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attached hereto and incorporated by reference herein and depicted on Exhibit A ( "Access <br />Strip "). <br />F. The Option Parcels, SE Remnant Parcel and Access Strip, in addition to other real <br />property owned by Flatiron (collectively known as the "Greeley West Pit "), are subject to <br />that certain Sand and Gravel Mining Lease dated May 26, 1989 and recorded May 30, <br />1989 in Book 1233 at Reception No. 2181052 of the records of the Weld County Clerk <br />and Recorder, and as amended ( "Sand and Gravel Mining Lease "), between Cottonwood <br />Land and Farms, Ltd. and Double SM Farms, LLC as "Owner" and Lafarge West, Inc. as <br />"Lessee" ( "Lafarge "). The term of the Sand and Gravel Mining Lease is set to expire on <br />January 31, 2012 for that portion of the Greeley West Pit located south of the Cache la <br />Poudre River, and on January 31, 2015 for that portion of the Greeley West Pit located <br />north of the Cache la Poudre River. <br />G. Following exercise of the options, Greeley plans to have the remaining sand and gravel <br />materials mined on Parcel B and certain construction and reclamation activities <br />performed on the Option Parcels, SE Remnant Parcel and Access Strip. <br />H. Greeley is willing to acquire and Flatiron is willing to convey a portion of Flatiron's land <br />for Greeley's use in connection with the Project on the terms and conditions outlined <br />herein. <br />NOW, THEREFORE, in consideration of the promises and mutual covenants and <br />agreements set forth herein, Greeley and Flatiron agree as follows: <br />1.1 <br />AGREEMENT <br />SECTION 1 <br />PURCHASE OF OPTION PARCELS <br />Pursuant to Section 6 of the Original Contract and the terms and conditions set forth in <br />this Agreement, Flatiron agrees to sell and Greeley agrees to purchase the Option Parcels, <br />as more particularly described in the Original Contract and depicted on Exhibit A. <br />1.2 As part of the consideration for its purchase of the Option Parcels, Greeley will pay <br />Min ( "Deposit ") to Flatiron within 10 days of execution of this Agreement, which <br />Deposit shall be held by Unified Title Company, whose address is 3690 West 10 Street, <br />2' Floor, Greeley, Colorado 80634 ( "Title Company "), in an interest bearing account, as <br />an earnest money deposit and part payment of the purchase price. <br />2 <br />