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purchase, and the City agrees to sell, on the terms and conditions <br />set forth in this Agreement, an undivided one-half interest in the <br />Property, as described on Exhibit A. The sale of the Property <br />shall include, and the County shall receive as part of its <br />purchase, an undivided one-half interest in the development rights <br />associated with the Property. The development rights may be sold <br />and/or transferred off the Property only upon written agreement of <br />both parties. The City and County shall share equally in the <br />proceeds of any sale and transfer of the development rights <br />associated with the Property. <br /> <br /> 2. Purchase Price. The purchase price for the undivided <br />one-half interest in the Property shall be THREE HUNDRED AND <br />NINETY-FIVE THOUSAND NINE HUNDRED AND FIFTY DOLLARS ($395,950.00). <br />The purchase price shall be payable in cash or certified funds, a <br />County check or County warrant, at closing. The Earnest Money <br />shall be applied to the Purchase Price. <br /> <br /> 3. Conservation Easements. At closing, the City and County <br />shall exchange Deeds of Conservation Easement in Gross, each over <br />their respective undivided one-half interest in the Property, for <br />the purposes of preserving and protecting for scenic, open space, <br />agricultural, passive recreational and environmental uses, the <br />natural condition and aesthetic and ecological features of the <br />Property. The Deed of Conservation Easement in Gross shall be in <br />the form set forth in Exhibit B, attached hereto and incorporated <br />herein by this reference. <br /> <br /> 4. No Assignment. City shall not assign its rights and <br />obligations hereunder without County's prior written consent. <br />County shall not assign its rights and obligations hereunder <br />without City's prior written consent. <br /> <br /> 5. Title Commitment. Within 21 days of the City's execution <br />of this Agreement, City shall furnish to County at City's expense <br />a current ALTA Form title insurance commitment on the Property, to <br />insure County's ownership of an undivided one-half interest in the <br />Property, in the amount of the purchase price (the "Title <br />Commitment"). The Title Commitment shall be issued by a title <br />insurance company which maintains an office in Boulder County and <br />which is authorized to do business in the State of Colorado. The <br />title insurance commitment shall be on a form acceptable to County <br />and shall include copies of all documents identified in the <br />schedule of exceptions. City shall have a title insurance policy <br /> <br /> <br />