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D. Within thirty (30) days after Centennial's receipt of the <br />title evidence and historic use evidence provided for in <br />paragraph 3.C above, Centennial shall give Cooley <br />written notice as t� whether title to the shares and <br />evidence of historic use of the water are acceptable to <br />Centennial. The not.:--e shall specify any title defects, <br />and Cooley shall use reasonable efforts to correct any <br />title defects prior -:) date of closing. <br />E. If Cooley is unable to provide historic use evidence <br />satisfactory to Cente .vial or to correct any title defect <br />in a manner acceptar .e to Centennial on or before the <br />date of closing, thi. agreement shall be void and of no <br />effect, whereupon ez.. party hereto shall be released <br />from all obligations hereunder, and all things of value <br />received hereunder :..)y Cooley shall be returned to <br />Centennial; provided however, that Centennial may waive <br />any title defect or ay defect in historic use evidence <br />by written notice c�Aivered to Cooley on or before <br />closing. <br />F. Closing shall be held - .n February 10, 1997 <br />at 10:00 a.m. <br />at the offices different to a and time for closing. <br />parties mutually <br />agree to <br />G. Centennial's agreement to: lease augmentation water' <br />described above in paragraph 3.B. shall not be effective <br />until Cooley's Nevada )itch shares have been transferred <br />to Centennial's name -)n the books of the Nevad de Ditc <br />molding Company. c-)oley agrees to coop <br />Centennial in arrang- for the transfer of said stock <br />certificates to Centennial's name. <br />H. Time is of the essence hereof. If. any obligation or <br />condition hereunder - not performed or satisfied as <br />herein provided, ther: shall be the following remedies: <br />(1) If Cooley is in default: <br />(a) Centennial may elect to treat this agreement <br />as *terminated, in which case any things of <br />value recei .,red hereunder by Cooley shall be <br />returned to Centennial; or <br />(b) Centennial may elect to treat this a g r eeme n t <br />as as being in full or <br />Centennial shall have the right to an action <br />for specific performance. <br />3 <br />