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a <br /> 8. Purchaser shall bear all expenses of any water court <br /> proceedings, if any, necessary to obtain permission for Purchaser <br /> to make use of the water derived from the subject shares in <br /> Purchaser's municipal water utility system. Seller shall <br /> cooperate fully with Purchaser in any such proceedings and in the <br /> preparation for such proceedings. <br /> 9. Any notices required or permitted to be delivered <br /> hereunder shall be in writing and shall be deemed to be delivered <br /> when personally delivered to the parties hereto at the addresses <br /> hereafter stated or when deposited in the United States mail, <br /> postage prepaid, certified or registered mail, return receipt <br /> requested, addressed to the parties hereto stated; <br /> TO SELLER: TO PURCHASER: <br /> Charles D. Steele The City of Louisville <br /> 7980 Arapahoe 749 Main Street <br /> Boulder, CO 80303 Louisville, CO 80027 <br /> Notice of any change in the addresses to be used for notification <br /> hereunder shall be provided in the same manner. <br /> 10. Closing shall be held at 813 Main Street, Louisville, <br /> Colorado at a mutually agreeable time and shall be held no later <br /> than May 18, 1987. Conveyance shall be free and clear of all <br /> liens and encumbrances. by assignment of 2.0 shares to the <br /> Purchaser. Purchaser shall simultaneously therewith deliver to <br /> Seller Purchaser's check in the amount of NINE THOUSAND THREE <br /> HUNDRED DOLLARS ($9,300.00) . The remaining $18,600.00 shall be <br /> paid to Seller in two (2) equal annual principal installments dae <br /> on the anniversary date of the closing of this sale agreement <br /> which is . Interest shall be computed on the <br /> unpaid balance at the rate of 6.5% and shall be added to each <br /> annual principal payment. Purchaser has the right to prepay any <br /> amount at any time without penalty. <br /> -3- <br />