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• <br />1.02.01 Buyer shall have the Property rezoned as appropriate, [o accomplish the <br />objectives of the Development Plan. Such rewning may include planned unit <br />development zone. <br />1.02.02 In the event the Development Plan is not approved for any reason, the following <br />shall occur: In the event that Buyer does not receive alI necessary governmental <br />approvals for the subdivision and development of the Property within two (2) <br />years from the date of this Agreement, this Agreement shall terminate and each <br />party shall be released from further obligation and the following shall occur. <br />1,02.02.01 Any of the Property on which the Buyer has exercised its option and has <br />actually closed shall be rettansferred to the Seller, and <br />1,02.02.02 Any purchase price on any of the Property actually purchased shall be fully <br />refunded, and <br />1,02.02.03 Any promissory note in payment and of the Property shall be canceled including <br />any accrued interest or penalties and any deed of trust given to secure payment <br />therefore shall be released, and <br />1.02.02.04 The Buyer shall assign their rights under the Mining Lease with Hall Irwin <br />Construction Co. attached as Exhibit C (the 'pease") to the Seller effective on <br />the date of retransfer of the Property and cancellation of the Note. The Seller <br />hereby agrees to perform and aclrnowledge the Lease effective on the date the <br />Lease is assigned to Seller. <br />1.03 Seller's TFtle. Se12er shall provide a rifle insurance commitment for the entire Property <br />within five days after this Agreement is signed. Seller shall not encumber the Property <br />or gran[ any easements, rights of way or other encumbrances on the Property after the <br />date of this Agreement without the express written permission of the Buyer. Further, <br />Seller shall obtain a release of all existing encumbrances against the Property, if any <br />within 20 days after this Agreement is signed. Notwithstanding the terms of this <br />secrion, SeIIer reserves the tight to assign to Lois Booth, as collateral for a loan, the <br />Promissory Note and Deed of Trust given w them under paragraphs 2.04 and 2,05 <br />below. Such assignment shall not interfere with Buyer obtaining the partial releases <br />required under paragraph 2.04.03 below. <br />2 OPTION PROVLSIONS <br />2.01 Options to be Exercised on Five Parcels. Seller hereby grants to Buyer the irrevocable <br />right and Options, upon the terms and conditions set forth in this Agreement, to <br />purhhase the Property in the Parcels shown on Exhibit B (the size and shape of which <br />