OPTIONTOPURCHASE
TotheCommonwealthofMassachusetts:I.Thisthe3Dfl..dayofJuly,2002,MT.TOMSKIAREA,INC.,aMassachusettscorporationwithabusinessaddressofP.O.Box1158,Holyoke,Massachusetts01040,hereinaftercalledtheGrantor,forconsiderationpaid,thereceiptandsufficiencywhereofisherebyacknowledged,considerationhavingbeenreceivedbyGrantoronJuly30,2002,pursuanttoandinaccordancewithaPurchaseandSaleAgreementdatedJune28,2002,executedbyandbetweenthepartieshereto(hereinafterthe"P&S")grantstotheCOMMONWEALTHOFMASSACHUSETTS,actingbyandthroughitsDepartmentofEnvironmentalManagement,withanaddressof251CausewayStreet,Boston,Massachusetts02214(hereinafterthe"Grantee'),anexclusiveandirrevocableoptiontopurchase,uponthetermshereinaftersetforth,thelandandpremiseshereinafterdescribed.II.ThelandandpremisessubjecttothisOption(hereinafterthePremises)areshownasParcelA-5onaplanentitled""PlanofLandinHolyoke,MassachusettsSurveyedForMt.TomSkiArea,Inc."byHeritageSurveys,Inc.,ofSouthampton,Massachusetts,datedJune18,2002,(Sheet2of3sheets)(hereinaftertheHeritagePlan),ParcelA-5containing16.141acres.III.ThePremiseshavethebenefitofandaresubjecttoeasements,covenantsandrestrictionsassetforthinthatcertainDeclarationdatedJuly
30,2002,
recordedwiththeHampdenCountyRegistryofDeeds(hereinafterthe"Declaration"),andtheGrantorshallexerciseitsrightsandobligationssetforthhereininconformancewiththeprovisionsoftheDeclarationaswellastheprovisionsofthisOption.IV.ThePremisesshallbeconveyedbyagoodandsufficientquitclaimdeedrunningtotheGrantee.Saiddeedshallconveygood,clear,recordandmarketabletitletotheabovedescribedpremises,freefromencumbrancesexcept:(a)Provisionsofexistingbuildingandzoninglaws;(b)SuchtaxesforthethencurrentyearasarenotdueandpayableonthedaythedeedtothePremisesisdeliveredtoGrantee;(c)Anyliensformunicipalbettermentsassessedafterthedateofconveyance;(d)Easements,restrictionsandreservationsaffectingthePremisesandrecordedwiththeHampdenCountyRegistryofDeedsonorbeforeJuly30,2002;(e)ArightoffirstofferassetforthintheP&SandincorporatedhereininSectionXII,below.
V.
ThisOptionshallbeirrevocableandtheGranteeshallhavethepowertoexercisetheOptionunderthetermsandconditionshereofattheoccurrenceofoneormoreofthefollowingevents:(a)WhenGrantororitsassignshaveremovedtwo(2)milliontonsofprocessedcrushedstonefromthequarryarea(hereinafterdefined)inaccordancewithGrantor'squarryingrightsunderthetermsoftheP&S;
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(b)WhenitisSeptember1,2012,oranydatethereafter;or(c)UponpermanentcessationandabandonmentbyGrantorofquarryingactivitiesandcompletionoftheGrantor'sobligationsunderParagraph20(b)oftheP&S,namelyGrantor'sfullcompliancewiththerequirementsoftheMassachusettsContingencyPlan(MCP)underMGLChapter21E,and,inconnectionwiththeDepartmentofEnvironmentalProtection'sfilenumberRTN1-1069andaspartofGrantor'scompliancewiththeMCP,filingofaResponseActionOutcome(RAO).Forpurposesofthissection,"permanentcessationandabandonment"ofquarryingactivitiesshallmeanwhenGrantor1.NotifiestheGranteeinwritingthatithasceasedandabandonedtheseactivities;2.AcourtofcompetentjurisdictionhasruledthattheactivitiesareunlawfulandtherulinghasnotbeenappealedbyGrantor,itssuccessorsorassigns,andtheappealperiodhasexpired,or3.Grantee'slicensetoathirdpartytoconductquarryingactivitieshasbeenterminatedandtheconditionsofSectionVI.(j),below,aremet.VI.DuringtheperiodofthisOption,Grantorshallhavetherighttoconductquarryingactivities,aswellastherighttoallowotherstodoso,onthePremises,subjecttothefollowingconditions:(a)ThequarrylocatedonthePremisesmaynotexpandbeyonditsexistingapproximatelynineacreareaascharacterizedonaSitePlanMappreparedbyGeorge
L.
