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<br />= consideration paid Co Seller with the execution of this Option <br />Agreement shall constitute ttie initial earnest money under the <br />Contract. Promptly upon receiving the Contract, the Seller shall <br />' execute both copies, shall obtain the written acknowledgement of <br />John E. Weitzel and Dorothy E. Weitzel on page 7 of the Contract, <br />and shall return one fully-executed copy to the Buyer. The failure <br />of Seller to execute and return a fully-executed copy of the <br />.Contract (with the John and Dorothy Weitzel acknowledgement) to the <br />Buyer shall not affect its enforceability, and the Contract shall <br />be binding upon and enforceable against the Seller in the same <br />manner as if it had been executed by the Seller and returned to the <br />Buyer. <br />4. Rights and Obligations of Parties if Option is Exercised. <br />In the event Buyer exercises the Option to Purchase within the <br />time and in the manner provided in this Agreement, then the rights <br />and obligations of Buyer and Seller with respect Co the Property <br />shall be governed by the Contract. <br />5. Access. <br />Seller grants Buyer, its agents, independent contractors and <br />employees Lhe right to enter the Property for the purpose of <br />conducting Buyer's due diligence investigations and to otherwise <br />inspect the Property for any purpose prior to exercising its <br />option. Buyer shall minimize any interference with Seller's <br />operations on the Property. Buyer shall indemnify Seller against <br />any liens or claims arising from Buyer's access to the Property. <br />6. Permitting and Re-ZOnlnq. <br />Prior to exercising its option, Buyer shall be responsible for <br />all applications and costs associated with obtaining all mining <br />permits, re-zoning approval and any other final governmental <br />approvals necessary for its intended use of the Property. Seller <br />will cooperate in providing information and signing such documents <br />as may be reasonably requested by Buyer for the permitting process <br />and re-zoning process. However, Seller shall not be obligated to <br />create or take on any liability in signing the documents. <br />7. Memorandum of Option. <br />Buyer may record a Memorandum of this Option Agreement. <br />8. Addresses. <br />The address of the Seller is 9116 Main Street, Timnath, <br />Colorado 80597, and P. 0. Box 116, Timnath, Colorado 80547. The <br />address of the Buyer is 4305 East Harmony Road, Fort Collins, <br />Colorado 80525. <br />2 <br />!"" <br />~ , l/~ <br />