City Council Agenda and Packet 1980 05 06

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SALE AGREEMENT THIS AGREEMENT, made and entered into this day of April, 1980, by and between EUGENE D. BARNETT, party of the first part, hereinafter referred to as "Seller", and the CITY OF LOUISVILLE, party of the second part, a Colorado municipal corporation, herein- after referred to as "Purchaser", W I T N E S S E T H: WHEREAS, the Seller until recently owned one and one-half (1.5) shares of stock in the Marshall Lake Division of the Farmers Reservoir and Irrigation Company, represented by Certificate No. 3465, dated February 28, 1955; and WHEREAS, by Contract dated March 4, 1980, Seller sold to Purchaser one-half share of said stock and granted to Purchaser an exclusive option to purchase the remaining one share on the terms set forth in said Contract; and WHEREAS, the Seller now desires to sell said one share of stock to Purchaser at this time and Purchaser desires to purchase said share, provided the water rights can be approved for transfer to Purchaser as set forth below; NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter contained, the parties hereto agree as follows: 1. The Seller agrees to sell and the Purchaser agrees to purchase, free and clear of liens, taxes, assessments, and encumbrances and subject to the conditions hereinafter set forth, one share of stock in the Marshall Lake Division of the Farmers Reservoir and Irrigation Company, a mutual ditch company organized under the laws of the State of Colorado, said water right being represented by Certificate No. 3465, dated February 28, 1955. 2. The purchase price shall be Four Thousand Dollars ($4,000.00) payable by check drawn by Purchaser and payable to Seller, said check to be delivered upon Seller's execution of a stock transfer order and surrender of the existing stock certi- ficate within ten (10) days following execution of this agreement by both parties. 4171/ 11R!