a Mining Lease allowing for <br />the extraction of sand and gravel from the Property. <br />NOW T>3EREFORE, for and in consideradon of Ten Dollars ($10.00) and other good <br />and valuable consideration, the sufficiency of which is acknowledged by the Seller and in <br />further consideradon of the mutual promises and covenants herein contained, the parties agree <br />as follows: <br />hIIIYING AND DEVELOPME~iT PLAN PROVISIONS <br />1.01 Mining Plan acrd Permits. The Buyer, at Buyer's cost, shall propose a mining plan for <br />the Property to be mined in the Parcels shown on Exhibit B (the'Mining Plan'. The <br />size and shape of the Parcels shown on Exhibit B may be adjusted by the Buyer within <br />a ten percent tolerance. The Mining Plan shall be designed by Buyer considering and <br />balancing the following matters: <br />rlprr_rnrnr <br />