Leasing of Water Rights Sample Clauses

Leasing of Water Rights. Commencing on the date three (3) years following the Closing, if Buyer intends to sell or lease water from the Water Rights to a third party for irrigation, Buyer will notify Seller of Buyer's intent to sell or lease the water and the agreed upon rate for such water ("Buyer's Notice"), and Buyer agrees to provide Seller with the first right of refusal to purchase or lease water annually from Buyer at the rate for such irrigation water set forth in Buyer's Notice. Seller will have thirty (30) days from the date of Buyer’s Notice within which to make a binding election to purchase or lease that water at the rate specified in Buyer's Notice. If Seller fails to notify Buyer of Seller's binding agreement to buy or lease that water at the rate set forth in Buyer's Notice, then Buyer shall be free to sell or lease the water to that third party on substantially the same terms as set forth in Buyer's Notice. If Buyer does not conclude the transaction set forth in Buyer's Notice within six (6) months from the date of Buyer's Notice, then this procedure and the offer and notice required to be given to Seller shall be repeated.
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Related to Leasing of Water Rights

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