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:~ ~ <br /> <br />LEASE AGREEMENT <br />WITH OPTION TO PURCHASE <br />THIS LEASE AGREEt•1ENT WITH OPTION TO PURCHASE is made <br />and entered into this 13th day of June 1978, by <br />and between CLARICE J. V,AGNEUR and CLAYTON L. VAGNEUR, as <br />Trustees under the Will of Sullivan Vagneur, deceased, whose <br />address is Woody Creek, Colorado 81656, hereinafter referred <br />to as "Lessor," and ELAt9 CONSTRUCTION, INC., a~Colorado corporation, <br />whose address is 1225 South 7th Street, Grand Junction, Colorado <br />81501, hereinafter referred to as "Lessee;" <br />WITNESSETH: <br />i WHEREAS, the Lessor is the owner of the Following <br />described real property in the County of Pitkin, State of <br />Colorado, to-wit: <br />That certain parcel of real property which <br />consists of ninety (90) acres, more or less, <br />in Section 16, Township 9 South, Range 85 <br />West of the 6th P.M., as generally shown on <br />a plat thereof attached hereto as Exhibit A. <br />Together with one cubic foot of water per <br />second of time out of the Waco Ditch, bearing <br />Priority No. 903J, dated June 1, 1916; <br />and <br />WHEREAS, the said property contains sand and gravel, <br />. and the parties desire to lease the premises so that Lessee may ' <br />extract such sand and gravel therefrom and use the above-described <br />water in connection therewith; <br />NOl9, THEREFORE, for and in consideration of the sum <br />of $5,000.00 paid to the Lessor, the receipt of which is hereby <br />acknowledged, and in further consideration of the premises and <br />the mutual covenants and agreements herein contained, the parties <br />hereto agree as follows: <br />1. Lessor hereby grants unto Lessee the exclusive <br />right to enter upon the property above-described and to extract, <br />