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<SEC-DOCUMENT>0000863110-08-000011.txt : 20080509
<SEC-HEADER>0000863110-08-000011.hdr.sgml : 20080509
<ACCEPTANCE-DATETIME>20080509163502
ACCESSION NUMBER:		0000863110-08-000011
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080505
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20080509
DATE AS OF CHANGE:		20080509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARTESIAN RESOURCES CORP
		CENTRAL INDEX KEY:			0000863110
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				510002090
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18516
		FILM NUMBER:		08818902

	BUSINESS ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
		BUSINESS PHONE:		3024536900

	MAIL ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>file8k_may5-2008.htm
<DESCRIPTION>FORM 8-K ARTESIAN RESOURCES MAY 5, 2008
<TEXT>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
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      CORPORATION</font></font></div>
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                Churchmans Road, Newark, Delaware</font></div>
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      the
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      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      Written communications
      pursuant to Rule 425 under the Securities Act</font></div>
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      communications pursuant to Rule 14d-2(b) under the Exchange Act</font></div>
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      Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      1.01 Entry Into a Material Definitive Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        May 5,
        2008, Artesian Water Maryland, Inc. (&#8220;Artesian Maryland&#8221;), a subsidiary of
        Artesian Resources Corporation (&#8220;Artesian Resources&#8221;), signed an agreement (the
&#8220;Purchase Agreement&#8221;) to acquire all the outstanding membership interests of
        Mountain Hill Water Company, LLC (&#8220;Mountain Hill&#8221;) from its sole member, Sunrise
        Holdings L.P. (&#8220;Sunrise&#8221;) for a purchase price of approximately $6.0
        million.&#160;&#160;The acquisition includes a 0.3 million gallon per day water
        treatment facility, 4 wells with a capacity of up to 500,000 gallons per
        day,
        500,000 gallon elevated storage tank and approximately 8 miles of main, which
        is
        situated within the core of Cecil County&#8217;s designated growth
        corridor.&#160;&#160;In addition, the acquisition also provides
        Artesian&#160;&#160;Maryland the right to serve the entire 8,000 acres owned by
        Sunrise or its associates.&#160;&#160;The purchase price shall be payable by
        Artesian Maryland over 5 years with 20% due at the closing and the balance
        of
        the purchase price represented by a promissory note bearing interest at the
        London Interbank Offering Rate plus 150 basis points and payable in four
        equal
        annual installments (the &#8220;Note&#8221;).&#160;&#160;The Note will be secured by first
        lien security interest in all of Mountain Hill&#8217;s assets in favor of
        Sunrise.&#160;&#160;Mountain Hill currently serves two commercial accounts in
        the Principio Business Park, located within Cecil County, Maryland&#8217;s designated
        growth corridor.&#160;&#160;The proposed acquisition is expected to provide
        water service to customers in portions of the Principio Business Park, the
        proposed 660 home residential development of Charlestown Crossing and
        surrounding area.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      condition to the purchase, Artesian Maryland further agreed that, at the request
      of Sunrise or one if its designated affiliates, Mountain Hill or one of its
      affiliates would supply water to any user located in any territory within Cecil
      County that is served by Mountain Hill or one of its affiliates, subject to
      certain conditions.&#160;&#160;This obligation will remain in place as long as
      Mountain Hill or one of its affiliates own water infrastructure in Cecil County
      Maryland and is guaranteed by Artesian Resources.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
      purchase is subject to acquiring approval from the Maryland Public Service
      Commission <font style="DISPLAY: inline; COLOR: #000000">as well as other
      customary closing conditions.</font><font style="DISPLAY: inline; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;</font>We
      expect the acquisition will be completed by the end of the third quarter of
      2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      copy of
      the Purchase Agreement is attached as Exhibit 10.1 and is incorporated herein
      by
      reference. The foregoing description of the Purchase Agreement is qualified
      in
      its entirety by reference to the full text of the Purchase
      Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SPECIAL
      NOTE REGARDING FORWARD LOOKING STATEMENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Current Report on Form 8-K includes forward-looking statements within the
      meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E
      of
      the Securities Exchange Act of 1934, that we believe to be reasonable as of
      today&#8217;s date. Statements in this Current Report on Form 8-K that are
      forward-looking statements are subject to various risks and uncertainties
      concerning specific factors described in our 2007 Annual Report on Form
      10-K.&#160;&#160;Such information contained herein represents our management&#8217;s
      best judgment as of the date hereof based on information currently
      available.&#160;&#160;We do not intend to update this information and disclaim
      any legal obligation to the contrary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      9.01 Financial Statements and Exhibits</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exhibit10-1.htm">10.1&#160;</a>&#160;&#160;&#160;
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Limited
      Liability Interest Purchase Agreement, dated May 5, 2008 by and among Artesian
      Maryland, Inc., </font></font></div>
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      Delaware corporation, for the limited </font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">purposes
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
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      duly authorized.</font></div>
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                RESOURCES CORPORATION</font></div>
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                9, 2008</font></div>
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                David B. Spacht</font></div>
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          <tr>
            <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">David
                B. Spacht</font></div>
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            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<DOCUMENT>
<TYPE>EX-10.1
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<DESCRIPTION>PURCHASE AGREEMENT
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    <title>exhibit10-1.htm</title>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><a name="PurchAgr"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LIMITED
      LIABILITY INTEREST PURCHASE AGREEMENT</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THIS
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      of this 5th day of May, 2008 by and among Artesian Water Maryland, Inc., a
      Delaware corporation (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Buyer</font>&#8221;), Mountain Hill Water
      Company, LLC, a Maryland limited liability company (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221;), and Sunrise
      Holdings L.P., a Pennsylvania limited partnership and the Company&#8217;s sole member
      (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Member</font>&#8221; and
      together with the Company, collectively the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Sellers</font>&#8221;).&#160;&#160;Artesian
      Resources Corporation, a Delaware corporation and the sole stockholder of the
      Buyer (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Artesian</font>&#8221;),
      joins in this Agreement for the limited purposes herein set forth.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Company is a private water utility company that provides potable water
      and
      fire suppression service (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Business</font>&#8221;) in the areas known
      as Principio Business Park (current service) and Charlestown Crossing (future
      service) each in Cecil County, Maryland as more fully described in the map
      (the
      area in orange) attached to <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      1.1</font> (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Existing
      Service Territory</font>&#8221;), and has the ability, upon approval of the applicable
      governmental authorities and the purchase and installation of the necessary
      infrastructure, to provide water service to areas located outside of the
      Existing Service Territory and in Cecil County, Maryland as more fully described
      in the map (the area in red) attached to <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      1.1</font> (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Potential
      Expansion Service Territory</font>&#8221;), which together with the Existing Service
      Territory comprises a service territory located in Cecil County, Maryland of
      approximately 8,000 acres (the Existing Service Territory and the Potential
      Expansion Service Territory collectively comprise the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Service Territory</font>&#8221;);
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Company contracted with the Buyer to install the Water Plant (as defined
      on
<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
      A</font> hereto); and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      from the time that the Company first commenced operation of the Business on
      October 1, 2007<font style="DISPLAY: inline; FONT-WEIGHT: bold">,</font> the
      Company has contracted with Buyer to perform both the day-to-day field
      operations of the Business (namely operation of the Water Plant, transmission
      lines and systems), as well as to handle certain administrative functions of
      the
      Business (namely billing of customers collections of accounts receivable,
      reporting to the PSC, and reporting to the applicable governmental sewer
      authorities); and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Buyer desires to purchase from the Member, and the Member desires to sell,
      assign, transfer and convey to the Buyer, all of the Company&#8217;s issued and
      outstanding LLC Interests (as hereinafter defined) (the &#8220;Acquired Interests&#8221;),
      free and clear of all Liens (as hereinafter defined), but excluding the Member
      Lien (as hereinafter defined), on the terms and conditions herein set
      forth.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, in consideration of the representations, warranties, covenants and
      agreements of the parties hereinafter set forth, as well as for other good
      and
      valuable consideration, the receipt and adequacy is hereby acknowledged, the
      Buyer, the Sellers and Artesian, intending to be legally bound hereby, do hereby
      agree as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      I&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEFINITIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                1.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Definitions</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      otherwise expressly provided in this Agreement, the capitalized terms used
      in
      this Agreement shall have the meanings specified in <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
      A</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>hereto and
      shall be equally applicable to both the singular and plural forms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      II&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SALE
      AND DELIVERY OF ACQUIRED INTERESTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                2.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Sale
                and Delivery of
                Acquired Interests</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
      to the terms and conditions of this Agreement, at the Closing, the Member shall
      sell, assign, transfer, convey and deliver to the Buyer, free and clear of
      all
      Liens (excluding the Member Lien, as hereinafter defined), all of its right,
      title and interest in and to the Acquired Interests as of the Effective Date
      (as
      hereinafter defined).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                2.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Purchase
                Price; Payment Thereof; Adjustment
                Thereto</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">In
      consideration of the sale,
      assignment, transfer, conveyance and delivery of the Acquired Interests by
      the
      Member to the Buyer and in reliance on the representations, warranties,
      covenants and agreements made by the Member and the Company in this Agreement,
      at the Closing, the Buyer shall pay to the Member </font><font style="DISPLAY: inline; COLOR: #000000">a sum equal to the following
      (the
&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Purchase
      Price</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;): (i) Five Million
      Nine Hundred Fifty-Three Thousand Five Hundred Thirty-Six and 67/100 Dollars
      ($5,953,536.67), representing the Total Asset Value as of 12/31/07, </font><font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">less</font>
      (ii) an amount sufficient to pay the amounts set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      2.2</font>, which shall include, without limitation all debt of the Company
      and/or Transaction Expenses that have not been paid by or on behalf of the
      Company at or prior to the Closing (collectively &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Closing Debt</font>&#8221;), <font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">plus
      (or
      minus, as applicable)</font> (iii) an amount equal to the sum of the net change
      in the Total Asset Value from the Effective Date through the Closing Date
      (including but not limited to accrued interest on the aggregate Total Asset
      Value for the time period commencing on the Effective Date and ending on the
      Closing Date, and an administrative fee on any increase in the value of the
      Property, Plant and Equipment for the time period commencing on the Effective
      Date and ending on the Closing Date)<font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;At the Closing, the
      Purchase Price shall be paid by the Buyer to the Company as
      follows:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
      amount
      equal to twenty percent (20%) of the Purchase Price (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Down Payment</font>&#8221;);
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                balance of the Purchase Price, if any, by a promissory note to be
                paid in
                four (4) equal annual installments of principal, plus interest accruing
                at
                a rate equal to the London Interbank Offering Rate (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">LIBOR</font>&#8221;) (determined
                as
                set forth in the Note, as such term is defined below) plus 150 basis
                points, compounded annually using the average outstanding and unpaid
                balance for the previous twelve (12) month period, on the terms and
                conditions of the promissory note in substantially the form attached
                hereto as <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                B</font> (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Note</font>&#8221;).&#160;&#160;Subject
                to the terms of this Agreement, the parties hereto agree that the
                obligations of the Buyer under the Note shall be secured by a first
                priority lien and security interest perfected by executing the Security
                Agreement (as hereinafter defined) and filing a Financing Statement
                on
                Form UCC-1 against the all of the assets of the Company (as defined
                on
                <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                A</font>) in favor of the Member (&#8220;Member Lien&#8221;).&#160;&#160;In addition,
                Artesian shall guarantee the obligations of the Buyer under the Note
                on
                the terms and conditions set forth in the guaranty substantially
                in the
                form attached hereto as <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                C</font> (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Guaranty</font>&#8221;).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Closing Debt amount shall be paid by the Buyer, at Buyer&#8217;s sole expense,
                at the Closing directly to the creditors set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                2.2</font> in accordance with the instructions set forth in the applicable
                payoff or release letters in respect of such amounts, by certified
                or
                cashier&#8217;s check or wire transfer of immediately available funds to an
                account or accounts designated in writing by the applicable creditor
                at
                Closing.&#160;&#160;Buyer agrees and acknowledges that the full and
                complete satisfaction of the Closing Debt by the Buyer is a prerequisite
                to the Member being in a position to convey the Acquired Interests
                to the
                Buyer free and clear of all Liens (excluding the Member
                Lien).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      III&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CLOSING</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                3.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      closing of the transactions
      contemplated by this Agreement (the &#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Closing</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;)
      shall take place at the offices of
      DLA Piper US LLP, 6225 Smith Avenue, Baltimore, Maryland 21209, commencing
      at
      10:00 a.m. local time on a date that is three (3) Business Days following the
      satisfaction or waiver of the conditions to Closing set forth in </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Articles
      VIII </font><font style="DISPLAY: inline; COLOR: #000000">and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">IX
      </font><font style="DISPLAY: inline; COLOR: #000000">of this Agreement, or
      such
      other date as the Buyer and the Company shall mutually agree upon in writing,
      but in no event later than August 1, 2008.&#160;&#160;The date of the Closing is
      herein referred to as the &#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Closing
      Date</font><font style="DISPLAY: inline; COLOR: #000000">.&#8221;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Notwithstanding
      the
      Closing Date, the parties hereto agree that the transfer of the Acquired
      Interests from the Member to the Buyer shall have an effective transfer date
      as
      of 11:59 p.m. on December 31, 2007 (&#8220;Effective Date&#8221;)</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                3.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing
                Deliveries</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
                the Closing, the Sellers shall deliver, or cause to be delivered,
                to the
                Buyer each of the following:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                instrument of assignment, duly endorsed by the Member, transferring
                the
                Acquired Interests to the Buyer as of the Effective
                Date;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                easement agreement in substantially the form of <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                D</font> attached hereto (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Easement
                Agreement</font>&#8221;),
                duly executed by the Sellers and their Affiliates party
                thereto;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
                Required Consents (as defined below in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                8.4</font>)
                listed on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.4</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                certificates required by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                9.1</font>
                and <font style="DISPLAY: inline; TEXT-DECORATION: underline">9.2</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate of an authorized officer or<font style="DISPLAY: inline; COLOR: #000000"> the managing member
                of the
                Company </font>certifying the truth and correctness of attached copies of
                the articles of organization, operating agreement and resolutions
                of the
                managing member (both as managing member and in its capacity as the
                sole
                member of the Company) approving the execution and delivery of this
                Agreement and the Transaction Documents and the consummation of the
