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<br />may 6e adjusted by the Buyer at the time the development plan is proposed in <br />accordance with paragraph 1.01 above). <br />2.02 T"vrte W Exercise Options. <br />2.02.01 The first Option shall be exercised within three months after Weld County <br />approves of a Use By Special Review permit for mining on Par+cei 1 and the <br />Mined Land Reclamation Board approves a bond for miming on Parcel 1. <br />2.02.02 After the closing on Pazcei 1, the Buyer may exercise its options on the <br />remaining four Parcels on the following schedule: <br />Parcel 2 Three years and throe months following the closing on Page! 1 <br />Parcel 3 Three years and three months following the closing on Parcel 2 <br />Parcel 4 T4rree years and three months following the closing on Parcel 3 <br />Pazcel 5 Three years and three months following the closing on Parcel 4 <br />Buyer shall have the right to exercise iu option on any or all parcels eazlier than the timeline <br />sec forth in section 2.02.02, but each option rP.,,,i~ if not exercised as provided by this <br />section 2.02.02, subject only to the 15~ay right to cure provided by section 3.09. <br />2.03 Purchase Price. The purchase Brice of the Property shall consist of the initial <br />purchase price as provided by section 2.03.01 and the additional purchase price as <br />gtnvided by section 2.03.02. <br />2.03.01 Initial Purchase Price. The purchase price for each Ogdoa Pazcel sha11 be <br />payable by Buyer to Seller in the form of a Promissory Note as shown in <br />paragraph 2.04 below at the closing in the following amounts: <br />1st Option (Pazcel 1) <br />2nd Option (Parcel 2) <br />3rd Option (Parcel 3) <br />4th Option (Parcel 4) <br />5th Option (Parcel ~ <br />2.03.02 Additional Purchase Price. In addition 'the <br />Property, or any portion of it, is resold 3$CI "development" (to be de5ned as <br />ha• ' vfter and sewer infrastructure installed) the Buyer <br />sh: :gross sale uyer to <br />thi or any porn lopment <br />the ll be the sur num <br />tin wally from ised on <br />Pa <br />