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b. transfer Feels. Thornton agrees to pay for all reasonable transfer fees, except <br />Seller's attorney's fees and costs, In order to transfer the ownership of the <br />Colorado Ag Shares to Thornton under this Agreement. In the event that the <br />Closing does not oocur for whatever reason. Thornton's obligations to Seller <br />under this paragraph 5 shall be null and vold. <br />8. 8eoresentelions and arrantles of Seller. Seller represents and warrants to <br />Thornton: <br />a, Frog and Clear Iflis to IM o o Sbares; Seller is the sole owner of <br />the Colorado Ag Shares and there are no outstanding deeds of trust liens, <br />taxes, assessments by the Company, options, assignments or other <br />encumbrances of any nature whatsoever that would encumber or otherwise <br />affect Seller's We to the Colorado Ag Shares. <br />b. Authorily Relative to this Agreement. Seller has the.authority to execute and <br />deliver this Agreement and to consummate the transactions contemplated <br />hereby. <br />7. Renresentalions and Warranties of Thornton. Thornton represents and warrants <br />to Seller that Thornton's execution and delivery of this Agreement and Thornton'e <br />consummation of the transactions contemplated hereby have been duly and <br />validly authorized by the City of Thornton and, I necessary, by the City Council of <br />the City of Thornton, and require no further action for valid authorization. <br />8. QgIng The consummation of the transactions contemplated by this Agreement <br />Including the delivery of documents and other actions set forth below ('the <br />Closing"), shall take place on or before thirty (30) days from the date this <br />Agreement is fully executed, at the City of Thornton Water Resources Division, <br />Infrastructure Maintenance Center, 12450 Washington Street, Thornton, Colorado <br />80241. <br />a, SpJka AAlons. At the Closing, Seller shall: <br />1) deliver to Thornton a properly executed warranty deed conveying the <br />Wafer Rights from Seller to Thornton in the form of Exhibit B, attached <br />hereto and incorporated herein by this reference. <br />2) deliver to Thornton the original stock certificate of the Company for <br />the Colorado Ag Shares duly endorsed for transfer from Seller to <br />Thornton in accordance with the Company's articles, bylaws and any <br />applicable agreements. <br />3) execute orders of transfer from Seller to the Secretary of the <br />Company requesting transfer of the Colorado Ag Shares from Seller <br />to Thornton In the form of exhibit C, attached hereto and Incorporated <br />herein by this reference. <br />b. 1hornton's Actions. At the Closing, Thornton shall deliver a fully executed <br />Water Lease In the form of Exhibit D, attached hereto and Incorporated <br />Page 3