State of Colorado, to-wit:
"The East half (E½) of Section twenty-six (26), Township seven (7) North, Range Sixty-nine (69) West of the Sixth Principal Meridian, except about ninety (90) acres conveyed to A. W. Roth by deed dated February 28, 1906, and recorded March 1, 1906 in Book 212, Page 448, Larimer County, Colorado records, together with all water and water rights, ditch and ditch rights, lateral and lateral rights appertaining thereto, and particularly three (3) shares of the capital stock of The New Mercer Ditch Company and eight (8) shares of the capital stock of The Pleasant Valley and Lake Canal Company, twenty-one (21) Mountain and Plains Preferred Rights, subject, however, to rights of way for public roads, and rights of way for ditches used conveying water tofirst part, upon giving to the party of the second part thirty days' notice of intention so to do, which notice may be served as provided by law for service of notice to quit, and in case of such election the party of the second part shall forfeit all payments made, and such payments shall be retained by the party of the first part in full satisfaction and liquidation of all damages the party of the first part may have sustained.
"It Is Mutually Agreed, That time shall be of the essence of this agreement, and if at any time the same shall be terminated in the manner above provided, the party of the first part shall have the right to re-enter and take immediate possession of said property,