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<br />BOOK OJ~iPACE 57 <br />. 2. OPTION TERM. The term of the option shall commence on <br />the date of this agreement, and shall end at 5:00 p.m. on the <br />anniversary date of the date of closing this agreement in 2008 <br />(The "Option Term"). <br />3. PURCHASE PRICE. The purchase price payable for the <br />Property, which Purchaser agrees to pay if it exercises the Option, <br />will be as per the Option Agreement. <br />4. EXERCISE OF OPTION. If Purchaser elects to exercise the <br />Option, it may do so only by delivery to Seller, between the hours <br />of 9:00 a.m. and 5:00 p.m., on any weekday prior to the expiration <br />of the Option Term, of (a) written notice of such exercise, and (b) <br />written notice of the date, time and place of the closing. <br />Delivery of the notices as required under this Section 5 shall be <br />sufficiently delivered and shall be deemed delivered only if and <br />when personally delivered to: <br />James K. Johnson and Ruth E. Johnson <br />P.O. Box 607 <br />26823 BB Road <br />Nucla, CO 81424 <br />The date on which such notice is delivered to Seller is <br />referred to herein as the "Exercise Date." If the Option is <br />exercised pursuant to the terms of this Agreement, this Agreement <br />shall become a binding purchase agreement obligating the parties to <br />close the sale of the Property pursuant to the terms hereof.' <br />5. CLOSING DATE AND POSSESSION. The parties hereto agree <br />that closing shall occur two hundred forty (240) days after the <br />Exercise Date, or as soon thereafter as possible, unless postponed <br />by the terms of this Agreement or by further agreement of the <br />parties, and shall be held at a time and place suggested by <br />Purchaser by its notice and mutually agreed upon by the parties <br />hereto. Seller shall deliver possession of the Property on the <br />data of closing. <br />6. PURCHASER'S LICENSE AND RIGHT OF ACCESS. Seller under- <br />stands and acknowledges that Purchaser now operates a coal mine on <br />property near the Property that is the subject of the Option, and <br />that Purchaser has certain needs to access property in the area for <br />purposes of its continuing operations, exploration, investigations <br />and planning. In consideration of the Option Consideration, <br />Seller, during the Option Term, including all renewals thereof, <br />grants to Purchaser a license to inspect and test the Property. <br />Purchaser's rights of access shall include the rights: <br />(a) to drill, take core samples, survey, map and <br />otherwise evaluate the coal underlying the Property, and to <br />perform environmental and cultural resource studies; <br />2 <br />