                transactions contemplated hereby, in substantially the form of <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                E</font> attached hereto;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate of an authorized officer of the general partner of the
                Member<font style="DISPLAY: inline; COLOR: #000000">&#160;</font>certifying
                the truth
                and correctness of attached copies of the articles or certificate
                of
                formation or organization, operating agreement and resolutions of
                the
                general partner of the Member approving the execution and delivery
                of this
                Agreement and the Transaction Documents and the consummation of the
                transactions contemplated hereby, in substantially the form of <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                F</font> attached hereto;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate, dated as of a date no earlier than three days prior
                to the
                Closing Date, duly issued by the applicable Governmental Authority
                in the
                State of Maryland, showing that the Company is in good standing and
                authorized to do business in such
                jurisdiction;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate, dated as of a date no earlier than three days prior
                to the
                Closing Date, duly issued by the applicable Governmental Authority
                in the
                Commonwealth of Pennsylvania, showing that the Member is in good
                standing
                and authorized to do business in such
                jurisdiction;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">duly
                executed </font>payoff
                letters or release letters from <font style="DISPLAY: inline; COLOR: #000000">the creditors set
                forth
                </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; TEXT-DECORATION: underline">Schedule
                2.2</font><font style="DISPLAY: inline; COLOR: #000000"> and from
                </font>any other lenders of the Company, all in form and substance
                reasonably acceptable to the Buyer (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Payoff
                Letters</font>&#8221;);</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">duly
                executed UCC-3 termination
                statements, lien releases or such other release and termination
                instruments (or copies thereof), as the Buyer shall reasonably request,
                including but not limited to, with respect to the Liens set forth
                on
                </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; TEXT-DECORATION: underline">Schedule
                2.2</font><font style="DISPLAY: inline; COLOR: #000000">, in order
                to vest
                all right, title and interest in and to the Acquired Interests free
                and
                clear of all Liens; and</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xi)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">such
                other documents and
                instruments as may be reasonably necessary to effect the intent of
                this
                Agreement and consummate the transactions contemplated
                hereby.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
                the Closing, the Buyer shall deliver, or cause to be delivered, each
                of
                the following:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Down Payment;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Note duly executed by the Buyer;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                full payment of the Closing Debt;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Easement Agreement duly executed by the
                Buyer;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                certificates required by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                8.1</font>
                and <font style="DISPLAY: inline; TEXT-DECORATION: underline">8.2</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate signed by the Secretary or Assistant Secretary of the
                Buyer
                certifying the truth and correctness of attached copies of the certificate
                of incorporation and bylaws, and that the board of directors of the
                Buyer
                has approved the execution, delivery of this Agreement, the Transaction
                Documents to which it is a party and the consummation of the transactions
                contemplated hereby;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate, dated as of a date no earlier than three days prior
                to the
                Closing Date, duly issued by the applicable Governmental Authority
                in the
                State of Delaware, showing that the Buyer is in good standing and
                authorized to do business in such
                jurisdiction;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Security
                Agreement</font>&#8221; duly executed by Buyer in substantially in a form
                attached hereto as <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit
                G</font>&#160;&#160;and UCC-1 financing statement duly executed by the
                Buyer representing a first lien security interest in all of the Company&#8217;s
                assets in favor of the Member.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
                the Closing, Artesian shall deliver, or cause to be delivered, to
                the
                Company each of the following:</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Guaranty, duly executed by Artesian;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                certificate signed by the Secretary or Assistant Secretary of Artesian
                certifying the truth and correctness of attached copies of the certificate
                of incorporation and bylaws, and that the board of directors of Artesian
                has approved the execution, delivery of this Agreement, the Transaction
                Documents to which it is a party and the consummation of the transactions
                contemplated hereby.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      IV</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REPRESENTATIONS
      AND WARRANTIES OF THE SELLERS </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      Sellers hereby jointly and severally
      represent and warrant to the Buyer that the following representations and
      warranties are, as of the date hereof, and will be, as of the Closing Date,
      true
      and correct:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Organization
                and Good Standing</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(a)</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company is a limited liability company duly organized, validly existing
                and in good standing under the Laws of the State of Maryland, and
                is duly
                authorized and qualified to do business under all applicable Laws,
                regulations, ordinances and orders of public authorities with full
                corporate power and authority to carry on its business in the places
                and
                in the manner as now conducted, to own or hold under lease the properties
                and assets it now owns or holds under lease, and to perform all of
                its
                obligations under the Material Contracts.&#160;&#160;The Company is not
                qualified to do business in any jurisdiction other than its state
                of
                organization.&#160;&#160;The Company has not conducted business under any
                name other than &#8220;Mountain Hill Water Company, LLC&#8221; and &#8220;Principio Water
                Company, LLC&#8221; since its date of
                formation.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(b)</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Member is a limited partnership duly organized, validly existing
                and in
                good standing under the Laws of the Commonwealth of
                Pennsylvania.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Capitalization;
                Title to Limited Liability Company
                Interests</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule
                4.2</font> sets forth
                the authorized Limited Liability Company Interests of the Company
                (the
                &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">LLC Interests</font>&#8221;),
                the name of each Person holding any such LLC Interests (including
                any
                options, warrants or other rights to purchase any equity securities
                of the
                Company or LLC Interests) and any securities convertible into or
                exchangeable for LLC Interests and the amount and type of such securities
                held by such Person as of the date of this
                Agreement.&#160;&#160;Immediately after the Closing, all of the issued and
                outstanding LLC Interests shall be held beneficially and of record
                by the
                Buyer, free and clear of all Liens (excluding the Member Lien and
                subject
                to the Buyer&#8217;s full and complete payment and satisfaction of the Closing
                Debt).&#160;&#160;Except as set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule 4.2</font>, the
                Company has no issued and outstanding LLC Interests or securities
                convertible into or exchangeable for LLC Interests or any other ownership
                interest or containing any profit participation features, nor does
                the
                Company have outstanding any rights or options to subscribe or to
                purchase
                its LLC Interests or other ownership interest or any equity appreciation
                rights or phantom equity plans.&#160;&#160;The Company is not subject to
                any obligation (contingent or otherwise) to repurchase or otherwise
                acquire or retire any of its LLC Interests or other ownership interest
                or
                any warrants, options or other rights to acquire its LLC
                Interests.&#160;&#160;All of the outstanding LLC Interests have been duly
                authorized and are validly issued, fully paid and nonassessable and
                were
                not issued in violation of any statutory or contractual or preemptive
                rights or similar restrictions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company does not own as of the date hereof and will not own as of
                the
                Closing Date, of record or beneficially, or control, directly or
                indirectly, any capital stock, securities convertible into capital
                stock
                or any other equity interest in any corporation, limited association
                or
                other business entity.&#160;&#160;The Company is not directly or
                indirectly, a participant in any joint venture, partnership or other
                non-corporate entity (including any limited liability
                company).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                are no statutory or contractual or preemptive rights, rights of first
                refusal or similar rights or restrictions with respect to the sale
                of any
                LLC Interests hereunder.&#160;&#160;The Company has not violated any
                applicable federal or state securities laws in connection with the
                offer,
                sale or issuance of any of its LLC Interests, and the offer and sale
                of
                the Acquired Interests hereunder does not require any registration
                under
                any applicable federal or state securities laws.&#160;&#160;There are no
                agreements with respect to the voting or transfer of the LLC
                Interests.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company has no Indebtedness having the right to vote (or convertible
                into
                or exchangeable for, securities having the right to vote) on matters
                on
                which the holder(s) of the LLC Interests may
                vote.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Member has good and marketable title to the Acquired Interests and,
                at the
                Closing, will transfer good and marketable title to the Acquired
                Interests, free and clear of all Liens (excluding the Member Lien
                and
                subject to the Buyer&#8217;s full and complete payment and satisfaction of the
                Closing Debt), to the Buyer.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Authority
                and
                Validity</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      execution and delivery by each Seller, the performance by each Seller under,
      and
      the consummation by each Seller of the transactions contemplated by, this
      Agreement and each of the agreements, instruments and documents contemplated
      hereby (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transaction
      Documents</font>&#8221;) to which such Seller is a party, has been duly and validly
      authorized by all required action by or on behalf of each
      Seller.&#160;&#160;This Agreement and each of the Transaction Documents has been
      duly and validly executed and delivered by each Seller party thereto, and
      constitutes the valid and binding obligation of each Seller party thereto,
      enforceable against such Seller in accordance with its terms, except as the
      same
      may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
      or similar Laws now or hereafter in effect relating to the enforcement of
      creditors&#8217; rights generally or by principles governing the availability of
      equitable remedies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">No
                Conflict; Required Consents</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      for, and subject to receipt of, the Required Consents (as defined in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 8.4</font>), all of
      which are listed on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule&#160;4.4</font>,
      neither the execution and delivery of this Agreement or any of the Transaction
      Documents, nor the carrying out of any of the transactions contemplated hereby,
      will (a) result in any violation, termination or modification of, or be in
      conflict with, the Company's articles of organization or operating agreement,
      each as amended to date, (b) result in any breach of or constitute a default
      (or
      with notice or lapse of time or both would become a default) under, or give
      to
      others any rights of termination, amendment, acceleration or cancellation,
      or
      result in the creation of any lien upon any of its properties or assets pursuant
      to any Permit or any Contract&#160;&#160;to which the Company is a party or by
      which it or any of the Acquired Interests are bound or affected, or (c) result
      in any violation of, or be in conflict with, any Law or Permit applicable to
      the
      Company or by which the Acquired Interests are bound or affected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Total
                Asset Value</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attached
      to <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.5</font> is a true, complete and correct list of the aggregate value of all
      of
      the Company&#8217;s assets as of December 31, 2007, (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Total Asset Value</font>&#8221;<font style="DISPLAY: inline; FONT-WEIGHT: bold">)</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.6&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Title
                to and Condition of Assets</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.5</font>, <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">7</font>,
      and
<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.8</font>, sets forth all of the assets, properties and rights (in each case
      whether real or personal or tangible or intangible) of the Company as of the
      date of this Agreement and as of the Closing Date.&#160;&#160;The assets,
      properties and rights set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.5</font>, <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">7</font>,
      and
<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.8</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font>constitute
      all
      assets, properties and rights (in each case whether real or personal or tangible
      or intangible) necessary for the Company to conduct the Business after the
      Closing as it is presently being conducted.&#160;&#160;Except as set forth on
<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.5</font>, no Affiliate of the Company owns or leases from or to the Company
      any of the assets, properties and rights set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.5</font>, <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.7</font>, and <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.8</font>.&#160;&#160;The Company has good and marketable title to, or a valid
      leasehold interest in, or a valid license to use, all of the assets, properties
      and rights (in each case whether real or personal or tangible or intangible)
      set
      forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.5</font>, <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">7</font>,
      and
<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.8</font> used by the Company in the Business or located on any property owned,
      leased or used by the Company, free and clear of all Liens and defects of
      title.&#160;&#160;To the best of the Sellers&#8217; Knowledge, all of the tangible
      assets of the Company (collectively<font style="DISPLAY: inline; FONT-WEIGHT: bold">,</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Property,
      Plant and
      Equipment</font>&#8221;) are in good condition and repair, ordinary wear and tear
      excepted, and has been maintained and repaired in a good and workmanlike manner
      in accordance with industry standards.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section
                4.7</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Real
                Property</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company does not hold, and has never held, any real property in fee
      simple.&#160;&#160;The Company does not lease any real property (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Leased Property</font>&#8221;) or have a
      right to access or use any other real property (including by easement) (each,
      an
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Easement</font>&#8221;) except as
      described on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.7</font>.&#160;&#160;The Company has valid and enforceable leasehold interest
      or easement in each Leased Property and Easement, respectively, listed on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.7</font>, free and clear of all Liens.&#160;&#160;None of the Easements will
      terminate as a result of the execution and delivery of this Agreement or any
      of
      the Transaction Documents nor the carrying out of the transactions contemplated
      hereby.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.8&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Contracts</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company is not a party to any instruments, documents, contracts,
                agreements, arrangements, commitments, bids, leases, licenses or
                any other
                contract rights (whether written or oral) (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Contracts</font>&#8221;) other
                than
                the Contracts set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.8</font> (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Material
                Contracts</font>&#8221;).&#160;&#160;True and complete copies, or, in the case
                of oral Contracts, written summaries of all Material Contracts have
                been
                delivered to the Buyer.&#160;&#160;All Material Contracts are in full
                force and effect and constitute the valid, legal, binding and enforceable
                obligation of the Company, and, to the Sellers&#8217; Knowledge, the
                counterparties thereto in accordance with their terms, except as
                the same
                may be limited by applicable bankruptcy, insolvency, reorganization,
                moratorium or similar Laws now or hereafter in effect relating to
                the
                enforcement of creditors&#8217; rights generally or by principles governing the
                availability of equitable remedies.&#160;&#160;No act or&#160;omission has
                occurred which, through the passage of time or the giving&#160;of notice,
                or both, would with respect to any Material Contract set forth on
<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.8:</font> (a) constitute a material breach or default under any such
                Material Contract or cause the acceleration of any obligations of
                the
                Company thereunder, (b) result in the creation of any Lien on any
                of the
                Acquired Interests, or (c) give&#160;rise to or automatic termination
                thereof.&#160;&#160;Except as set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.8)</font>, the Company has not been notified that any party to any
