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s~ithia 15 day~ a?fter tho mailiug o! such aotiee, any Owa~s
dccirisiq to purcha~e any p.~zt or all og said acres shall
delivc~r ta~ Operator a Written oloc~ion to p~+rcbaso eaid
acrob or a apocifiad aurabcar tharoaf. 2f tl~a total of the
acreg apecigied ia such elQCtioa exc~ee8e tha ~umbc~r of
acres to be tranafesycad, each O~anes shall 2w?ve a priority, np
to the nu:abms o~ ~?ero~ apacitied iu ~is notice ot election
to parcha~o, to auch pr~port3on oP ths nu~aber of acraa ta?
be tr~nofers~et~! As tho tofissl au-abar of ecres -which he~ holde
~ t3:a Grovo beara to tho total nt~ar o~ acrea ia tho Grovs
held by all ow~aoss elactfng to pv~ccht~s~s. As soon as the .
fiqvres ca.1 be ~4o"~c~aincd, Cpe~rator ahall notify osch Owner .
og tho nnr.~r of ac~ces as t»o which his elnctfon ~ras eZfective
and such owner ehall pay to Oparator. `rithin 10 daye thorcof,
the s~ount of cash a~cosaary to pnrchaee aaid acrca nr:l
exccute any nocer~eary doc~~ntri, iaelnding Pro~ic~ory Y~a~es
azid ~b1~tq~gea. t.`O D~C11te3 th8 b32t1ACe Of thls pL•~Ch3ao pr1Ce~
if uny= shauld any Owrio~c not ~a3se paymcn~ and/or ~~fecfi
e.-sacntion og inatra~ents vifi.23in s~afd 10 ~ay pe~:io3, t::3a ~
h3s option ~aall 1$pse ~nd.tes~in~2e a~u3 Op~rator shaZl,
withiA t~3 ac3xt 8ucce~linq ld days. infor.~ the re~ain~ng
elactinq Own~rs th~ceoF and ad~iaistor the lapsc3 option
for thcix pro--rata bene~it, proYfde~l each such own~..r exer-
cisea euc3i additional ~gtion and ~sakea pay~At and ~x~cutes
all nece~sary inatrumenfi.n «i~hi.n eaid aa3itfonal 10 a:y period
or withirt any extende8 ti~ that Cpora~nr may dcsiynai:o.
Aa to odd or non-contiquoua ~ots or b2ocks,
Oporator will detersaine th~ portions amonq tho partiea by
lottory ar arbitration, nr_cl it~ deteraination ia thib regard ~
ahall bo~ ~inal and ooncluaivo. ~ .
If s~i.d optiaa i$ not excrcis~d in full by the
r~sisiing Oe~~~ra within zai3 1~ i:~~,~ p~ric3, tho O~z::~.~r
8ha11 h~ve the option to ~c2~s~3 ~aid ~cres for its c~~a
accouat or t2~o r~indcr af th~::, as tho caac~ rsay bo, at the
pric~ and on the ter~a agcci~iccl ~.n ragd notico. I~ tho
Owaara a~/or ttie OpQrator tt?3.1 ~+~.thin said 60 d~y p~r3o3
~ to purc;:a~^s ~11 of sucl~ acr~a ~~~i~ie~ in 4~.t:e f3.r~t r.~tiro
~ reforr~3 to hereia~ thon th~ o~~a~iag Gwrier shall ha•~3 tha
~ right to tra.~a£~er Euca acr~3 at a.~y tialo within 6 m~ont.ha fraea
# tha da~s og suc2i no~ice to t~s p3raon an8 at thc prxcs and - ~
upon t,.ha ~erma sp~cificd ther~in, aad auch pQraon shall
racaive az~d hold Baid acros eubject to all of the ter~es of ~
tbi.s agreeaaent aa aa O~nor. ~
. Each notic2 and alection h~reunder ~haYi bo
in wri~ing asat b~ reqfstese3 cail. ~
Iaatwithstanding any o! the foregoiaq ~soviaf.ons
o~ this F~uc~grapb 11, osc,'~ Ow:~rr ehall havo ti~e full a:~8
L~3e righ~ to bortaw u~.~n the e~cu~city oi hiB acroa, and
M:~y hypa~hacate or mo~~g~ his acros aa seeurity for any -
c~liga~ion, withaut the cczsc3n~ oF any of the other owaers. ;
~ne Ovrner shall prior to w~y hypoth~cation inform and givs ~
n~tic3 to the eQCUrity ho3dor +o~ the ~i.thiu rianage~~ut aAd
Opc~catinq Agtee:ac~At. - `
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. a BOOK~V1, PAGE 2Q4
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