City Council Agenda and Packet 1987 03 03

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• 1 'rte SALE AGREEMENT THIS AGREEMENT made and entered into this day of , 1987, by and between EUGENE J. WAGNER and SHIRLEY A. WAGNER, parties of the first part (hereinafter referred to as "Sellers") and THE CITY OP 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 : WHEREAS, Sellers are the owners of 2.0 shares of the capital stock in the Marshall Lake Division of the Farmers Reservoir i Irrigation 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 of interest in the water rights priorities decreed in the name of said company; and WHEREAS, Sellers 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. Sellers agree 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 Marshall Lake Division of the Farmers Reservoir i Irrigation Company, said water right being represented by stock certificates nos. and 2. The purchase price shall be Seven Thousand Five Hundred Dollars ($7,500.00) per share for a total purchase price of Fifteen Thousand Dollars ($15,000.00) payable by Purchaser's check at closing. • 3. Sellers warrant that they have good and sufficient title to the subject water rights, have 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.