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3.0 Representations of Transferor Transferor represents and warrants that it has the legal authority to transfer the Trust Portion of the Permit and enter into this Contract. Transferor also represents and warrants that it has good and clear legal title to the Trust Portion of the Permit, free and clear of liens or other encumbrances, and no challenges have been made or threatened by third parties to Transferor's claimed ownership of or rights in the Trust Portion of the Permit. 4.0 Permit Transfer; and Term (a) Transferor agrees to, and does hereby transfer a total of 300 AF /yr of the Transferor's Permitted Edwards Groundwater Rights to the Groundwater Trust, and the EAA agrees to, and does hereby accept the transfer of that portion of the Permit, in trust, under the terms and conditions of this Contract. Any untransferred portion of the Permit is not affected in any manner by the terms or conditions of this Contract. (b) The Trust Portion of the Permit shall remain in the Groundwater Trust during the term of this Contract as provided in Section 2.0, except as may have been released pursuant to Section 9.0. 5.0 Purpose of Transfer The purpose of the transfer made pursuant to this Contract is to implement the initial commitment to the Conservation Program as described in the Recitals above. 6.0 Consideration The consideration for the transfer of the Trust Portion of the Permit into the Groundwater Trust shall be the long term benefit to the Aquifer and Comal Springs and San Marcos Springs achieved by the Conservation Program and Transferor's participation therein, which consideration is accepted as adequate by Transferor and the EAA. 7.0 Rights and Obligations of Transferor Upon transfer of the Trust Portion of the Permit into the Groundwater Trust, Transferor shall have the following rights, restrictions, duties, and obligations: (a) Transferor shall have no right to withdraw the Trust Portion of the Permit. (b) Transferor shall not undertake any action which could lead to the invalidation of the Trust Portion of the Permit and Transferor shall immediately notify the EAA if Transferor learns of any facts or circumstances suggesting that the Trust Portion of the Permit could be called into question. (c) Transferor may not, voluntarily or involuntarily, anticipate, sell, pledge, encumber, license, lease, transfer, assign, convey, give, devise, bequeath, or otherwise dispose of, either