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503635 b-607 P-553 04128193 13:4+M000OJ_4 4 OF 99 <br /> • <br />Section Page <br />3.8 Enlargement Option ................................... 21 <br /> (a) Grant and General Terms ......................... 21 <br /> (b) Term ........................................... 21 <br /> (c) Increments ....................................... 21 <br /> (d) Increment Waiver.......... ...................... 21 <br /> (e) CPI Adjustment... .......... .................. 21 <br /> (f) Election to Exercise and Closing ................ 22 <br />3.9 EPR Reservoir Construction & Company Formation <br /> Expenses ........................................... 22 <br /> (a) 5-Year Warranty Period .......................... 22 <br /> (b) Construction, OM&R of Eagle Park Reservoir...... 22 <br /> (c) EPR Water Facilities ............................ 22, <br /> (d) Share Registration ............................... 23 :-i <br /> (e) Permits ......................................... 23 ?. <br />ARTICL E 4: General Provisions .............................. 23 <br />4.1 . .Indemnification ...................................... 23 <br /> (a) Permit Breach ................................... 23 <br /> (b) Environmental ................................... 23 • <br />4.2 Representations and Warranties of Climax ............. 24 <br />4.3 Representations and Warranties-of VA ................. 25 <br />4.4 Covenants of Climax .................................. 25 <br />4.5 Covenants of VA ...................................... 26 <br />4.6 Due Diligence ......................................... 27 <br />(a) Evidence of Title ............................... 27 <br />(b) Inspection.... ............................... 28 <br />(c) Unacceptable Title .............................. 28 <br />4.7 Conditions Precedent to Closing ...................... 28 <br />4.8 Closing .............................................. 29 <br />4.9 Arbitration .......................................... 30 <br />4.10 Default; Remedies .................................... 30 <br />PKPD:bm8 <br />- iii - <br />C,