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AGREEMENTOFSALEThisAgreementmadethis16
th
dayofJuly,2012,byandbetweenTheTownofMiddlefield("TOM"),asSeller,aConnecticutmunicipalcorporationwithitsofficesat393JacksonHillRoad,Middlefield,Connecticut06455;andPowderRidgeMountainPark
&
Resort,LLC("POWDERRIDGE"),asBuyer,aConnecticutlimitedliabilitycompanywithabusinessaddressof161BrownstoneAvenue,Portland,Connecticut06480.RECITALS:WHEREAS,TOMistheownerofacertainrealproperty,improvements,andincludedpersonalproperty,collectivelyknownas"PowderRidgeSkiArea"("PRSA");andWHEREAS,POWDERRIDGEwishestoacquireandreopenPRSAusingtheresourcesandexpertiseofitsmembersinoperatingamulti-activitysportsparkinPortland,Connecticut;andWHEREAS,thepartiesarepreparedtoenterintoanagreementforthepurchaseandsaleofPRSA,subjecttocertaintermsandconditions.WITNESSETH:NOW,THEREFORE,forvaluableconsiderationreceived,TOMandPOWDERRIDGEdoagreeasfollows:1.Property:TOMagreestosell,andPOWDERRIDGEagreestopurchase,therealpropertyandimprovementscomprisingallofPRSA,includingfive(5)parcelsoflandwithfixturesandvariousimprovementslyinginthetownsofMiddlefield,Meriden,andWallingford,Connecticutandcommonlyknownas:99PowderHillRoad,Middlefield,exceptfora19.8acre+/-parcel(the'InteriorLot")withfrontageonPowderHillRoadandfurtherboundedanddescribedasshownonExhibitA-I.TOMwhenconveying99PowderHillRoadwillreserveaneasementtopassandrepassfromtheInteriorLottoPowderHillRoadbyfootandvehicleoverthepaveddrivethatleadsfromPowderHillRoadtotheskiareabuildings.598HighHillRoadRR;Meriden552HighHillRoad,Meriden371FlemingRoadRR,Meriden
 
352HighHillRoad,WallingfordLegaldescriptionsofallpropertiesareincludedinExhibitA,togetherwithalistingofallincludedandcurrently-existingappurtenantrights.TOMfurtheragreestogranttoPOWDERRIDGEarightoffirstrefusaltobuytheInteriorLotonthesamepriceandtermsasanythirdpartywrittenofferacceptabletoTOMforthepurchaseoftheInteriorLot.POWDERJUDGEwillhavethirty(30)daystoexerciseinwritingitsrightsundertherightoffirstrefusal.Thethirtydayexerciseperiodwillbeginrunningontheearlierof(1)POWDERRIDGE'Sreceiptofwrittennoticeofthethirdpartyofferor(2)thefourthbusinessdayafterTOMsendsPOWDERRIDGEnoticeofthethirdpartyofferbyUnitedStatesmailorexpresscourier.IfPOWDERRIDGEexercisesitsrightoffirstrefusal,itwillhavethirty(30)daysfromtownmeetingapprovalofthesaletopurchasetheInteriorLot,afterwhichTOMwillbefreetoselltheInteriorLottothethirdpartypurchaser.POWDERRIDGE'SrightoffirstrefusalwillendimmediatelyuponTOM'SsaleoftheInteriorLottoathirdpartypurchaser.TOMalsoagreestosell,andPOWDERRIDGEagreestopurchase,allfixturesandlorpersonalpropertycurrentlysituatedatPRSAand/orusedintheoperationoftheskiarea,includingallsnowmakingequipment,utilityequipment,lifts,piping,diversionpermits,otherpermitsandintangiblerights,allaslistedinExhibitB.Collectively,allpropertydescribedinthissectionshallbeknownas"theProperty."TOMherebywarrantsandrepresentsthatithasfeetitleownershipwithoutanylien,encumbranceorclaiminregardstothePropertysetforthinExhibitB.2.PurchasePrice:Thepurchaseprice("PurchasePrice")forthePropertyshallbe$700,000.ThePurchasePriceshallbepayableasfollows:a.Thesumof$25,000uponcompleteexecutionofthisAgreement,asadeposit,bycheckpayabletoDzialo,PickettandAllen,P.c.,astrustee,andtobeheldinescrowbyDzialo,PickettandAllen,P.C.,asescrowagent,untilclosing(atwhichtimeitshallbeappliedtothesalesprice),oruntiltheoccurrenceofaconditionlistedinSection3requiringitsretumtoPOWDERRIDGE.TOMacknowledgesreceiptofthissum.b.Thesumof$75,000inimmediately-availablefundsatclosing.c.Thetotalsumof$600,000payableininstallmentsof$100,000peryearforsix(6)years,withoutinterest,dueonorbeforeeachanniversaryofclosing,andpursuanttothedebtinstrumentattachedasExhibitCandsecuredbythe2
 
mortgagedeedattachedasExhibitD.POWDERRIDGEshallhave{herighttoprepaythisobligation,inwholeorinpart,atanytime,withoutpenalty.3.Deposit:Thedepositshallbenon-refundabletoPOWDERRIDGE,exceptthatthedepositshallberefundedtoPOWDERRIDGE,uponwrittendemandofPOWDERRIDGE,uponoccurrenceofanyofthefollowingconditions:a.DefaultunderthisAgreementbyTOM.b.POWDERRIDGE'SvalidexerciseofitsrighttocancelthisAgreementpursuanttoSection7.c.TOM'svalidexerciseofitsrighttocancelthisAgreementpursuanttoSection9.a.d.TheMiddlefieldTownMeeting'sfailurepursuanttoSection12toapprovethetransactioncontemplatedbythisAgreement.4.TOM'sObligationRegardingUtilityEasements,DiversionPermit,andWetlandsPermits:a.UtilityEasements.Atorbeforeclosing,TOMshallobtaintransferanyexistingutilityeasementsunderitscontrolthatpertaintoPRSAandMoutainPark'sabilitytooperatePRSAascontemplatedhereunderatthetimeofclosing..TOMshallalsogranttoPOWDERRIDGEsuchfurthereasementsoverotherTOMpropertyasPOWDERRIDGEmayneedtomakeuseoftheexistingeasements.a.l.TOMatorbeforeclosingwillgranttoPOWDERRIDGEeasementsoverthefollowingTOMpropertiesforthepurposeoftransportingwaterfromLakeBesecktoPRSA:1.EasementsoverKingRoadandPowderHillRoad--RouteOne(the"TownRoadRoute")2.Easementsovertheparcelsshownaslots22and24onMiddlefieldAssessor'sMap13,andovertheInteriorLotdescribedinSection1-RouteTwo(the"MicciullaRoute"becausethewaterlinewillrunthroughthirdpartypropertyshownaslot21onMiddlefieldAssessor'sMap13).AspartofgrantingtheeasementsforRouteTwo,TOMwilltakewhateverstepsmaybenecessarytoassigntoPOWDERRIDGETOM'Srightsinaneasementfrom3
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