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by the parties. If Seller has not corrected such defects within <br /> said 120 days or the other time agreed to by the parties, the <br /> Purchasers, at their option, may complete the transaction <br /> notwithstanding the defects or may, upon notice to Seller in <br /> recordable form, declare this Agreement terminated, whereupon all <br /> payments made by Purchasers to Seller shall be returned to <br /> Purchasers, and both parties released herefrom. <br /> 13 . If any 'underground storage tank/s is/are located on the <br /> Property, Seller shall promptly notify Purchasers in writing of the <br /> existence ,of the underground storage tank/s. If any underground <br /> tank/s is/'are located on the Property, said tank/s shall be removed <br /> by Seller at Seller' s expense prior to the closing of the Parcels . <br /> If any underground tank/s are removed prior to closing •pursuant to <br /> this Paragraph, Seller shall provide at the time of closing of the <br /> Parcels an affidavit, subscribed and sworn to by a registered <br /> professional engineer licensed in t'he , State of Colorado and <br /> approved by the •Purchasers, stating that the Property meets all <br /> applicable federal, state and local laws, 'regulations, and <br /> standards ,'regarding such sites, including without limitation, the <br /> following standards: <br /> (a) No more than 75 parts per million total petroleum <br /> hydrocarbons in the soil using an analytical test/tests <br /> which are standard in the industry for the detection of <br /> ,specific compound mentioned herein. <br /> (b) No more than 10 parts per million total petroleum <br /> hydrocarbons in ground water, other than drinking water, <br /> sing an analytical test/s which are standard in the <br /> ;industry for the detection of the specific compound <br /> mentioned herein. <br /> (c) 'The BTEX (benzene, toluene, ethylbenzene and xylene) and <br /> the petroleum contaminants in the ground water shall not <br /> exceed the maximum contaminant levels for these <br /> components in the ground water as set forth by the state <br /> water quality provisions in effect at the time of the <br /> execution of this agreement. <br /> CONVEYANCE OF WATER RIGHTS <br /> 14 . Title to the Water Rights shall be merchantable in Seller <br /> at the time of closing, and upon Purchasers' compliance with <br /> the iterms of this Agreement, Seller shall deliver to <br /> Purchasers as co-tenants a properly executed and acknowledged <br /> general warranty deed conveying the Water Rights, free and <br /> BOWES PURCHASE AGREEMENT, <br /> DIVISION of LAND -14- <br />