City Council Agenda and Packet 1987 04 07

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SALE AGREEMENT TY`HIS AGREEMENT made and entered into this day of _ ,, 1987, by and between CHARLES D. STEELE, party of the first part (hereinafter referred to as "Seller") and THE CITY OF LOUISVILLE, a Colorado municipal corporation, party of the second part (hereinafter referred to as "Purchaser") , W I T N E S S E T H t WHEREAS, Seller is the owner of 2.0 shares of stock in the Marshaliville Ditch Company, a mutual ditch company organized under the laws of the State of Colorado; and WHEREAS, each of the shares outstanding in the company represents a proportionate interest in the water rights priori- ties decreed in the name of said companY' and WHEREAS, Seller desire to sell said 2. 0 shares; and WHEREAS, Purchaser desires to purchase said 2.0 shares for the purpose of using the water derived therefrom in its municipal water utility system, NOW, THEREFORE, in consideration of the mutual promises hereinafter contained, the parties hereto agree as follows: 1 . Seller agrees to sell and Purchaser agrees to purchase, free and clear of liens, taxes, assessments and encumbrances and subject to the conditions hereinafter set forth, 2.0 shares of stock in the Marshallville Ditch Company, said water right being represented by stock certificate no.335. 2. The purchase price shall be THIRTEEN THOUSAND NINE HUNDRED FIFTY DOLLARS ($13,950.00) per share for a total purchase price of TWENTY-SEVEN THOUSAND NINE HUNDRED DOLLARS ($27,900.00) . 3. Seller warrants that it has good and sufficient title to the subject water rights, and the right and privilege to sell the same, that there are no liens against the subject water rights, and that all current assessments are paid.