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AGREEMENT FOR SALE OF WATER STOCK AND TEMPORARY USE OF WATER <br /> This Agreement is entered into this 1st day of August 2000 (theEffecti ve Date"),by and <br /> between the City of Redlands, (hereinafter "City") and S-P East Highlands, LLC, a California <br /> limited liability company (hereinafter "Company") <br /> RECITALS <br /> WHEREAS,Company owns six thousand five hundred seventy-nine(6,579)shares of capital <br /> stock in the Bear Valley Mutual Water Company("BVMWC"),hereinafter the("Shares"),which <br /> Company agrees to sell to City,and <br /> WHEREAS, City desires to purchase the Shares from Company for the sum of Nine <br /> Hundred Fifty-Three Thousand Nine Hundred Fifty-Five Dollars ($953,955 00) (the "Purchase <br /> Price"), and <br /> WHEREAS,immediately upon City' s purchase of the Shares,Company desires to obtain <br /> from City the right to temporary use of the water represented by the Shares(the"Stock Water',)for <br /> the purpose of irrigating Company' s property described on Exhibit "A" to this Agreement, <br /> NOW,THEREFORE,in consideration of the mutual promises contained herein,the parties <br /> agree as follows <br /> I Purchase and Sale of Shares Company shall sell the Shares to City for the sum of Nine <br /> Hundred Fifty-Three Thousand Nine Hundred Fifty-Five Dollars($953,955 00),and City shall pay <br /> such sum to Company concurrent with Company' s delivery to City of the stock certificate <br /> representing the Shares <br /> 2 Close of Sale Within ten(10)days after the Effective Date of this Agreement, Company <br /> shall cause the stock certificate representing the Shares to be delivered to City in exchange for <br /> City' s check made payable to Company in the amount of the Purchase Price <br /> 3 Temporary use of Stock Water <br /> A Concurrent with its delivery of the stock certificate representing the Shares,Company <br /> shall pay to City the sum of Six Thousand Five Hundred Seventy-Nme Dollars($6,579)for the right <br /> of temporary use of the Stock Water for a period of one(1)year from and after the Effective Date of <br /> this Agreement Company shall have options to acquire temporary use of the Stock Water for an <br /> additional two years, and may exercise each of those options by giving written notice to City by <br /> May 1,2001 and May 1,2002,respectively and by making payment to City in the amount of$6,579 <br /> for use of the Stock Water by August 1, 2061, and the same payment by August 1, 2002, <br /> respectively I <br /> B Company acknowledges and agrees that the Stock Water is not suitable for human <br /> consumption without proper treatment Company also acknowledges and agrees that the specific <br /> amount,quality,delivery rate and availability of the Stock Water is solely within the discretion of <br /> GVROJECTS CURRENMAST HIGHLANDS RANCHNSALES\WATER STOCK CITY OF REDLAINDS\SPRING PACIFIC WATER <br /> STOCK AGREEMENT WED I <br />