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_ - ■ <br /> . • <br /> Cottonwood Consolidated Ditch Company and three (3) shares of <br /> stock of the Erie Coal Creek Ditch and Reservoir Company. <br /> 2. The purchase price shall be ONE THOUSAND TWO HUNDRED <br /> FIFTY DOLLARS ($1,250.00) per share of Leyner Cottonwood <br /> Consolidated Ditch Company stock and THREE THOUSAND DOLLARS <br /> ($3,000.00) per share of Erie Coal Creek Ditch and Reservoir <br /> Company stock for a total of ONE HUNDRED FOUR THOUSAND DOLLARS <br /> (4104.000.00) . The parties shall hold a closing within thirty <br /> (30) days following execution of this agreement by the Buyer. At <br /> said closing, Buyer shall deliver to Sellers three checks �. <br /> totalling TWENTY THOUSAND EIGHT HUNDRED DOLLARS 4820,800.00) . <br /> payable as follows: Thomas C. Walley: $10,400.00; Mary Alice <br /> Billings: $5,200.00, and the Nary Alice Billings Trust: <br /> 65,200.00. Simultaneously, the Sellers shall deliver to Buyer a . <br /> properly executed stock transfer order directed to the L•yner <br /> Cottonwood Consolidated Ditch Company assigning said 76.0 shares <br /> to Buyer and a properly executed stock transfer order directed to <br /> the Erie Coal. Creek Ditch and Reservoir Company assigning said <br /> 3.0 shares to Buyer and any other documents required by said <br /> coapanys to transfer the subject shares and issue new stock <br /> certificates to Buyer. The ruaininq $83,200.00 shall be paid to <br /> Sollars in four (4) equal annual principal installments not later <br /> than the anniversary date of this agreement. Interest shall be <br /> computed on the unpaid balance at the rate of 7.5% and shall be <br /> added to each annual principal payment. Each annual installment <br /> shall be payable as follows: one-half (1/2) to Thomas C. Holley; <br /> one-quarter (1/4) to Mary Alice Billings: and one-quarter (1/4) <br /> to the Mary Alice Billings Trust. <br /> 3. Upon receipt of new stock certificates issued to the <br /> Buyer, the parties shall place the certificates, with the stock <br /> assignment forms executed in blank by the Buyer, in escrow with <br /> Stephen T. Williamson, Attorney at Law, P. O. Box 850, 813 Main <br /> Street, Louisville, CO 80027, escrow agent, or another escrow <br /> -2- <br />