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<br />4 Sellers desire to sell one hundred percent (100%) of all ownership, including all <br /> <br />Interests In real and personal property and all utllrty easements, held In the Utility and <br /> <br />convey all of these Interests to the City completely terminating all of their ownership <br /> <br />Interests In the UtIlity The City deSires to purchase all of the ownership Interests In the <br /> <br />Utllrty In order to Incorporate the Utility Into Its municipal water system <br /> <br />5 With In twenty (20) days of the entry Into this agreement the CIty Will file wIth TCEO <br /> <br />Its petitton to request approval of the City's purct18se of one hundred percent (1 Oo%j of <br /> <br />the Utility and transfer of the utility CCN to the CIty ConsummatIon of this purchase <br /> <br />agreement IS dependant upon approval of the sale by TCEO <br /> <br />6 Within twenty (20) days of approval of the transfer by TCEO, the City '11111 file With the <br /> <br />EM the documents necessary to have Edwards AqUifer Pern11t No HA00229, and any <br /> <br />associated rights, transferred to the City <br /> <br />The Utility and the City have reached an agreement under the terms and <br /> <br />conditions set forth below by which the Sellers Will convey to the City one hundred <br /> <br />percent (100%) Interest In the Utility including all real and personal property owned by <br />the Utility <br />THEREFORE. In conSideration of the premises set forth above, and the mutual <br /> <br />conditions, covenants, promises and terms set forth below the Utility and the City <br /> <br />agree as follows <br /> <br />1 Property conveyed by sellers. <br />Sellers shall transfer and convey to the City all of Sellers' Interest In the Utility <br /> <br />ThiS transfer shall effectually and effectively convey one hundred percent (100%) <br /> <br />ownership and control of all of the UtIlity'S assets, including all utility easements listed <br /> <br />Page 2 of 12 <br /> <br />I <br /> <br />I <br /> <br />I <br />