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r <br /> The right of possession shall include, but not be limited to the right of the <br /> Purchaser to extract and process gravel. Purchaser agrees that it shall be <br /> solely liable for any and all damages and shall hold the Seller harmless from <br /> any and all damages that may occur or be caused on the Property after the <br /> Purchaser enters upon, occupies or takes possession of the Property hereunder. <br /> Purchaser shall not encumber the Property or any interest therein pending <br /> closing hereunder. <br /> 4. Closing. Closing shall be held at Seller's office, Suite 208, <br /> First Bank of Eagle County Building, Eagle, Colorado. Closing shall be held at <br /> 1:00 P. M. on May 31, 1978, except that closing shall be delayed for one day <br /> for each day of delay after May 20, 1978 that Seller delays in providing to <br /> Buyer a survey as required in paragraph 5 below, and or a title commitment as <br /> required in paragraph 6 below, except that said delay may not exceed thirty <br /> days; and except that closing may be held at any earlier date and at any <br /> other convenient place by agreement of the parties. <br /> At the closing: <br /> (a) Purchaser shall pay to Seller the balance of the <br /> purchase price in the sum of $63,000. <br /> (b) Seller shall convey merchantable title by delivering <br /> to Purchaser a good and sufficient general warranty deed, with and <br /> subject to easements and covenants contemplated by this contract. <br /> 5. Survey. Seller, at Seller's expense, shall provide Purchaser, <br /> not less than ten days prior to closing, a survey of the Property by Johnson 6 <br /> Kunkel Land Surveying Company. The Property description resulting from the <br /> survey shall be used in conveyance of the Property in lieu of the surveyable <br /> description contained in Exhibit A. <br /> 6. Title Commitment. Seller shall, at Seller's expense, deliver to <br /> Purchaser, not less than ten days prior to closing, a title insurance <br /> commitment issued by a company of Seller's choice and acceptable to Purchaser, <br /> in the amount of the purchase price. Said title commitment shall also insure <br /> title to sand and gravel or, alternatively, Seller shall warrant title to sand <br /> and gravel. <br /> -2- <br />