MarshallEngineeringGeologists,datedFebruary1,1999,revisedMay19,1999,onfilewiththeLandCourt,Misc.CaseNo.258929,andassuperimposedintheHeritagePlan,andoneadditionalacre,theexistingquarryandtheadditionalacrehereinaftercalledthe"QuarryArea,"provided,however,theadditionalacremaybemadeupofsectionslocatedinmorethanoneareasolongastheadditionalacreisallwithinthePremises,anditssubparts,ifany,totalintheaggregatenotmorethanoneacre,andeachpartiscontiguouswiththeexistingquarry,withoutsuchpartshavingtobecontiguouswitheachother;(b)ThedepthofexcavationintheQuarryAreashallnotgobelow400feetinelevationbutinnoeventlowerthanwouldleaveandallownaturaldrainagefromtheQuarryArea,providedthattheexistingquarrywillbeexcavatedtothe400footelevationpriortoexcavationoftheadditionaloneacre;(c)Nomorethantwo(2)milliontonsofprocessedcrushedstonewillberemovedfromtheQuarryArea;(d)GrantorshallprovideGrantee,atleastquarterly,withcertifiedstatementssettingforththeamountofprocessedcrushedstoneremovedfromtheQuarryAreaasprovidedbythequarryoperator;(e)GrantorshallnotifyGranteewhentheamountofcrushedprocessedstoneremovedfromtheQuarryAreareaches1.9milliontons.
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(t)
ThequarryingactivitieswillceaseonorbeforeAugust31,2012,orwhentwo(2)milliontonsofprocessedcrushedstonehavebeenremovedfromtheQuarryArea,whicheveroccursfirst;(g)Grantorshallnotcauseandshallnotalloworpermitwaste,despoliationordegradationofthePremisesorthenaturalresourcesthereon,subject,however,toGrantor'srighttoquarrywithintheQuarryArea;(h)Grantorshallnotcauseandshallnotalloworpermittheimpositionofanyencumbrances,liensorotherattachmentsonthePremises,andshallnotofferoruseorallowotherstoofferorusethePremisesascollateralorsecurityforanyloanorotherobligationorexpense.(i)Grantorshallmaintaintheright-of-wayandeasementsappurtenanttothePremises(hereinafteraccessroad),whichrightofwayandeasementsprovideaccesstothePremisesaswellastolandconveyedbyGrantortoGranteeandGrantee'snominees(asidentifiedintheP&S)bydeedsrecordedherewith,andGrantorshallkeeptheaccessroadandanypavedportionthereofingoodcondition,andinanyeventinnoworseconditionthanitsconditiononJune28,2002.
(j)
IntheeventGrantor'slicensewithathirdpartytoquarryintheQuarryAreahasterminatedandthequarryingthatcouldbeundertakenbyGrantorhasbeencompletedbutfortheextractionofrockfromtheadditionalacredescribedinSectionV(a),above,thenGrantorshallnotenterintoanyothercontractsorgrant,give,license,permitorassignanyadditionalquarryingactivitiesintheQuarryArea.(k)RiskoflossordamagetothePremisesortopersonsortheirproperty,includinginjuryanddeath,orduetofireorothercasualtyshallremainwiththeGrantoruntilsuchtimeastitleactuallypasses,irrespectiveofwhensucheventoccurs.VII.UpontheoccurrenceofanyoneormoreoftheeventsthattriggerGrantee'srighttoexerciseitsoptiontoacquire,GrantorshalldelivertoGrantee,fornominalconsideration,adeedtothePremisesinaformacceptabletoGrantee,andsubjecttothefollowingobligationsonthepartofGrantor:(a)TodelivergoodtitletothePremises,subjecttonoencumbrances,liensorattachmentsotherthanthosethatareonrecordonJuly30,2002,andacceptedbyGranteeunderthetermsoftheP&S;(b)GrantorshallhavefiledanRAOwithDEPinconnectionwithRTN1-1069andshallhavecompliedwithG.L.Chapter21EandtheMassachusettsContingencyPlan,allasmorespecificallydescribedinParagraph20oftheP&S,andGrantorshallnothavecaused,allowedorpermittedthereleaseofanyhazardousmaterialorsubstanceonthePremisesduringtheperiodoftheOption,orGrantorshallhaveremovedsuchmaterialorsubstancebeforeGranteehastherighttoexercisethisOption;
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