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~' l/U~ c~s~ EXCHANGE AGREEMENT THIS EXCHANGE AGREEMENT, made this 2 t ~r day of March, 1997, between Mountain Coal Company, a Delaware Corporation, whose address is P.O. Box 591, Somerset, CO, 81434, hereinafter referred to as the Landowner, and the United States of America, acting by and through the Forest Service, Department of Agriculture, in consideration of the appraisals by the parties hereto of the land or interest in land herein described and other good and valuable considerations, the receipt of which is hereby acknowledged, do hereby severally agree as follows: WITNESSETH: Pursuant to the General Exchange Act, of March 20, 1922, as amended, (42 Stat. 46?) and the Act of October 21, 1976 as amended (90 Stat. 2743), the Landowner does hereby agree to convey to the United States of America the real property described in Schedule "A" enclosed hereto and made a part hereof. In exchange therefore, the United States of America agrees to convey to the Landowner by patent issued by the Department of the Interior, the real property described in Schedule "B" enclosed hereto_nd made a part hereof. There will be a need to equalize exchange values pursuant to Section 206(b) of [he Federal Land Policy and Management Act of 1976 (43 U.S.C. 1716) by the United States paying Twenty-nine Thousand Two Hundred Thirty-five and no/100 Dollars ($29,235.00) to the Landowner. The agreed to values for this exchange aze: Property of the Landowner = $657,235.00 Property of the United States = $628,000.00 On Mazch _, 1997, the Forest Service issued a Decision Memo approving the conveyance of 837.33 acres of National Forest System lands to the Landowner in exchange for approximately 1,007.30 acres of non-federal land and the road right-of--way owned by the Landowner. Completion of the exchange will be accomplished in the following manner. First, the Landowner agrees to convey by Warranty Deed in accordance with Deparhnent of Justice standazds when requested by the Forest Service, the lands or interest in lands described in Schedule "A" to the United States of America and its assigns, together with necessary documents required to convey good title, free from all encumbrances except those set forth in Schedule "A". Landowner further agrees to donate to the United States of America, by quit claim deed, all mineral rights to the lands controlled by the Landowner which aze held by Landowner identified in Schedule "A". OMB No. 0596-0105 (OS-31-98) 1