                Material Contract that it intends to cancel, terminate, not renew
                or
                exercise an option under any Material Contract, whether in connection
                with
                the transactions contemplated hereby or otherwise and no such action
                has
                been threatened or contemplated.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.9&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Litigation.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      no outstanding Orders of any Governmental Authority involving the Business
      or
      the Acquired Interests.&#160;&#160;There is no Litigation and there are no other
      actions, suits, or legal, administrative or arbitral proceedings or
      investigations (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Claims</font>&#8221;) (whether or not
      the
      defense thereof or Liabilities in respect thereof are covered by insurance),
      pending or, to the Sellers&#8217;s Knowledge, threatened against or involving the
      Business or the Acquired Interests, and no material Claims have been instituted
      or, to the Sellers&#8217; Knowledge, threatened against or involving the Business or
      the Acquired Interests.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.10&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Environmental</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                the best of Sellers&#8217; Knowledge, no real property currently or formerly
                owned or leased or used by the Company or any of its Affiliates
                (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Real
                Property</font>&#8221;) is or has been listed on the National Priorities List,
                the Comprehensive Environmental Response, Compensation, Liability
                Information System (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">CERCLIS</font>&#8221;) or any
                similar
                state list, or is or has been the subject of any &#8220;Superfund&#8221; evaluation or
                investigation, or any other investigation or proceeding of any
                Governmental Authority or unaffiliated third party (each, a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Third Party</font>&#8221;) or of
                the
                Sellers evaluating whether any remedial action is necessary to respond
                to
                any release of any Hazardous Substance, pollutant or contaminant
                on or in
                connection with such Real Property.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                the best of Sellers&#8217; Knowledge, the Business of the Company and its
                Affiliates are and at all times have been operated in compliance
                with all
                applicable Laws concerning the protection of the public health, public
                safety or the environment (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Environmental
                Laws</font>&#8221;).&#160;&#160;To the best of Sellers&#8217; Knowledge, none of the
                Company&#8217;s assets or properties are required to be upgraded or modified in
                order to comply with applicable Environmental Laws.&#160;&#160;Neither the
                Company nor any of its Affiliates has ever received any claims or
                notices,
                oral or written, (i) (A) alleging that the Company or any of its
                Affiliates is liable under any Environmental Law, or (B) ordering
                the
                Company or any of its Affiliates to remedy or recommending that the
                Company or any of its Affiliates remediate, any environmental damage
                to
                any Real Property or modify or upgrade its assets to comply with
                Environmental Laws, and (ii) to the Sellers&#8217; Knowledge, no such claims or
                notices are threatened or pending and there are no facts or circumstances
                that would reasonably be expected to give rise to any such claim
                or
                notice.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
                in compliance with applicable Environmental Laws, to the Sellers&#8217;
                Knowledge there has been no release or threatened release of any
                Hazardous
                Substance, pollutant or contaminant to any soil, groundwater, surface
                water, building component, wastewater, air or other media: (i) on
                or from
                any Real Property during the ownership, occupation or use of such
                Real
                Property by the Company or any of its Affiliates, or at or from any
                other
                location where the Company or any of its Affiliates arranged for
                the
                storage, treatment, disposal or handling of any Hazardous Substance,
                pollutant or contaminant, or (ii) by the Company or any of its Affiliates
                on any other real property.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
                as set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.10(d)</font>, there are no and have not been any underground storage
                tanks, above-ground storage tanks, underground piping (except for
                water or
                sewer), asbestos-containing materials, polychlorinated biphenyls
                or
                Hazardous Substances used, stored, treated or disposed of at any
                Real
                Property.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.10(f)</font> lists all environmental audits, assessments or reports and
                any other written information concerning the Company&#8217;s actual or potential
                liability under any Environmental Law (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Environmental Reports</font>&#8221;)
                in the possession or control of the Sellers or any of their Affiliates,
                including, without limitation, all Phase I, II and III environmental
                assessment reports with respect to the Real Property in the possession
                or
                control of the Sellers or any of their Affiliates.&#160;&#160;A true and
                complete copy of each Environmental Report listed on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.10(f)</font> has previously been delivered by the Company to the
                Buyer.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.11&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Taxes.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Sellers have no unpaid liability for any Taxes in respect of any
                taxable
                period ending on or before the Effective Date.&#160;&#160;As used in this
                Agreement, the term &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pre-Closing Tax
                Period</font>&#8221;
                shall mean any taxable period ending on or before the Effective
                Date.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                of the Sellers has filed or will cause to be timely filed all Tax
                Returns
                required to have been filed by it prior to or with respect to the
                Effective Date (subject to any timely extensions permitted by Law)
                with
                the appropriate taxing authority with respect to Taxes for any period
                ending on or before the Effective Date.&#160;&#160;The Sellers have paid,
                or made provision for the payment of, all Taxes that have or may
                have
                become due for all periods covered by the Tax Returns or otherwise,
                or
                pursuant to any assessment received by the Sellers.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.11</font> sets forth all of the jurisdictions in which Tax Returns
                are
                filed by or on behalf of the Company and a description of such Tax
                Returns
                filed in each such jurisdiction is listed opposite the name of each
                jurisdiction listed on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.11</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
                No deficiency for any amount of Tax has been asserted or assessed
                by a
                taxing authority against the Sellers that remains unpaid, (ii) no
                notice
                of audit or possible assessment has been received from any taxing
                authority by the Sellers, and (iii) the Sellers have not agreed to
                any
                waiver or extension of the statute of limitations applicable to the
                assessment or collection of any Tax imposed in respect of a Pre-Closing
                Tax Period.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
                Sellers have withheld or
                otherwise collected all Taxes or other amounts it was required to
                withhold
                or collect under any applicable federal, state or local Law, including,
                without limitation, any amounts required to be withheld or collected
                with
                respect to employee, state and federal income tax withholding, social
                security, unemployment compensation, sales or use taxes (excluding
                any
                sales or use taxes applicable to the transfer of the Acquired Interests
                as
                contemplated by this Agreement), workmen&#8217;s compensation or other similar
                Taxes, and all such amounts have been timely remitted to the proper
                authorities.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
                Company has not been a member
                of an affiliated group that files or filed consolidated federal income
                Tax
                Returns. The Company is not a party to any tax allocation, tax sharing
                or
                other Contract pursuant to which it is obligated to pay the Taxes
                of
                another Person.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.12&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Compliance
                with Laws;
                Permits</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                ownership and operation of the Company and its assets, properties
                and
                rights and the operation of the Business as it is currently conducted
                and
                operated do not violate or infringe any Law in any material
                respect.&#160;&#160;The Sellers have not received written notice (or, to
                the Sellers&#8217; Knowledge, oral notice) of any violation by the Company of
                any Law applicable to the operation of the Business as currently
                conducted
                or ownership and operation of the company and its assets, properties
                and
                rights as currently operated.&#160;&#160;The Company has timely paid all
                applicable fees or other Taxes, including registration fees and
                maintenance fees, required by any Governmental Authority to maintain
                the
                Permits in good standing.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.12</font> lists all approvals, consents, licenses, permits, waiver
                or
                other authorizations issued, granted, given or otherwise made available
                by
                or under the authority of any Governmental Authority (collectively,
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Permits</font>&#8221;) that are
                used
                by the Company and its Affiliates in the ownership, maintenance or
                operation of the assets, properties or rights of the Company or the
                conduct of the Business, as presently conducted.&#160;&#160;A true and
                complete copy of each Permit listed on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.12</font> has previously been delivered by the Company or the Member
                to
                the Buyer.&#160;&#160;All such Permits are in full force and effect, and
                the Company is not in default under any such Permit.&#160;&#160;The
                Company and its Affiliates have taken all necessary actions to maintain
                the effectiveness of the Permits.&#160;&#160;No written notice (or, to the
                Sellers&#8217; Knowledge, any oral notice) of default, suspension, revocation,
                or cancellation of any Permit from any Governmental Authority has
                been
                received by the Company or any of its Affiliates and, to the Sellers&#8217;
                Knowledge, there is no proposed or threatened issuance of any such
                notice
                or basis for any such action.&#160;&#160;The Permits listed in <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                4.12</font> are all of the material Permits necessary for the Company
                to
                conduct the Business as currently
                conducted.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.13&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Employees
                and Employee Benefits</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      are
      no, and have never been, any employees of the Company. There are no, and have
      never been any, employee benefit plans (as defined in Section 3(3) of the
      Employee Retirement Income Security Act of 1974, as amended) or other plans,
      Contracts or policies established or maintained for the benefit of or affecting
      any employees, consultants, independent contractors, agents or other service
      providers for the Company (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Benefit Plans</font>&#8221;) sponsored,
      maintained or contributed to by the Company or any ERISA Affiliate or to which
      the Company or any ERISA Affiliate is or was at any time obligated to make
      payments or contributions, or with respect to which the Company or any ERISA
      Affiliate has or may have any liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section
                4.14</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Undisclosed
                Liabilities</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has no liabilities or obligations of any type (whether accrued,
      contingent, unliquidated or otherwise and regardless of when asserted) arising
      out of or which could reasonably be expected to arise out of any acts or
      omissions relating to the Company, its predecessors or the conduct of the
      Business at or prior to the date hereof, or at or prior to the Closing Date,
      other than liabilities set forth in the Financial Statements or, as of the
      Closing Date, as will be set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.14</font>.&#160;&#160;The Company has no Indebtedness as of the date of this
      Agreement other than the Indebtedness described on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.14</font> and will have no Indebtedness as of the Closing Date other than as
      set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      2.2</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.15&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Service
                Territory</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      of
      the Company&#8217;s approvals from Cecil County, Maryland and the PSC to operate a
      private water company are attached as <font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule 4.15. </font>To the best of
      the Sellers&#8217; Knowledge, the Company has: (a) valid and enforceable rights to use
      and access the Existing Service Territory and to use, access, operate and
      otherwise conduct its Business and own and operate its assets, properties and
      other rights in the Existing Service Territory, including the right to access
      and maintain and the assets, properties and rights of the Company located within
      the Existing Service Territory, and (b) to the best of Sellers&#8217; Knowledge, the
      Company&#8217;s Business and the assets, properties and rights of the Company within
      the Existing Service Territory conform: (i) to all applicable Laws, including
      material zoning requirements, without reliance upon a variance issued by a
      Governmental Authority or a classification of the parcel in question as a
      nonconforming use, and (ii) to all restrictive covenants, if any, or other
      liens
      affecting all or part of the Existing Service Territory.&#160;&#160;To the best
      of Sellers&#8217; Knowledge, upon receipt of the applicable approvals and
      authorizations from Governmental Authorities, the Buyer will have valid and
      enforceable rights to use and access the Potential Expansion Service Territory
      and to use, access, operate and otherwise conduct the Business and own and
      operate the Company and the assets, properties and rights of the Company within
      the Potential Expansion Service Territory.&#160;&#160;There is no pending or, to
      the Sellers&#8217; Knowledge, threatened, Litigation by any Governmental Authority
      involving the Company&#8217;s ability to provide services or otherwise conduct its
      operations within the Service Territory, including any Claims by any
      Governmental Authority to annex all or any portion of the Company&#8217;s Business,
      assets or properties within the Existing Service Territory.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.16&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Absence
                of Material Adverse Change</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
      January 1, 2008 there has been no Material Adverse Change or, to the Sellers&#8217;
Knowledge, any event or circumstance, or liability or obligation of any nature
      (whether accrued, contingent, absolute, determined, determinable or otherwise),
      that, individually or in the aggregate, would reasonably be expected to result
      in a Material Adverse Change.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.17&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Transactions
                with Related Parties</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.17</font>, there is no Contract between the Company and (a) any current or
      former officer, member, general or limited partner, employee, independent
      contractor, agent of the Sellers (b) any parent, spouse, child, brother, sister
      or other family relation (by blood or marriage) of any such officer, member,
      general or limited partner, employee, independent contractor, agent of the
      Sellers; (c)&#160;any corporation, partnership or other entity of which any such
      officer, member, general or limited partner, employee, independent contractor,
      agent of the Sellers or any such family relation is an officer, director,
      manager, partner, trustee or greater than 10% equity owner or beneficiary;
      or
      (d)&#160;any Affiliate of the Sellers.&#160;&#160;Each of the transactions set
      forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.17</font> is on terms no less favorable to the Company than could reasonably
      be obtained by the Company from an unrelated third party in an arm&#8217;s length
      negotiation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.18&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Certain
                Payments</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has not, nor has and officer, manager, member, general or limited
      partner, employee or agent of the Sellers, directly or indirectly on behalf
      of
      the Company, (a)&#160;made any payment in violation of any federal, state,
      local, municipal, foreign or other Law to any person or entity, private or
      public, regardless of form, whether in money, property, or services, or
      (b)&#160;established or maintained any fund or asset that has not been recorded
      in the Records.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.19&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Customer
                and Supplier Relationships</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.19</font> lists all the customers of the Company as of the date hereof (the
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Customers</font>&#8221;) and all of
      the suppliers of the Company as of the date hereof (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Suppliers</font>&#8221;).&#160;&#160;Except
      as set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.19</font>, the Company has not received any written notice from any Customer
      regarding its intent to, or its attempt or threat to, cancel its Contract or
      its
      other relationship with the Company or to substantially reduce its purchases
      from the Company, whether as a result of the transactions contemplated by this
      Agreement or otherwise.&#160;&#160;To the Sellers&#8217; Knowledge, the Company is not
      engaged in any disputes with any Customer the outcome of which could result
      in a
      Material Adverse Change.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.20&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Officers
                and
                Directors; Bank Accounts</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule
      4.20</font> lists all of the
      officers and managers of the Company and all bank accounts of the Company
      (designating each authorized signatory and the level of each signatory&#8217;s
      authorization).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.21&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No
                Brokers</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      Seller
      nor any Person acting on behalf of any Seller or any Representative of the
      Sellers has agreed to pay a commission, finder&#8217;s or investment banking fee, or
      similar payment in connection with this Agreement or any matter related hereto
