15.15.08.03

.03 Landowner's Option for Installment Purchase Agreement.

A. The Foundation may offer to buy an easement from a landowner through an IPA either:

(1) In an eligible county where the land will be subjected to easement restrictions; or

(2) Through MARBIDCO, if the offer is not for less than $100,000.

B. At the time of escrow closing on an IPA, the landowner and the Foundation shall agree to the terms of an IPA, including the following:

(1) Payment from MARBIDCO shall be made in cash for not less than:

(a) The maximum value, based on the Foundation's per-acre purchase price, of any easements on an unrestricted lot or family lots reserved by the landowner at escrow closing for future purchase from the Foundation; and

(b) Any additional amounts, as required by the Foundation;

(2) Payment from MARBIDCO shall be made in one or more IPAs, each in a principal amount not less than $100,000;

(3) An IPA shall be with the appropriate eligible county or MARBIDCO; and

(4) If the IPA is with MARBIDCO, the maturity date shall be at least 10 years from settlement for each IPA.

C. A landowner's designation of the appropriate eligible county for an IPA shall be approved by the eligible county before escrow closing.