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PURCHASE AND SALE CONTRACT
<br />This Purchase and Sale Contract ( "Agreement ") is made and entered into as of this la TM
<br />day of SEPtfnvW, 2011, by and between the City of Greeley, a Colorado municipal
<br />corporation, acting by and through its Water and Sewer Board, whose address is c/o Greeley
<br />Water and Sewer Department, 1100 10 Street, Greeley, Colorado 80631 ( "Greeley ") and
<br />Double SM Farms LLC, a Colorado limited liability company, and Cottonwood Land and Farms,
<br />LLC, a Colorado limited liability company (as successor to Flatiron Sand and Gravel Company),
<br />whose addresses are P.O. Box 229, Boulder, Colorado 80306 (collectively "Flatiron ").
<br />RECITALS
<br />A. Greeley is developing a system of water reservoirs in the lower Cache la Poudre River to
<br />divert, store, and release water for augmentation, irrigation, and other purposes
<br />( "Project ").
<br />B. Greeley owns real property adjacent to the Cache la Poudre River in Section 36,
<br />Township 6 North, Range 66 West, 6th P.M., Weld County, Colorado, as more
<br />particularly described in that certain deed recorded November 8, 2001 at Reception No.
<br />2899270 in the records of the Weld County Clerk and Recorder and depicted on Exhibit
<br />A, attached hereto and incorporated by reference herein ( "Poudre Ponds Parcel "). As
<br />part of the Project, Greeley constructed and operates a lined water storage reservoir on
<br />the Poudre Ponds Parcel.
<br />C. Greeley purchased the Poudre Ponds Parcel from Flatiron pursuant to a Purchase and
<br />Sale Contract dated October 12, 2000 and Amendment to the Contract dated August 22,
<br />2001 ( "Original Contract "). In addition, Greeley acquired two separate options to
<br />purchase additional real property from Flatiron, upon various terms and conditions, under
<br />the Original Contract.
<br />D. Greeley desires to exercise the two separate options to purchase additional real property
<br />from Flatiron also located in Section 36, Township 6 North, Range 66 West, 6 P.M.,
<br />Weld County, Colorado, as more particularly described in Exhibits B and C to the
<br />Original Contract, attached hereto and incorporated by reference herein, and depicted on
<br />Exhibit A as Parcels B and C, respectively (collectively, "Option Parcels ").
<br />E. In connection with the Project, Greeley also desires to acquire from Flatiron additional
<br />real property adjacent to the Option Parcels and the Poudre Ponds Parcel, as more
<br />particularly described in Exhibit D -1 attached hereto and incorporated by reference
<br />herein and depicted on Exhibit A ( "SE Remnant Parcel "). In addition to the SE Remnant
<br />Parcel and also in connection with the Project, Greeley desires to acquire from Flatiron a
<br />strip of real property across Parcel E, as more particularly described in Exhibit D -2
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