      to any Person, nor has any such Person taken any action on which a claim for
      any
      such payment could be based, other than payments for which the Buyer will have
      no liability or obligation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.22&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosure</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">All
      agreements, schedules, exhibits,
      certificates or reports furnished or to be furnished to the Buyer by or on
      behalf of the Sellers in connection with this Agreement or the transactions
      contemplated hereby are true, complete and accurate in all material
      respects.&#160;&#160;None of the representations and warranties set forth in
      this Agreement (as modified by the disclosure schedules thereto), the schedules
      and certificates furnished by the Sellers to the Buyer pursuant hereto, taken
      as
      a whole, contain any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements contained herein or therein
      not
      misleading.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                4.23&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No
                Other
                Representations and
                Warranties</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      for the representations and warranties contained in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article IV</font>, the
      Sellers make no other representations or warranty with respect to the Company,
      the Business or the Acquired Interests.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      V&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REPRESENTATIONS
      AND WARRANTIES OF THE BUYER AND ARTESIAN</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      Buyer and Artesian, jointly and
      severally, hereby represent and warrant to the Sellers that the following
      representations and warranties are, as of the date hereof, and will be, as
      of
      the Closing Date, true and correct:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Organization
                and Good Standing</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      Buyer and Artesian are each a
      corporation duly organized, validly existing and in good standing under the
      Laws
      of the State of Delaware.&#160;&#160;The Buyer and Artesian each has full
      corporate power and authority to own its properties and carry on its business
      as
      it is now being conducted.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Authority
                and Validity</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      execution and delivery by the Buyer and Artesian, the performance by the Buyer
      and Artesian under, and the consummation by the Buyer and Artesian of the
      transactions contemplated by, this Agreement and the Transaction Documents
      to
      which the Buyer and/or Artesian is a party, have been duly and validly
      authorized by all required corporate action by or on behalf of the Buyer and/or
      Artesian.&#160;&#160;This Agreement and the Transaction Documents to which the
      Buyer and/or Artesian are a party have been, duly and validly executed and
      delivered by the Buyer and/or Artesian and constitute valid and binding
      obligations of the Buyer and/or Artesian, enforceable against the Buyer and/or
      Artesian in accordance with their respective terms, except as the same may
      be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium or
      similar Laws now or hereafter in effect relating to the enforcement of
      creditors&#8217; rights generally or by principles governing the availability of
      equitable remedies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">No
                Violation</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      is
      no legal action, proceeding or investigation pending or, to the knowledge of
      the
      Buyer and/or Artesian, threatened against the Buyer and/or Artesian, nor is
      there any Judgment outstanding against the Buyer and/or Artesian or to or by
      which the Buyer and/or Artesian is subject or bound that materially adversely
      affects the ability of the Buyer to consummate any of the transactions
      contemplated hereby.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Consents.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Except
      as set forth on </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; TEXT-DECORATION: underline">Schedule
      5.4</font><font style="DISPLAY: inline; COLOR: #000000">, no consent, approval,
      permit, authorization of, declaration to or filing with any Governmental
      Authority or any other Person on the part of the Buyer</font> and/or
      Artesian<font style="DISPLAY: inline; COLOR: #000000"> is required in connection
      with the execution and delivery of this Agreement or the consummation of the
      transactions contemplated hereby.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">No
                Brokers</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Neither
      the Buyer </font>and/or
      Artesian<font style="DISPLAY: inline; COLOR: #000000"> nor any Person acting on
      behalf of the Buyer </font>and/or Artesian<font style="DISPLAY: inline; COLOR: #000000"> has agreed to pay a
      commission,
      finder&#8217;s fee, investment banking fee or similar payment in connection with this
      Agreement or any matter related hereto nor has the Buyer </font>and/or
      Artesian<font style="DISPLAY: inline; COLOR: #000000"> taken any action on which
      a claim for any such payment could be based.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.6&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Environmental</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
                the best of Buyer&#8217;s Knowledge, the Plant, Property and Equipment are
                being, and at all times during the Buyer&#8217;s operation have been, operated
                in compliance with all applicable Environmental Laws.&#160;&#160;To the
                best of Buyer&#8217;s Knowledge, none of the Plant, Property and Equipment is
                required to be upgraded or modified in order to comply with existing
                applicable Environmental Laws.&#160;&#160;Neither the Buyer nor Artesian
                has ever received any claims or notices, oral or written, (i) (A)
                alleging
                that the Buyer or any of its Affiliates is liable under any Environmental
                Law with respect to the operation of the Business, or (B) ordering
                the
                Buyer or any of its Affiliates to remedy or recommending that the
                Buyer or
                any of its Affiliates remediate, any environmental damage to any
                of the
                Plant, Property and Equipment or modify or upgrade the Plant, Property
                and
                Equipment to comply with Environmental Laws, and (ii) to the Buyer&#8217;s
                Knowledge, no such claims or notices are threatened or pending and
                there
                are no facts or circumstances that would reasonably be expected to
                give
                rise to any such claim or notice.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
                in compliance with applicable Environmental Laws, there has been
                no
                release or threatened release of any Hazardous Substance, pollutant
                or
                contaminant to any soil, groundwater, surface water, building component,
                wastewater, air or other media on or from any Real Property during
                the
                Buyer&#8217;s operation of the Business.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.7&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosure</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None
      of
      the representations and warranties set forth in this Agreement (as modified
      by
      the disclosure schedules thereto), the schedules and certificates furnished
      by
      the Buyer and/or Artesian to the Company pursuant hereto, taken as a whole,
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements contained herein or therein not
      misleading.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                5.8&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No
                Other
                Representations and
                Warranties</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      for the representations and warranties contained in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article V</font>, neither
      the Buyer nor Artesian makes any other representations or warranty with respect
      to the Buyer, Artesian or the Company, the Business or the Acquired
      Interests.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      VI&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PRE-CLOSING
      COVENANTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: -6pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">During
      the period from the date of this
      Agreement through and including the Closing Date:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                6.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Conduct
                of the Business of the Company Pending Closing</font>.&#160;&#160;Except
                as set forth in <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                6.1</font>, as otherwise performed by Buyer pursuant to the operating
                agreement between Buyer and the Company, or as may be first consented
                to
                by Buyer in writing, during the period from the date of this Agreement
                through and including the Closing Date, the Company shall, and the
                Member
                shall cause the Company to, conduct the Business according to its
                ordinary
                and usual course of business and to preserve intact the Business,
                assets,
                properties and rights of the Company and will not sell, lease, transfer,
                assign, convey or make any dividend or distribution in respect of
                any LLC
                Interests (whether in cash, securities or in kind property) amend
                modify,
                cancel or terminate any Assumed Contract, will not amend any Tax
                Return
                and will otherwise maintain satisfactory relationships with respect
                to the
                Business and the assets, properties and rights of the Company with
                Governmental Authorities, Suppliers, agents, Customers, and others
                having
                business relationships with the Company.&#160;&#160;In addition, the
                Company shall promptly notify the Buyer in writing of any notice
                or other
                communication that it receives (written or oral) respecting any Litigation
                or Audit involving or affecting the Company.&#160;&#160;Without limiting
                the foregoing and except as set forth on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                6.1</font> or as may be first consented to by Buyer in writing, the
                Company shall not, and the Member shall cause the Company not
                to:&#160;&#160;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">enter
                into any Contract other than with Customers or Suppliers in the ordinary
                course of business substantially as conducted
                heretofore;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cause
                any Material Adverse Change or perform or not perform any action
                the
                performance or non-performance of which would reasonably be expected
                to
                result in a Material Adverse
                Change;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">make
                any loan or advance to any Person other than for services provided
                to
                Customers on credit in the ordinary course of business consistent
                with
                past practice;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
                incur any Indebtedness, except expenses and current liabilities incurred
                in connection with or for services rendered or goods supplied in
                the
                ordinary course of business or obligations or liabilities incurred
                by
                virtue of the execution of this Agreement, or (ii) create any Lien
                on any
                asset of the Company or the Acquired
                Interests;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issue
                or transfer the Acquired Interests or any other equity interests
                of the
                Company or securities or indebtedness convertible into or exchangeable
                for
                equity interests of the Company;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cancel,
                waive or release any debt, right or claim, except, in each case,
                in the
                ordinary course of business consistent with past
                practice;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">change
                the accounting principles, methods or practices (including, without
                limitation, any change in depreciation or amortization policies or
                rates)
                utilized by the Company;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">make
                any capital expenditure or commitment
                therefor;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">hire
                any employees or adopt any Benefit Plan;
                or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">make,
                revoke or change any Tax election, or settle any matter relating
                to
                Taxes;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">take
                any action that if taken after the date of this Agreement would constitute
                a variance from or breach of the representations and warranties set
                forth
                in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article
                4</font> of this Agreement</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                6.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Supplements
                to Schedules</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;The
                Sellers, on the one hand, and the Buyer, on the other, shall promptly
                give
                to the other notice with respect to any matter or change hereafter
                arising
                which, if existing or occurring on or before the date hereof, would
                have
                been required to be set forth or described in any of the Schedules
                hereto
                or which is necessary to correct or make the representations and
                warranties contained herein correct and complete as of the Closing
                Date
                and shall supplement or amend the Schedules hereto as appropriate
                with
                respect to such matters.&#160;&#160;If pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                6.2</font> the
                Sellers disclose any such change that constitutes a Material Adverse
                Change, or relates to any material and adverse events, facts or
                circumstances, then the Buyer shall have the right and option, exercisable
                at any time prior to Closing, to terminate this Agreement upon giving
                written notice to the Seller.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                6.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Access;
                Cooperation</font>.&#160;&#160;The Sellers shall provide the Buyer and its
                Representatives with all information that the Buyer may reasonably
                request
                in auditable form.&#160;&#160;Upon reasonable prior written notice, the
                Sellers shall provide the Buyer and its Representatives with access
                during
                regular business hours to the assets and properties, Records and
                Customers
                and Suppliers of the Company.&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">The Sellers and their
                Representatives will also cooperate with the Buyer and its
                Representatives, including the Buyer&#8217;s auditors and counsel, in the
                preparation of any documents or other materials required in connection
                with the transactions contemplated by this Agreement.&#160;&#160;</font>In
                addition, the Sellers and the Buyer shall use their respective reasonable
                good faith efforts to satisfy all conditions to Closing and all other
                matters relating to the consummation of the transactions contemplated
                by
                this Agreement and the Transaction Documents.&#160;&#160;The Sellers and
                the Buyer shall cooperate with each other in connection with any
                filings
                with any Governmental Authority and shall use their reasonable good
                faith
                efforts to furnish to each other all information required for any
                such
                filing to be made with any Governmental Authority in connection with
                the
                transactions contemplated by this
                Agreement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                6.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Due
                Diligence/Exclusive Dealing; Confidentiality Prior to
                Closing</font>.&#160;&#160;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      confidentiality provisions under the caption &#8220;Due Diligence&#8221; and the provisions
      of the first paragraph under the caption &#8220;Non-Solicitation&#8221; of the Basic Terms
      of letter of intent, dated January 28, 2008, between the Buyer and the Company
      (as may be subsequently amended or modified from time to time in accordance
      with
      its terms, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Letter of
      Intent</font>&#8221;) shall continue in full force and effect until Closing, at which
      time such agreement shall terminate and be of no further force or
      effect.&#160;&#160;In addition, the parties will not disclose, and will take
      reasonable steps to prevent the disclosure to others, of the terms and existence
      of this Agreement and the Transaction Documents (including drafts thereof)
      and
      all negotiations leading thereto, unless (i) compelled to do so by Law or valid
      legal process, or (ii) the other parties to this Agreement shall have consented
      to such disclosure.&#160;&#160;No party, however, shall be prohibited from
      disclosing any such information to its legal and financial
      advisors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                6.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cooperation
                Obtaining
                Approvals from Governmental
                Authorities</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      or
      before May 10, 2008, the Buyer shall, at Buyer&#8217;s sole cost, prepare any and all
      necessary applications to be filed with the PSC to approve the transfer of
      the
      Acquired Interests from the Member to the Buyer, and Buyer shall cause said
      application(s) (together with any filing fees) to be delivered to the Member
      on
      or before May 15, 2008.&#160;&#160;The Member&#8217;s counsel shall be responsible for
      filing these PSC application(s) and generally interfacing with the PSC on the
      approval of said applications.&#160;&#160;From the date of this Agreement
      through the Closing Date, upon request by the Buyer, the Sellers shall support
      in writing and otherwise reasonably cooperate with the Buyer to assist the
      Buyer
      in the obtaining of, any other authorizations or other Permits, excluding any
      franchise, from any Governmental Authority, sought by the Buyer in the Existing
      Service Territory or the Potential Expansion Service
      Territory.&#160;&#160;Reasonable costs incurred by Sellers, except for costs or
      expenses of any legal counsel engaged by Sellers, shall be borne by the
      Buyer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      VII&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POST-CLOSING
      COVENANTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Payment
                of Taxes; Tax
                Returns.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Buyer shall pay in a timely manner any transfer, stamp, sales and
                use, and
                recordation Taxes resulting from or payable in connection with the
                sale of
                the Acquired Interests pursuant to this
                Agreement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                and after the Closing through and including the date that is the
                seventh
                (7th) anniversary of the Closing Date, the Member, on the one hand,
                and
                the Company and the Buyer, on the other, shall cooperate fully with
                each
                other and make available or cause to be made available to each other
                in a
                timely fashion such data relating to Taxes, prior Tax Returns and
                filings
                and other information as may be reasonably requested for the preparation
                by the Buyer or the Company, on the one hand, or the Member, on the
                other,
                of any Tax Returns, elections, consents or certificates required
                to be
                prepared and filed by the Buyer, the Company or the Member and any
                audit
