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<br />~~ , <br /> <br />s'.~ ~:= c:~ ~: c~.c:~nco. cc~~~r c~ rya ., _ y a. v <br />n.~cPTn:~ 6D38~4 ~t,Tt~ E. HEATH, RECORL`Efl <br />BOOK C7~~PAGE ~JV <br />. MEMORANDUM AGREEMENT <br />FOR <br />Q OPTION AGREEMENT <br /> <br />~qq THI EMORANDUM AGREEMENT is made on the~L day of .w,,~ <br />X994; by and between JAMES K. JOHNSON and RUTH E. JOHNSON, P.O, ox <br />607, Nucla, Colorado, 81424 ("Seller"), and WESTERN FUELS-COLO O, <br />A LIMITED LIABILITY COMPANY, a Colorado Limited Liability Company <br />("Purchaser"), 405 Urban Street, Suite 305, Lakewood, Colorado, <br />80228. It is the intent of the parties to this Memorandum <br />Agreement that this document serve as a recordable Memo~•andum <br />giving, full noticey~yat'option Agreement dated as of ~- day <br />of -c wM,..a~~ we the Seller and the Purchaser_ <br />as follows: <br />THE SOUTHWEST ~ OF SECTION 36, TOWNSHIP 47 NORTH,. RANGE <br />16 WEST OF THE NEW MEXICO PRINCIPAL MERIDIAN, EXCEPT A <br />TRACT DESCRIBED AS BEGINNING AT THE SOUTHWEST CORNER OF <br />SAID SECTION 36; THENCE NORTH 00 DECREES 10 MINUTES EAST <br />ON SECTION LINE 352 FEET; THENCE NORTH 57 DECREES 50 <br />MINUTES EAST 332 FEET; THENCE NORTH 67 DECREES 55 MINUTES <br />EAST 700 FEET; THENCE SOUTH 59 DEGREES 50 MINUTES EAST <br />689 FEET; THENCE SOUTH 38 DECREES 35 MINUTES EAST 602 <br />FEET TO SECTION LINE; THENCE NORTH 89 DECREES 15 MINUTES <br />WEST ON SECTION LINE 1902 FEET TO THE POINT OF BEGINNING, <br />AND EXCEPT ANY RIGHT-OF-WAY FOR PUBLIC ROADS THEREIN, <br />COUNTY OF MONTROSE, STATE OF COLORADO, <br />including all surface rights, rights to coal <br />and rights to water (the "Property"). The Pry <br />the personal residence of Sellers .v-~ct,2~."~~~ <br />Seller`s twelve shares of Colorado Coop <br />are specifically included in the Property. <br />and other minerals, <br />Lpe ty a so includes <br />'~ ~ C7 . <br />i e om~iany' stock <br />Purchaser has requested that Seller grant to Purchaser an <br />option to purchase the Property, and Seller is willing to grant <br />such an option subject to the terms of this Agreement. <br />Accordingly, Seller and Purchaser hereby agree as follows: <br />1. GRANT OF OPTION. Upon and subject to the terms and <br />conditions of the Option, Seller hereby grants to Purchaser the <br />exclusive option (the "Option") to purchase of the Property in <br />accordance with the terms of the Option Agreement. The Option <br />shall expire as of the end of the Option Term, as hereinafter <br />defined, unless prior thereto, time being of the essence, Purchaser <br />has exercised the Option in accordance with Section 4. <br /> <br />