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<br />OPTION TO PURCHASE <br />1. For and in consideration of the payment of $4,760.00, receipt of which is <br />hereby acknowledged, the undersigned, being the owner of 104 shares of the Foantain <br />Mutual Irrigation Co., hereby gives and grants to Transit Mix Concrete Co. of Colorado <br />Springs, Colorado, the right to purchase said shares at a price of $800.00 per share for <br />56 shares and $1,050.00 per share for 48 shares for a total price of $95,200.00 for a <br />period of one (1) year, which shall expire December 30, 1979. <br />2. Transit Mix Concrete Co. may exercise this option to purchase within the <br />option period by written notice to Mr. Dick Winter, c/o Louis Johnson, 501 Mining <br />Exchange Building, Colorado Springs, Colorado, 80903. The option money herein <br />receipted for shall apply on the total purchase price at the closing on or before <br />thirty (30) days after the notice to exercise the option, the purchase price shall be <br />paid as follows: a total of 29% upon exercise of option on or before "December 30, <br />1979, one-half of balance on the 30th of January of the next year, with the remaining <br />balance on the 30th of January of the second year. All of said payments without <br />interest. The deferred balance shall be represented by a promissory note. <br />3. Dick Winters hereby covenants and agrees to deposit said shares with <br />Louis Johnson at 501 Mining Exchange Building, Colorado Springs, Colorado, 80903, <br />to be held during the option period and covenants and agrees that he will not sell, <br />assign or dispose of the same during said option period. The same shall be delivered <br />with blank stock powers to enable the transfer on exercise of said option. <br />4. Transit Mix Concrete Co., shall pay any assessments levied on said stock <br />for the year 1979. <br />Signed and delivered this day of January, 1979. <br />V <br />Dick Winters <br />Thelma Winters <br />s