                or other examination by any Governmental Authority, or judicial or
                administrative proceeding relating to liability for Taxes.&#160;&#160;The
                Buyer, the Company and the Member will each retain, and cause their
                respective Affiliates to retain, and provide to the other party all
                records and other information which may be relevant to any such Tax
                Return, audit or examination, proceeding or determination, and will
                each
                provide the other party with any final determination of any such
                audit or
                examination, proceeding or determination that affects any amount
                required
                to be shown on any Tax Return of the other party for any
                period.&#160;&#160;Without limiting the generality of the foregoing, each
                of the Buyer and the Company, on the one hand, and the Member, on
                the
                other, shall retain copies of all Tax Returns, supporting work schedules
                and other records relating to tax periods or portions thereof ending
                prior
                to or on the Closing Date.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
                respect to any Pre-Closing Tax Period for which Tax Returns are required
                to be filed by or on behalf of the Company after the Closing Date,
                the
                Member shall timely prepare and file (or cause to be prepared and
                filed)
                all Tax Returns for such Pre-Closing Tax Period, and will pay when
                due all
                Taxes for all Pre-Closing Tax Periods (whether or not shown on such
                Tax
                Returns).&#160;&#160;The Member shall be liable for all Taxes arising from
                any Tax imposed with respect to any Pre-Closing Tax Period, whether
                or not
                shown on a Tax Return with respect to such period.&#160;&#160;The Member
                shall provide the Buyer with photocopies of the Tax Returns relating
                to a
                Pre-Closing Tax Period.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Buyer shall timely prepare and file (or cause to be so prepared and
                filed)
                all Tax Returns that are required to be filed by the Company after
                the
                Effective Date other than any Tax Return the Member is required to
                file
                pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.1(c)</font>
                of this Agreement (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Buyer&#8217;s Tax Returns</font>&#8221;)
                and will pay the Taxes for the periods covered by the Buyer&#8217;s Tax Returns,
                when due.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                Tax refunds that are actually received by the Buyer or the Company
                and
                relate to a Pre-Closing Tax Period or portions thereof in respect
                of Taxes
                actually paid by the Company or the Member at or prior to the Closing
                shall be for the account of the Member and the Buyer shall promptly
                pay
                any such refunds (or portions thereof) to the
                Member.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Audits</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Buyer shall notify the Member in writing within ten (10) Business
                Days
                after receipt by the Buyer or the Company of any written notice of
                examination, audit or proceeding (an &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Audit</font>&#8221;) regarding
                any
                Tax Return relating to any Pre-Closing Tax Period or other period
                with
                respect to which the Member may have an indemnification obligation
                under
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10</font>.&#160;&#160;Upon written notice to the Buyer within five (5)
                Business Days after the Buyer gives the Member notice of any Audit
                and at
                the Member&#8217;s expense, the Member shall have the right to exercise control
                over the handling, disposition and/or settlement of any issue raised
                in
                any Audit regarding any Tax Return relating to any Pre-Closing Tax
                Period,
                and shall consult and notify the Buyer on any positions taken during
                such
                Audit and any proposed or resulting settlement (subject to the terms
                of
                this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.2(a)</font>).&#160;&#160;If the Member shall not timely assume the
                defense of any Audit or diligently defend against any Audit (as determined
                by the Buyer in its sole discretion) or the Buyer or the Member shall
                otherwise mutually agree, then the Buyer shall have the right to
                exercise
                control at any time over the handling, disposition and/or settlement
                of
                any issue raised in any Audit regarding any Tax Return of the Company
                relating to any Pre-Closing Tax Period (including the right to settle
                or
                otherwise terminate any contest with respect thereto).&#160;&#160;The
                right of the Buyer, the Company or any Subsidiary to be indemnified
                hereunder will not, however, be adversely affected by their failure
                to
                give notice hereunder, except to the extent that the Member is materially
                adversely affected from such failure.&#160;&#160;The Member shall not
                settle any issue or claim or otherwise terminate any contest with
                respect
                to any such Audit without the prior written consent of the
                Buyer.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Buyer shall have the right to exercise control at any time over the
                handling, disposition and/or settlement of any issue raised in any
                official inquiry or Audit regarding any Tax Return of the Company
                (including the right to settle or otherwise terminate any contest
                with
                respect thereto) without any adverse effect on the Buyer&#8217;s right to
                indemnification under this Agreement, except as otherwise set forth
                in
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.2(a)</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Access
                to Water Services by the Member and its
                Affiliates</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                and after the Closing Date and through and including the twentieth
                (20th)
                anniversary of the Closing Date, the Member and its Affiliates, all
                of
                which are identified on the attached <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                7.3</font> (collectively, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Member&#8217;s Affiliates</font>&#8221;)
                will provide the Company and its Affiliates&#160;&#160;with a right of
                first refusal to provide water capacity (potable water and fire
                suppression) at rates based upon standard cost of services principles
                and
                approved by the Maryland Public Service Commission (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">PSC</font>&#8221;) and any
                other
                applicable Governmental Authority to any user to which any of Member&#8217;s
                Affiliates reasonably requests in any territory within Cecil County,
                Maryland that is now being or is hereafter serviced with water by
                the
                Company or its Affiliates, which territory shall include the Service
                Territory and the land currently owned by one or more of the Member&#8217;s
                Affiliates within Cecil County as identified on the map attached
                to <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                7.3</font>.&#160;&#160;In addition, the Company, together with its
                Affiliates, hereby agrees that for the period of time that Company
                or its
                Affiliates (and/or their successors and assigns) own water infrastructure
                within Cecil County, Maryland, the Company (or its Affiliates) will,
                at
                the election of the Member&#8217;s Affiliates (subject to the right of first
                refusal terms of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3(a)</font>), provide water capacity (potable water and fire
                suppression) at rates based upon standard cost of services principles
                and
                approved by the PSC and any other applicable Governmental Authority
                to any
                user to which any of the Member&#8217;s Affiliates reasonably requests in any
                territory within Cecil County, Maryland that is now being or is hereafter
                serviced with water by the Company or its Affiliates, which territory
                shall include but not be limited to the Existing Service Territory
                and the
                land currently owned by one or more of Member&#8217;s Affiliates within Cecil
                County as identified on the map attached to <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
                7.3</font>.&#160;&#160;Following the Closing Date, the Member&#8217;s Affiliates
                will reasonably cooperate with the Company and its Affiliates, pursuant
                to
                the provisions of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.7</font> of
                this Agreement in obtaining all franchises or other Permits from
                any
                Governmental Authority required for the Company to comply with the
                provisions of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font>.&#160;&#160;The Company's agreement&#160;to serve any user
                reasonably requesting service under this subsection may not apply:
                (i)&#160;if the Company cannot obtain authority for&#160;necessary real
                property, rights-of-way or other physical access to users, (ii) in
                developments or buildings that are subject to exclusive arrangements
                with
                other providers, or (iii) when&#160;the&#160;water service cannot be
                reasonably provided in a manner to assure acceptable water quality,
                or&#160;in a manner that the PSC finds not to be economically feasible so
                that the cost of such service cannot be recovered in rates as approved
                by
                the PSC.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                and after the Closing Date, the Company will construct any future
                transmission mains (or spine lines), pumping stations or storage
                tanks for
                fire suppression to be constructed within the Service Territory at
                its own
                cost.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
                or before the commencement of site work on the 252<font style="DISPLAY: inline; TEXT-DECORATION: underline">+</font>
                acre
                residential/commercial development known as Charlestown Crossing,
                LLC, the
                Company shall install, at the Company&#8217;s own cost, the connector line to
                Charlestown Crossing (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Charlestown
                Connector</font>&#8221;).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                and after the Closing Date, with the exception of the Charlestown
                Connector (which shall be installed by the Company, at its own cost),
                the
                construction of distribution or service lines within the Service
                Territory
                for specific users shall be the sole and exclusive responsibility
                of the
                developer or applicable end user for such distribution or service
                line(s)
                and shall not in any manner be the responsibility or at the cost
                of the
                Company or its Affiliates.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
                anything to the contrary in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font>,
                the Company or its Affiliates shall be entitled at all times (including,
                without limitation, with respect to the Company&#8217;s obligations under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3(c)</font>)
                to assess customer or developers connecting to any transmission main
                a
                proportionate share (per EDU upon connection) of the cost to install
                such
                transmission mains (or spine lines), pumping stations or storage
                tanks for
                fire suppression based upon principles and approved by the PSC and
                any
                other applicable Governmental Authority.&#160;&#160;For purposes of this
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font>, costs to install a transmission main shall consist solely
                of
                materials, labor and reasonable overhead to construct and shall
                specifically exclude profit accruing to the benefit of the Company
                or its
                Affiliate in respect of such
                construction.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Artesian
                shall guarantee the obligations of the Company under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font> on
                the terms and conditions set forth in the
                Guaranty.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                rights and benefits of the Company and its Affiliates under this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font> and
                the Company&#8217;s obligations under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font>
                shall, in each case, inure to and be binding upon their respective
                successors or assigns (including third party purchasers of the Company&#8217;s
                of its Affiliates&#8217; equity or assets).&#160;&#160;In this regard, the
                Company (or its Affiliates) hereby agrees, represents and covenants
                that
                in the event that the Company (or its Affiliates) contracts to sell
                its
                assets to a third party purchaser that would necessitate the sale,
                license
                and/or lease of all or substantially all of the assets of the Company
                (or
                any other presently owned or future acquired water infrastructure
                by the
                Company or its Affiliates within Cecil County, Maryland) to a third
                party,
                the Company (or its Affiliates) shall include an affirmative covenant
                in
                the asset purchase agreement, lease agreement or license agreement
                with
                the third party purchaser, lessee and/or licensee, whereby this third
                party shall be required to assume the Company&#8217;s (or its Affiliates&#8217;)
                contractual liabilities, duties and obligations under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font> of
                this Agreement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Buyer
                Permits</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Between
                the Closing Date and December 31, 2008, the Company will, and the
                Buyer
                will cause the Company to, prepare and submit application(s) to the
                Maryland Department of the Environment (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">MDE</font>&#8221;) and the
                PSC (as
                well as any other necessary Governmental Authority) to authorize
                the
                expansion of the Water Plant to a production capacity of Six Hundred
                Thousand (600,000) gallons per day.&#160;&#160;Following the submittal of
                the application(s), the Company will, and the Buyer will cause the
                Company
                to, use commercially reasonable efforts to pursue the approval of
                the
                application(s), said efforts to include, without limitation: (i)
                the
                Company responding to any requests for information by any Governmental
                Authority within the time period required by the requesting Governmental
                Authority, and (ii) in the event that any Governmental Authority
                has not
                formally approved the Company&#8217;s application (as may be amended based on
                comments and feedback from any other Governmental Authority) before
                the
                first anniversary of the Company submitting its application(s) to
                each
                respective Governmental Authority, the Company exercising its due
                process
                rights to have its application reviewed, appealed or otherwise
                decided.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Between
                January 1, 2009 and December 31, 2010, the Company will, and the
                Buyer
                will cause the Company to, prepare and submit an application to the
                MDE
                and the PSC (as well as any other necessary Governmental Authority)
                to
                authorize the expansion of the Water Plant to a production capacity
                of One
                Million (1,000,000) gallons per day.&#160;&#160;Following the submittal of
                the application(s), the Company will, and the Buyer will cause the
                Company
                to, use commercially reasonable efforts to pursue the approval of
                the
                application(s), said efforts to include, without limitation: (i)
                the
                Company responding to any requests for information by any Governmental
                Authority within the time period required by the requesting Governmental
                Authority, and (ii) in the event that any Governmental Authority
                has not
                formally approved the Company&#8217;s application (as may be amended based on
                comments and feedback from any other Governmental Authority) before
                the
                first anniversary of the Company submitting its application(s) to
                each
                respective Governmental Authority, the Buyer exercising its due process
                rights to have its application reviewed, appealed or otherwise
                decided.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Member shall, and shall cause its Affiliates to, reasonably cooperate
                with
                the Company and the Buyer, at the Company&#8217;s expense, in connection with
                the application(s) pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.3</font>
                (such costs of preparing and filing the application(s) to be borne
                by the
                Company) and will furnish to the Company and the Buyer any information
                in
                the possession of the Member or its Affiliates required for such
                applications to be made with the Governmental
                Authority.&#160;&#160;Nothing set forth in this Agreement shall require
                Company or its Affiliates to defend against any governmental challenges
                or
                denials of any application made by the Company pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.4</font>;
                provided, however, that in the event that any such application is
                met with
                any governmental challenges and/or denials, the Company will, and
                the
                Buyer will cause the Company to, work in good faith with the Member
                to
                amend any such application(s) in an effort to address any issues
                raised in
                the governmental challenges and/or
                denials.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                rights and benefits of the Company and its Affiliates under this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.4</font> and
                the obligations of the Company and the Buyer under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.4</font>
                shall, in each case, inure to and be binding upon their respective
                successors or assigns (including third party purchasers of the Company&#8217;s
                of its Affiliates&#8217; equity or assets).&#160;&#160;In this regard, the
                Company (or its Affiliates) hereby agrees, represents and covenants
                that
                in the event that the Company (or its Affiliates) contracts to sell
                its
                assets to a third party purchaser that would necessitate the sale,
                license
                and/or lease of all or substantially all of the assets of the Company
                (or
                any other presently owned or future acquired water infrastructure
                by the
                Company or its Affiliates within Cecil County, Maryland) to a third
                party
                at or prior to the termination or expiration of the Company&#8217;s and the
                Buyer&#8217;s covenants under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.4</font>,
