2011-03-30_REVISION - M1977493 ‎(13)‎

• Permit No: M1977493
• IBM Index Class Name: REVISION
• Doc Date: 3/30/2011
• Doc Name: Reservoir Purchase Agreement
• From: Clinton Ditch & Reservoir Company
• To: DRMS
• Type & Sequence: AM6
• Media Type: D
• Archive: No

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Company of the Denver Agreement; and (2) the performance of all
contingencies contained in the Denver Agreement. The Company
shall provide Climax with a copy of the final version of the
Denver Agreement negotiated with Denver prior to the execution
thereof by Denver. Upon receipt of such copy, Climax shall
have five days to indicate in writing its acceptance or
rejection of the Denver Agreement. Any notice of rejection
shall give reasonable details of the basis for objection. If
Climax fails to provide the Company with notice of acceptance
or rejection within the time period provided, Climax shall be
deemed 'to have accepted the Denver Agreement. If the Denver
Agreement is deemed acceptable to Climax pursuant to the terms
of this Agreement, Climax shall not challenge or otherwise
oppose any aspect of the Denver Agreement.
14. Closing. (a) The Closing shall occur within 15
days following the satisfaction of the conditions precedent set
forth in Section 13 above at the the offices of Summit County,
208 East Lincoln Avenue, Breckenridge, Colorado, and at such
time as the parties shall mutually agree; provided, however, in
the event the Denver Agreement has not been executed by the
shareholders of the Company on or before August 14, 1992, then
the purchase price shall increase at the rate of 1/2 of one
percent per month from that date until Closing. In the event
that the conditions precedent set forth in Section 13 are not
satisfied on or before September 18, 1992, then this Agreement
shall be deemed void and of no further force and effect.
(b) At the Closing, Climax shall execute or
obtain and deliver the following:
(1) A general warranty deed, in the form
attached hereto as Exhibit C, conveying to the Company the Land
and Water Rights;
(2) A bill of sale, in the form attached
hereto as Exhibit D, conveying to the Company the Personalty;
(3) An easement deed, in the form attached
hereto as Exhibit N, conveying to the Company certain easements
across property of Climax;
(4) An Escrow Agreement in the form
attached hereto as Exhibit H;
(5) A Request for Release of Deed of Trust,
sufficient to release the Deed of Trust, to be placed in escrow
with the Escrow Agent; •