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<br />OPTION AGREEI•fENT <br />As additional consideration for the execution of a <br />Lease Agreement between VAGNEUR RP_NCH CO. and SLAM CONSTRUCTION, <br />I1JC., (hereafter referred to as "Elam") and a Lease Agreement <br />With Option to Purchase executed between CLARICE J. VAGNEUR,_ ._ . <br />CLAYTGN L. VAGNEUR and GLEN D. VAGNEUR and Elam, the undersigned <br />does hereby extend to Elam the Option to Purchase .41 cubic feet <br />of water per second of time adjudicated to the Collins Creek <br />Ditch with an appropriation date of August 19, 1886. <br />The said Option shall become effective and shall expire <br />on the same dates as the Option to Purchase set forth in the said <br />• Lease Agreement With Option to Purchase, as set forth in paragraph <br />15 therein and may be exercised by written notice to the undersigned <br />with copy to Petre, Zimmerman & Shelton, P.C., P, O. Drawer 400, <br />Glenwood Springs, Colorado 81601, on or before the expiration <br />date. <br />If the Option is exercised, the closing shall occur within <br />sixty days after the date notice of exercise is given. At the <br />closing, the undersigned shall convey the said water right to <br />Elam by quit claim deed. The purchase price shall be $10,000.00 <br />and shall be paid in full at the time of closing. <br />Ib is understood that the undersigned contemplates a <br />change of point of diversion of the said water right to the point <br />of diversion of the Waco Ditch. The undersigned is free to make <br />such change if desired, and if this Option is exercised it shall <br />apply to such water right at the then adjudicated point of diversion. <br />IN WITNESS k'HEREOF, the parties have hereunto set their <br />hands this 13th day of June 1978. <br />VAGNEUR RANCH CO., ELAM CO~RUCTION, INC. - <br />a l~im/Jited part/~nership ~f' <br />By CiC. Gt/Lt.CF-J~- . • By // /,. ~ili~.~yr/ <br />General Pa~ner President v <br /> <br /> <br />