                the Company (or its Affiliates) shall include an affirmative covenant
                in
                the asset purchase agreement, lease agreement or license agreement
                with
                the third party purchaser, lessee and/or licensee, whereby this third
                party shall be required to assume the Company&#8217;s (or its Affiliates&#8217;)
                contractual liabilities, duties and obligations under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                7.4</font> of
                this Agreement.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Mandatory
                Partial
                Prepayment of the Note</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      at any
      time after the Closing Date and prior to the satisfaction and discharge in
      full
      of all of the Buyer&#8217;s obligations to the Member under the Note, the Buyer shall
      directly or indirectly through the Company actually collect connection fees
      or
      contributions in aid of construction for new customers within the Service
      Territory (collectively &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Connection Fees</font>&#8221;) that in the
      aggregate equal the Purchase Price, then thereafter the Buyer shall remit to
      the
      Member in partial prepayment of the Note (without incurring any penalties or
      premiums or requiring advance notice) all Connection Fees actually paid to
      the
      Buyer directly or indirectly through the Company until the satisfaction and
      discharge in full of all of the Buyer&#8217;s obligations to the Member under the
      Note, which Connection Fees shall be remitted by the Buyer to the Member within
      thirty (30) days of the Buyer&#8217;s or the Company&#8217;s receipt of
      payment.&#160;&#160;Any such prepayments shall be applied to the last payments
      due under the Note.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.6&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Further
                Assurances.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">At
      any time and from time to time after
      the Closing, at the reasonable request of the Buyer or the Company and without
      further consideration (but at the Company&#8217;s or the Buyer&#8217;s cost of preparation
      and filing), the Member promptly shall execute and deliver such confirmatory
      instruments of sale, transfer, conveyance, assignment and confirmation, and
      take
      such other reasonable action, as the Buyer may reasonably request to transfer,
      convey and assign to the Buyer, and to confirm the Buyer&#8217;s right, title and
      interest in and to, all of the Acquired Interests or any assets, properties
      or
      rights of the Company and otherwise to carry out the purposes and intent of
      this
      Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                7.7&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cooperation
                Obtaining
                Approvals from Governmental
                Authorities</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subsequent
      to the Closing Date, upon request by the Buyer or the Company, the Member shall
      support in writing and otherwise reasonably cooperate with the Buyer, at the
      Company&#8217;s expense, to assist the Buyer or the Company, as the case may be, in
      the obtaining of, any authorizations or other Permits, including a franchise,
      from any Governmental Authority sought by the Buyer in the Existing Service
      Territory or the Potential Expansion Service Territory.&#160;&#160;Reasonable
      costs incurred by Member, except for costs or expenses of any legal counsel
      engaged by the Member, shall be borne by the Buyer or the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      VIII&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONDITIONS
      PRECEDENT TO THE OBLIGATIONS OF THE SELLERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      obligations of the Sellers with
      respect to actions to be taken on the Closing Date are subject to the
      satisfaction or waiver on or prior to the Closing Date of each of the conditions
      set forth in this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Article
      VIII</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                8.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations
                and
                Warranties.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      representations and warranties of the Buyer contained in this Agreement shall
      be
      true and correct as of the Closing Date with the same effect as though such
      representations and warranties had been made on and as of such date; and a
      certificate to the foregoing effect dated the Closing Date and signed by an
      authorized officer of the Buyer shall have been delivered to the
      Sellers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                8.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Performance
                of
                Obligations.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Each
      and all of the agreements of the
      Buyer to be performed on or before the Closing Date pursuant to the terms of
      this Agreement shall have been duly performed in all material respects, each
      of
      the documents, agreements, consents and other items to be delivered to the
      Sellers pursuant to </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
      3.2(b)</font><font style="DISPLAY: inline; COLOR: #000000">shall have been
      delivered, and the Buyer shall have delivered to the Sellers a certificate,
      dated as of the Closing Date, to such effect.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                8.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No
                Litigation</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
<font style="DISPLAY: inline; COLOR: #000000">Litigation</font>
      before a court or any
      other Governmental Authority shall have been instituted or threatened seeking
      to
      restrain or prohibit the transactions contemplated by this Agreement, and no
      Governmental Authority shall have taken any other action prohibiting the Sellers
      from proceeding with the transactions hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                8.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Consents
                and Approvals</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      necessary consents of and filings required to be obtained or made with any
      Person or any Governmental Authority relating to the consummation of the
      transactions contemplated herein (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Required Consents</font>&#8221;) by the
      Buyer shall have been obtained and made, including those described on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      5.4</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                8.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Satisfaction
                of
                Indebtedness; Release of
                Liens.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Buyer
      shall have paid and satisfied in full all obligations of the Company for the
      Closing Debt, and fully and finally released and terminated all Liens in respect
      thereof and provided the Seller with evidence of such satisfaction and discharge
      and release and termination, as requested by the Seller, including, without
      limitation, the Payoff Letters and UCC-3s or other releases to be delivered
      pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
      3.2(a)(xi)</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      IX&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONDITIONS
      PRECEDENT TO THE OBLIGATIONS OF THE BUYER</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      obligations of the Buyer with
      respect to actions to be taken on the Closing Date are subject to the
      satisfaction or waiver on or prior to the Closing Date of all of the conditions
      set forth in this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Article
      IX</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                9.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Representations
                and Warranties</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">All
      the representations and warranties
      of the Sellers contained in this Agreement shall be true and correct as of
      the
      Closing Date with the same effect as though such representations and warranties
      had been made on and as of such date; and Sellers shall have each delivered
      to
      the Buyer a certificate to such effect, dated as of the Closing Date, that,
      with
      respect to the Company, shall have been signed by the Managing Member of the
      Company and, with respect to the Member, shall have been signed by the General
      Partner of the Member.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                9.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Performance
                of Obligations</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Each
      and all of the agreements of the
      Sellers to be performed on or before the Closing Date pursuant to the terms
      of
      this Agreement shall have been duly performed in all material respects, each
      of
      the documents, agreements, consents and other items to be delivered to the
      Sellers pursuant to </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
      3.2(a)</font><font style="DISPLAY: inline; COLOR: #000000">shall have been
      delivered, and the Sellers shall have each delivered to the Buyer a certificate
      to such effect, dated as of the Closing Date, that, with respect to the Company,
      shall have been signed by the Managing Member of the Company and, with respect
      to the Member, shall have been signed by the General Partner of the
      Member.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                9.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No
                Litigation</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
<font style="DISPLAY: inline; COLOR: #000000">Litigation</font>
      before a court or any
      other Governmental Authority shall have been instituted or threatened seeking
      to
      restrain or prohibit the transactions contemplated by this Agreement, and no
      Governmental Authority shall have taken any other action prohibiting the Buyer
      or Artesian from proceeding with the transactions hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                9.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Consents
                and Approvals</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      Required Consents to have been obtained or made by the Sellers shall have been
      obtained and made, including those described on <font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Schedule
      4.4</font>.&#160;&#160;All necessary approvals of the PSC shall have been
      obtained and shall be in full force and effect.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                9.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Absence
                of Certain Changes</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      change
      that constitutes or results in a Material Adverse Change shall have occurred
      or
      arisen.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      X&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEMNIFICATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Obligations
                of the Seller and the
                Member</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                consideration for the commitment of the Buyer hereunder, the Member
                shall
                indemnify and hold harmless the Buyer, its successors and assigns,
                and
                each of its Affiliates, equity owners, directors, officers, agents,
                Representatives and employees and each other Person, if any, controlling
                such person (each a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Buyer Indemnified
                Person</font>&#8221;), from and against all Liabilities to which such Buyer
                Indemnified Person may become subject as a result of, or based upon
                or
                arising out of, directly or indirectly, (i) any material inaccuracy
                in, or
                breach or nonperformance of, any of the representations, warranties,
                covenants or agreements made by the Sellers in or pursuant to this
                Agreement (regardless of any notification pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                6.2</font>
                that corrects any representation or warranty of the Sellers that
                was
                incorrect or inaccurate as of the date hereof and reading out any
                materiality qualifications), (ii) acts or omissions of the Company
                or its
                predecessors prior to the Closing, (iii) Liability under any Environmental
                Laws arising from any activity of the Sellers or any of their predecessors
                prior to the Closing, (iv) the Company&#8217;s ownership or operation of the
                Company, the Business or the assets, properties or rights of the
                Company
                prior to the Closing Date (excluding any negligent acts or omissions
                of
                the Buyer or its Affiliates as the contracted operator of the Business),
                (v) Liability with respect to any Lien on or in respect of any of
                the
                assets, properties or rights of the Company that is not released
                by the
                Closing Date (excluding the Member&#8217;s Lien or any lien associated with the
                Closing Debt), (vii) Liability arising out of or relating to any
                Litigation by the Town of North East, Maryland, against the Company,
                or
                (viii) the matters disclosed on <font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule 4.14</font>; and (in
                each case) will reimburse any Buyer Indemnified Person for all reasonable
                expenses (including the reasonable fees of counsel) as they are incurred
                by any such Buyer Indemnified Person in connection with investigating,
                preparing or defending any such action or claim pending or threatened,
                whether or not such Buyer Indemnified Person is a party
                hereto.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Member and its Affiliates hereby release and discharge the Company
                of all
                Liabilities and obligations of the Member and its Affiliates arising
                from
                or relating to the period prior to the Closing, excluding any Liabilities
                arising from the negligent acts or omissions of the Buyer or its
                Affiliates, whether pursuant to this Agreement or
                otherwise.&#160;&#160;Neither the Member nor any of its Affiliates shall
                seek or otherwise be entitled to seek contribution or any other payments
                from the Company for any or all Liabilities that the Member or its
                Affiliates is or shall be obligated to pay arising from or relating
                to the
                period prior to the Closing, excluding any Liabilities arising from
                the
                negligent acts or omissions of the Buyer or its Affiliates, whether
                pursuant to this Agreement or
                otherwise.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Obligations
                of the Buyer and Artesian</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">As
      consideration for the commitment of
      the Sellers hereunder, the Buyer and Artesian shall, jointly and severally,
      release, waive claims against, indemnify and hold harmless the Member and its
      Affiliates, equity owners, directors, officers, agents and employees and each
      other Person, if any, controlling the Member or any of its Affiliates (each
      a
&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Seller
      Indemnified Person</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;) from
      and against any Liability to which such Seller Indemnified Person may become
      subject as a result of, or based upon or arising out of, directly or indirectly:
      (a) any material inaccuracy in, or breach or nonperformance of, any of the
      representations, warranties, covenants or agreements made by the Buyer and/or
      Artesian in or pursuant to this Agreement, (b) all Liabilities directly
      resulting from the Buyer&#8217;s installation of the Water Plant or the Buyer&#8217;s
      operation of the assets of the Company prior to the Closing, </font>(c) any
      sales and use and/or transfer Tax related to the transfer of the Acquired
      Interests from the Company to Buyer, or (d) <font style="DISPLAY: inline; COLOR: #000000">the Buyer&#8217;s ownership or operation of
      the Company, Business or assets, properties or rights of the Company following
      the Closing Date, and (in each case) will reimburse any Seller Indemnified
      Person for all reasonable expenses (including the reasonable fees of counsel)
      as
      they are incurred by any such Seller Indemnified Person in connection with
      investigating, preparing or defending any such action or claim pending or
      threatened, whether or not such Seller Indemnified Person is a party
      hereto.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Tax
                Indemnification</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">T</font>he
      Member and its Affiliates
      shall be responsible for, and the Member and its Affiliates<font style="DISPLAY: inline; COLOR: #000000">, jointly and severally,</font> shall
      indemnify and hold harmless each Buyer Indemnified Person in respect of, any
      Liability, (or actions or claims in respect thereof)<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>attributable to any
      breach by the Member or its Affiliates of the covenants set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections 7.1</font> or <font style="DISPLAY: inline; TEXT-DECORATION: underline">7.2</font>
      or any and all
      Taxes relating to any Pre-Closing Tax Period, including any Tax that is or
      results in a Lien upon the Acquired Interests, but excluding any sales and
      use
      tax, any bulk sales or transfer Tax arising from the transfer of the Acquired
      Interests.&#160;&#160;The Member and its Affiliates shall not enter into any
      settlement or agreement in compromise of any claim relating to Taxes with any
      Governmental Authority which purports to bind the Company or its Affiliates
      with
      respect to any tax period without the Buyer&#8217;s prior written
      consent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Procedure</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">Each Buyer Indemnified Person
      and
      Seller Indemnified Person shall be referred to collectively herein as an
&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Indemnified
      Person</font><font style="DISPLAY: inline; COLOR: #000000">.&#8221;&#160;&#160;Any
      Indemnified Person seeking indemnification with respect to any actual or alleged
      Liability shall give notice to the Person from whom indemnification is sought
      (each, an &#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Indemnifying
      Person</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;) on or before the
      date specified in </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
      10.5</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Failure to
      provide the specified notice, however, will not affect the Indemnified Person&#8217;s
      rights to indemnity hereunder from the Indemnifying Person, unless the
      Indemnifying Person can show actual material prejudice resulting from such
      failure and then only to the extent of such actual material
      prejudice.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">If any Liability is asserted
      by
      any third party against any Indemnified Person, the Indemnifying Person shall
      have the right, unless otherwise precluded by applicable Law, to conduct and
      control the defense, compromise or settlement of any action or threatened action
      brought against the Indemnified Person in respect of matters addressed by the
      indemnity set forth in this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Article
      X</font>&#160; <font style="DISPLAY: inline; COLOR: #000000">(an &#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Action</font><font style="DISPLAY: inline; COLOR: #000000">&#8221;).</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">The Indemnified Person shall
      have
      the right to employ counsel separate from counsel employed by the Indemnifying
      Person in connection with any such Action or threatened Action and to
      participate in the defense thereof, but the fees and expenses of such counsel
      employed by the Indemnified Person shall be at the sole expense of the
      Indemnified Person, </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">unless</font><font style="DISPLAY: inline; COLOR: #000000">(i)
      the Indemnifying Person shall have
      elected not, or, after reasonable written notice of any such Action or
      threatened Action, shall have failed (within ten (10) days after the
      Indemnifying Persons&#8217; receipt of such written notice), to assume or participate
      in the defense thereof, (ii)&#160;the employment thereof has been specifically
      authorized by the Indemnifying Person in writing, or (iii)&#160;the parties to
      any such Action or threatened Action (including any impleaded parties) include
      both the Indemnifying Person and the Indemnified Person and the Indemnifying
      Person shall have been advised in writing by counsel for the Indemnified Person
      that there may be one or more defenses available to the Indemnified Person
      that
      are not available to the Indemnifying Person or legal conflicts of interest
      pursuant to applicable rules of professional conduct between the Indemnifying
      Person and the Indemnified Person (in which case, the Indemnifying Person shall
      not have the right to assume the defense of such Action on behalf of the
      Indemnified Person), in any of which events referred to in clauses (i), (ii)
      and
      (iii) the fees and expenses of one such separate counsel employed by the
      Indemnified Person shall be at the expense of the Indemnifying
      Person.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">The Indemnifying Person shall
      not,
      without the written consent of the Indemnified Person, settle or compromise
      any
      such Action or threatened Action or consent to the entry of any judgment which
      does not include as an unconditional term thereof the giving by all other
      participants to the Indemnified Person a release from all liability in respect
      of such Action or threatened Action.&#160;&#160;In addition, the Indemnifying
      Person shall not, without the prior written consent of the Indemnified Person,
      settle or compromise any such Action or threatened Action or consent to the
      entry of any judgment which provides for injunctive or equitable relief with
      respect to any Indemnified Person.&#160;&#160;Unless the Indemnifying Person
      shall have elected not, or shall have after reasonable written notice of any
      such Action or threatened Action failed, to assume or participate in the defense
      thereof, the Indemnified Person may not settle or compromise any Action or
      threatened Action without the written consent of the Indemnifying Person, such
      consent not to be unreasonably withheld, conditioned, or
      delayed.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">If, after reasonable written
      notice of any such Action or threatened Action, the Indemnifying Person does
      not
      affirmatively undertake to defend the Indemnified Person, a recovery against
      the
      Indemnified Person for damages suffered by it in good faith, is conclusive
      in
      its favor against the Indemnifying Person; </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">,
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">,
      that no such conclusive presumption
      shall be made if the Indemnifying Person has not received reasonable written
      notice of the Action against the Indemnified Person.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Survival
                of Certain Provisions</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(a)</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                representations and warranties and indemnification and other obligations
                of the Sellers and the Buyer and Artesian set forth set forth in
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Article
                IV</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article
                V</font>
                and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                10.1</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">10.2</font>
                and <font style="DISPLAY: inline; TEXT-DECORATION: underline">10.3</font>,
                as the
                case the may be, shall survive the Closing and shall continue in
                full
                force and effect without limitation after the Closing for a period
                of
                twenty-four (24) months following the Closing Date, except that:
                (a)
                claims related to fraud or willful misconduct shall survive until
                the
                expiration of ten (10) Business Days following the date on which
                the
                statute of limitations otherwise applicable to such claim has expired,
                (b)
                claims for indemnification arising from the breach of the representations
                and warranties contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                4.11</font>
                (Taxes) or the breach of the covenants contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                7.1</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">7.2</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">10.2(b)</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>or
<font style="DISPLAY: inline; TEXT-DECORATION: underline">10.3</font>,
                shall
                survive until the expiration of ten (10) Business Days following
                the date
                on which the statute of limitations otherwise applicable to such
                claim has
                expired, and (c) claims for indemnification arising from the breach
                of the
                representations and warranties contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                4.10</font>
                (Environmental Matters) and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                5.6</font>
                (Environmental Matters) or under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                10.1(a)(iii)</font> or <font style="DISPLAY: inline; TEXT-DECORATION: underline">10.2(c)</font>
                shall
                survive until the fifth (5<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>)
                anniversary of the Closing Date; and (e) claims for indemnification
                arising from the breach of the representations and warranties contained
                in
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                4.1</font> (Organization and Good Standing), <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.2</font>
                (Capitalization; Title to Limited Liability Company Interests), <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.20</font>
                (No
                Brokers), <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.3</font>
                (Authority
                and Validity), <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.6</font>
                (Title to
                Assets), <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.1</font>
                (Organization and Good Standing), <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.2</font>
                (Authority
                and Validity) and <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.5</font>
                (No
                Brokers) or arising under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                10.1(a)(iv)</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">(v)</font>,
<font style="DISPLAY: inline; TEXT-DECORATION: underline">(vi)</font>,
<font style="DISPLAY: inline; TEXT-DECORATION: underline">(vii)</font>
                or <font style="DISPLAY: inline; TEXT-DECORATION: underline">(viii)</font>
                or <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10.2(b)</font>
                shall survive indefinitely.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(b)</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
                as otherwise set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10.5(a)</font>, each of the covenants, agreements and obligations of the
                parties contained in this Agreement will survive the Closing and
                will
                continue in full force and effect in accordance with its terms, or,
                if not
                specific as to duration, for a period of ten (10) Business Days after
                the
                expiration of the applicable statutes of limitations relating
                thereto.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                period of survival of the representations and warranties, covenants
                and
                agreements prescribed by <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10.5(a)</font>
                and <font style="DISPLAY: inline; TEXT-DECORATION: underline">(b)</font>
                above is referred to as a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Survival
                Period</font>.&#8221;&#160;&#160;The liabilities of each party under its
                respective representations and warranties, covenants and agreements
                will
                expire as of the expiration of the applicable Survival Period; provided,
                however, that such expiration will not include, extend or apply to
                any
                representation or warranty or covenant the breach of which has been
                asserted by a party in a written notice to the other party before
                such
                expiration.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.6&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitations
                on
                Indemnification</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
                Indemnified Person shall be permitted to seek indemnification from
                the
                Indemnifying Person for any Liabilities of or to the Indemnifying
                Person
                or any other Person entitled to indemnification from the Indemnified
                Person (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Indemnifiable
                Liabilities</font>&#8221;) arising out of or resulting from any breach of any
                Basket-Eligible Representations and Warranties (as hereinafter defined)
                unless the amount for which the Indemnifying Person would be liable
                to the
                Indemnified Person, but for the provisions of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10.6</font>,
                would exceed Ten Thousand Dollars ($10,000) in the aggregate (the
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Basket</font>&#8221;).&#160;&#160;If
                the amount of Indemnifiable Liabilities for which an Indemnifying
                Person
                would be entitled to seek indemnification against the Indemnified
                Person
                arising out of or resulting from breaches of the Basket-Eligible
                Representations and Warranties exceeds the Basket, the Indemnifying
                Person
                will be liable to the Indemnified Person, as the case may be, for
                the full
                amount of such Indemnifiable Liabilities arising out of or resulting
                from
                breaches of Basket-Eligible Representations and Warranties, dollar
                for
                dollar from the first dollar of such Indemnifiable
                Liabilities.&#160;&#160;The Basket shall apply to all claims for
                indemnification for Indemnifiable Liabilities arising out of or resulting
                from any breach of any representation or warranty (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Basket-Eligible
                Representations
                and Warranties</font>&#8221;) other than (i) any breach by the Sellers of any
                representation or warranty contained in<font style="DISPLAY: inline; TEXT-DECORATION: underline"> Sections
                4.1</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.2</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.4</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.5</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.10</font>
                or
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.19</font>;
                (ii) any breach by the Buyer or Artesian of any representation or
                warranty
                contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                5.1</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.2</font>
                or
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.5</font>;
                (iii) any claims for Indemnifiable Liabilities by any Buyer Indemnified
                Person arising out of or resulting under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                10.1(d)</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">(e)</font>,
<font style="DISPLAY: inline; TEXT-DECORATION: underline">(f)</font>,
<font style="DISPLAY: inline; TEXT-DECORATION: underline">(g)</font>
                or <font style="DISPLAY: inline; TEXT-DECORATION: underline">(h)</font>
                or <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10.3</font>;
                (iv) any claims for Indemnifiable Liabilities by any Seller Indemnified
                Person arising out of or resulting under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                10.2(b)</font> or <font style="DISPLAY: inline; TEXT-DECORATION: underline">(d)</font>;
                or (v)
                claims related to fraud or willful
                misconduct.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                maximum liability of any Indemnifying Person pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article
                X</font> shall
                be Six Hundred Thousand Dollars ($600,000) (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Cap</font>&#8221;), except
                that
                claims for Indemnifiable Liabilities arising out of or resulting
                from the
                following shall not be subject to the Cap: (i) the breach by the
                Sellers
                of any representation or warranty contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                4.1</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.2</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.3</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.5</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.6</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.11</font>
                or
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">4.20</font>,
                (ii) the breach by the Buyer or Artesian of any representation or
                warranty
                contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                5.1</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.2</font>
                or
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">5.5</font>,
                (iii) any claims for Indemnifiable Liabilities by any Buyer Indemnified
                Person arising out of or resulting under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                7.1</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">7.2</font>,<font style="DISPLAY: inline; TEXT-DECORATION: underline">
                10.1(a)(iv)</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">(v)</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">(vi)</font>,
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">(vii)</font>
                or
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">(viii)</font>
                or
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                10.3</font>; (iv) any claims for Indemnifiable Liabilities by any Seller
                Indemnified Person arising out of or resulting under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
                10.2(b)</font> or <font style="DISPLAY: inline; TEXT-DECORATION: underline">(d)</font>;
                (v) any
                Liabilities of any Buyer Indemnified Person arising out of or relating
                to
                any breach of any covenant, agreement or obligation (other than a
                representation or warranty) contained in this Agreement to be performed
                by
                the Company on or prior to Closing; (iv) any Liabilities of any Buyer
                Indemnified Person arising out of or relating to any breach of any
                covenant, agreement or obligation (other than a representation or
                warranty) contained in this Agreement to be performed by the Member
                prior
                to, at or after Closing; (v) any Liabilities of any Seller Indemnified
                Person relating to the Buyer&#8217;s of its Affiliates&#8217; negligent operation of
                the Business prior to Closing or the Company&#8217;s negligent operation of the
                Business subsequent to the Closing or (vi) any claim related to fraud
                or
                willful misconduct.&#160;&#160;All indemnities provided for in the
                Agreement shall apply even in the event of joint and/or concurrent
                negligence, strict liability, or other fault of the party whose liability
                is indemnified.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.7&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Remedies</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">Each party hereto acknowledges
      that irreparable damage would result if this Agreement is not specifically
      enforced.&#160;&#160;Therefore, the rights and obligations of the parties under
      the Agreement, including, without limitation, their respective rights and
      obligations to sell and purchase the Acquired Interests and comply with the
      covenants set forth in this Agreement, shall be enforceable by a decree of
      specific performance issued by any court of competent jurisdiction, and/or
      appropriate injunctive relief may be applied for and granted in connection
      therewith.&#160;&#160;Each party hereto agrees that monetary damages would not
      be adequate compensation for any loss incurred by reason of a breach by it
      of
      the provisions of this Agreement relating to the Closing and hereby agrees
      to
      waive the defense that a remedy at law would be adequate in any action for
      specific performance or injunctive relief hereunder.&#160;&#160;Each party
      hereto agrees to waive any rights to require the other party hereto to prove
      actual damages or post a bond or other security as a condition to the granting
      of any equitable relief under this </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Section
      10.7</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
                as otherwise provided herein, no delay of or omission in the exercise
                of
                any right, power or remedy accruing to any party as a result of any
                breach
                or default by any other party under this Agreement shall impair any
                such
                right, power or remedy, nor shall it be construed as a waiver of
                or
                acquiescence in any such breach or default, or of any similar breach
                or
                default occurring later; nor shall any waiver of any single breach
                or
                default be deemed a waiver of any other breach or default occurring
                before
                or after that waiver.&#160;&#160;All rights and remedies of any party
                described in this Agreement are cumulative of each other and of every
                right or remedy such party may otherwise
                have.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                10.8&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Right
                of Set
                Off</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000; FONT-FAMILY: Times New Roman">The
      Buyer
      shall have the rights of recoupment, set-off, defense and counterclaim with
      respect to all or any part of any obligation of a Seller Indemnified Person
      to
      make a payment under this </font><font style="DISPLAY: inline; COLOR: #000000; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Article
      X</font><font style="DISPLAY: inline; COLOR: #000000; FONT-FAMILY: Times New Roman">.&#160;&#160;The
      Buyer may exercise the foregoing rights by notifying the Member that the Buyer
      is reducing the amount of any present or future payments under the
      Note.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Prior to
      any such recoupment, set-off, defense or counterclaim, the Buyer shall submit
      a
      notice to the Member of any claim for which it is entitled to payment,
      specifying in reasonable detail (i) the nature of the claim and (ii) the amount
      of the claimed liability in respect of each such claim.&#160;&#160;If within ten
      (10) days after receipt of such claim no notice of objection has been filed
      by
      the Member, the Buyer may offset the amount of such claimed liability against
      </font><font style="DISPLAY: inline; COLOR: #000000; FONT-FAMILY: Times New Roman">any
      present or future payments under the Note</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;In the event of any
      objection notice with respect to such claim, the amount of such claim shall
      be
      withheld by the Buyer from any payments otherwise required under the Note and
      the amount of such payment shall be deposited into escrow with an escrow agent
      mutually acceptable to the parties until such claim is resolved by the
      parties.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      XI&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TERMINATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                11.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Termination</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">This
      Agreement may be terminated at any
      time prior to the Closing upon the occurrence of any of the
      following:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at
                any time, by mutual written consent of the Buyer and the
                Sellers;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">by
                either the Buyer or the Sellers at any time (if such party itself
                is not
                then in material breach of any of its representations and warranties,
                covenants, agreements or other obligations contained in this Agreement),
                if the other party is in material breach or default of any of its
                representations and warranties, covenants, agreements or other obligations
                herein, which breach or default remains uncured for a period of ten
                (10)
                days after such other party&#8217;s receipt of written notice of such breach or
                default;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">by
                the Buyer at any time pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                6.2</font> of
                this Agreement;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">by
                either the Buyer, on the one
                hand, or the Sellers, on the other, (if such party itself is not
                then in
                material breach of any of its representations and warranties, covenants,
                agreements or other obligations contained in this Agreement) upon
                written
                notice to the other, if the transactions contemplated by this Agreement
                shall not have closed by August 1,
                2008.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                11.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Consequences
                of Termination; Regulatory
                Terminations</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                the event that this Agreement shall be terminated pursuant to this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Article
                XI</font>,
                (a)&#160;each party will redeliver all documents, work papers and other
                material of any other party relating to the transactions contemplated
                hereby, whether so obtained before or after the execution hereof,
                to the
                party furnishing the same, and (b)&#160;all further obligations of the
                parties under this Agreement shall terminate without further liability
                of
                any party to any other party, except that (i) the provisions of this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                11.2</font>
                and the expenses provision contained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                12.1</font>
                shall survive such termination and continue in full force and effect,
                (ii)
                nothing herein shall relieve any party from Liability for any material
                breach of any covenant or any willful breach of any other provision
                of
                this Agreement prior to such
                termination.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
                anything to the contrary in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                11.2(a)</font>, in the event that this Agreement shall be terminated
                pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article
                XI</font>,
                t<font style="DISPLAY: inline; COLOR: #000000">he Buyer shall not
                be
                liable for any failure to perform its respective obligations hereunder
                due
                to any request or demand by, or requirement of, or any failure to
                obtain
                any </font>necessary approval of, the PSC, including without limitation
                the Buyer&#8217;s obligation to secure its obligations under the Note and
                Security Agreement by a first priority lien and security interest
                against
                all of the Company&#8217;s assets<font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
      XII&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GENERAL
      PROVISIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.1&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Expenses</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      as
      provided in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections
      10.1</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">10.2</font> or
      as otherwise
      specifically provided in this Agreement, the parties shall bear their respective
      expenses incurred in connection with the preparation, execution and performance
      of this Agreement and the consummation of the transactions contemplated hereby,
      including, without limitation, all fees and expenses of their respective
      Representatives and all fees, expenses and costs for obtaining any Required
      Consent<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>of such
      party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.2&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Confidentiality.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Member recognizes and acknowledges that it and its Affiliates have
                in the
                past, currently have, and in the future may have, access to certain
                non-public confidential information of the Buyer, regarding the Buyer,
                the
                Company or the Business (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Confidential
                Information</font>&#8221;), such as operational policies and pricing and cost
                policies, which are valuable, special and unique assets.&#160;&#160;The
                Member agrees that it will not, and will cause its Affiliates not
                to,
                disclose any Confidential Information to any Person for any purpose
                or
                reason whatsoever, <font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">except</font>
                (i) to the authorized Representatives of the Buyer who need to know
                information in connection with the transactions contemplated hereby
                and
                (ii) to its own Representatives, counsel and other advisors who first
                agree to the confidentiality provisions of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                12.2</font>,
                <font style="DISPLAY: inline; FONT-STYLE: italic; TEXT-DECORATION: underline">unless</font>
                (A) such information becomes known to the public generally through
                no
                fault of the Member, or (B) disclosure is required by Law or valid
                legal
                process, provided, that prior to disclosing any information pursuant
                to
                this clause (B), the Member shall, to the extent permitted by Law
                or valid
                legal process, give prior written notice thereof to the Buyer and
                provide
                the Buyer with the opportunity to contest such disclosure.&#160;&#160;In
                the event of a breach or threatened breach of the provisions of this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                12.2</font> by
                the Member, the Buyer and the Company shall be entitled to an injunction
                restraining the other party from disclosing, in whole or in part,
                such
                confidential information.&#160;&#160;Nothing herein shall be construed as
                prohibiting the Buyer or the Company from pursuing any other available
                remedy for such breach or threatened breach, including the recovery
                of
                damages.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
                of the difficulty of measuring economic losses as a result of the
                breach
                of the foregoing covenants in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                12.2</font>,
                and because of the immediate and irreparable damage that would be
                caused
                for which they would have no other adequate remedy, the Member agrees
                that, in the event of a breach by it or any of its Affiliates of
                the
                foregoing covenants, the covenant may be enforced by the Buyer or
                the
                Company against the Member and its Affiliates by any equitable remedy,
                including, without limitation, injunction, specific performance,
                and
                restraining order, without the necessity of proving actual damages
                or
                posting a bond or other security.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
                <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
                12.2</font> shall survive the termination of, or Closing under, this
                Agreement for a period of five (5)
                years.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.3&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Amendments
                and Waivers</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Any
      term of this Agreement may be
      amended, supplemented or modified only with the written consent of the Buyer
      and
      the Sellers and the observance of any term of this Agreement may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the party against whom the
      waiver is sought to be enforced.&#160;&#160;No waiver of any of the provisions
      of this Agreement shall be deemed or shall constitute a waiver of any other
      provision hereof (whether or not similar), nor shall such waiver constitute
      a
      continuing waiver unless otherwise expressly provided.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.4&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Successors
                and Assigns</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">This
      Agreement shall be binding upon and
      shall inure to the benefit of the parties hereto and their respective legal
      representatives, successors, heirs, executors and assigns; </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">,
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">,
      that this Agreement and all rights and
      obligations hereunder may not be assigned or transferred without the prior
      written consent of the other parties hereto, </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">except
      </font><font style="DISPLAY: inline; COLOR: #000000">that the Buyer may assign
      its rights hereunder to a direct or indirect wholly-owned subsidiary of the
      Buyer, so long as the Buyer remains liable for its obligations
      hereunder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.5&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Third
                Party Beneficiaries</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      rights created by this Agreement are
      solely for the benefit of the parties hereto and the respective successors
      or
      permitted assigns, and no other Person shall have or be construed to have any
      legal or equity right, remedy or claim under or in respect of or by virtue
      of
      this Agreement or any provision herein contained; </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">provided</font><font style="DISPLAY: inline; COLOR: #000000">,
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic; TEXT-DECORATION: underline">however</font><font style="DISPLAY: inline; COLOR: #000000">,
      that the provisions of </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Sections
      7.3</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">7.4</font><font style="DISPLAY: inline; COLOR: #000000">,
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">7.5</font><font style="DISPLAY: inline; COLOR: #000000">,
</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">7.6
      </font><font style="DISPLAY: inline; COLOR: #000000">and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">7.7
      </font><font style="DISPLAY: inline; COLOR: #000000">and </font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Article
      X
</font><font style="DISPLAY: inline; COLOR: #000000">above are intended for
      the
      benefit and burden of the parties specified therein, and their respective legal
      representatives, successors, heirs, executors and
      assigns.&#160;&#160;Notwithstanding the foregoing, Sellers&#8217;Affiliates specified
      on the attached </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; TEXT-DECORATION: underline">Schedule
      7.3 </font><font style="DISPLAY: inline; COLOR: #000000">shall be third party
      beneficiaries of this Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.6&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Choice
                of Law;
                Venue.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">This
      Agreement shall be governed by and
      construed under, and the rights of the parties determined, in accordance with
      the Laws of the State of Maryland (without reference to the choice of Law
      provisions of the State of Maryland).&#160;&#160;Each of the parties hereto
      irrevocably consents to the service of any process, pleading, notices or other
      papers by the mailing of copies thereof by registered, certified or first class
      mail, postage prepaid, to such party at such party&#8217;s address set forth herein,
      or by any other method provided or permitted under the Laws of the State of
      Maryland. </font>Each party hereby irrevocably submits to the jurisdiction of
      any federal or state court located in State of <font style="DISPLAY: inline; COLOR: #000000">Maryland </font>(and any appellate court
      therefrom) over any action or proceeding arising out of or relating to this
      Agreement.&#160;&#160;Each party hereby irrevocably and unconditionally waives
      and agrees not to plead, to the fullest extent provided by Law, any objection
      it
      may have to venue and the defense of an inconvenient forum to the maintenance
      of
      such action or proceeding in such courts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.7&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Waiver
                of Jury Trial</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EACH
      PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
      PROCEEDING (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
      RELATING TO THIS AGREEMENT OR ANY TRANSACTION OR AGREEMENT CONTEMPLATED HEREBY
      OR THE ACTIONS OF ANY PARTY HERETO IN THE NEGOTIATION, ADMINISTRATION,
      PERFORMANCE OR ENFORCEMENT HEREOF.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.8&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless
      otherwise provided in this Agreement, any notice required or permitted under
      this Agreement shall be given in writing and shall be deemed effectively given
      upon the earlier of (a)&#160;personal delivery to the party to be notified or
      (b)&#160;the next Business Day after dispatch via nationally recognized
      overnight courier, all addressed to the party to be notified at the address
      indicated for such party below, or at such other address as such party may
      designate by 10 Business Days&#8217; advance written notice to the other
      parties.&#160;&#160;Notices should be provided in accordance with this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 12.8</font> at the
      following addresses:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If
      to the Buyer, or post-Closing, the
      Company
      to:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">With a copy to:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Artesian
      Resources
      Corporation&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; COLOR: #000000">DLA Piper US
      LLP</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">664
      Churchmans
      Road&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;<font style="DISPLAY: inline; COLOR: #000000">6225 Smith
      Ave</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Newark,
      Delaware
      19702&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;<font style="DISPLAY: inline; COLOR: #000000">Baltimore, Maryland
      21209</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attn:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      &#160;David
      Spacht&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; COLOR: #000000">Attn:&#160;&#160;Carville B.
      Collins, Esq.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telephone:
      302-454-6912&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Telephone: 410-580-4125</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telecopier
      302-453-6980&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Telecopier: 410-580-3001</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -12pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">DSpacht@artesianwater.com</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Email:&#160;&#160;carville.collins@dlapiper.com</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If
      to the Member, or pre-Closing, the
      Company
      to:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">With a copy
      to:</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Mountain
      Hill Water Company
      LLC</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">The Stewart
      Companies</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Attn:&#160;&#160;Dale
      C.
      Voorheis</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Attn:&#160;&#160;Joseph P. Clark
      II</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">950
      Smile
      Way</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; COLOR: #000000">950 Smile Way</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">York
      PA
      17404</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; COLOR: #000000">York PA 17404</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Tel:&#160;&#160;(717)
      771-3530</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Tel: (717) 771-3505</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">FAX:&#160;&#160;(717)
      854-6288</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; COLOR: #000000">FAX:&#160;&#160;(717)
      854-6288</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">EMail:&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">dcv@stewartcompanies.com</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">EMail:&#160;&#160;jpc@stewartcompanies.com</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.9&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Severability</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If
      one or more provisions of this
      Agreement shall be held invalid, illegal or unenforceable, such provision shall,
      to the extent possible, be modified in such manner as to be valid, legal and
      enforceable but so as to most nearly retain the intent of the parties, and
      if
      such modification is not possible, such provision shall be severed from this
      Agreement.&#160;&#160;In either case, the balance of this Agreement shall be
      interpreted as if such provision were so modified or excluded, as the case
      may
      be, and shall be enforceable in accordance with its terms.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.10&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire
                Agreement.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">This
      Agreement, together with the
      exhibits and schedules hereto (which are hereby made a part hereof and
      specifically incorporated by reference herein), constitutes the entire agreement
      among the parties with respect to the subject matter hereof and, except as
      provided in the following sentence, supersedes all prior understandings and
      agreements, whether written or oral.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
                12.11&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Construction</font>.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      parties have participated jointly in the negotiation and drafting of this
      Agreement.&#160;&#160;In the event an ambiguity or question of intent or
      interpretation arises, this Agreement shall be construed as if drafted jointly
      by the parties, and no presumption or burden of proof shall arise favoring
      or
      disfavoring any party by virtue of authorship of any provision of this
      Agreement.&#160;&#160;The titles and subtitles used in this Agreement are used
      for convenience only and are not to be considered in construing or interpreting
      this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Section
                12.12</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Counterparts.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">This
      Agreement may be executed in two or
      more counterparts, </font>including by means of telefaxed signature pages, <font style="DISPLAY: inline; COLOR: #000000">each of which shall be
      deemed an
      original, but all of which together shall constitute one and the same
      instrument.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Section
      12.13&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; TEXT-DECORATION: underline">Time
      is of the Essence</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The
      parties hereto hereby agree that
      time is of the essence with respect to the performance of each party&#8217;s
      respective obligations and commitments under this Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">[
      SIGNATURES APPEAR ON THE FOLLOWING
      PAGE. ]</font></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">IN
      WITNESS WHEREOF</font>, the
      parties have executed this Asset Purchase Agreement as of the date first above
      written.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font><font style="DISPLAY: inline; COLOR: #000000">BUYER:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font><font style="DISPLAY: inline; COLOR: #000000">ARTESIAN
      WATER MARYLAND,
      INC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font><font style="DISPLAY: inline; COLOR: #000000">By:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 175.5pt"></font><font style="DISPLAY: inline; COLOR: #000000">Name:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font><font style="DISPLAY: inline; COLOR: #000000">Title:</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 198pt"></font><font style="DISPLAY: inline; COLOR: #000000">ARTESIAN:</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Sections
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</font><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">7.3
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