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M <br /> <br />Hr. Vance Hills <br />September 8, 1983 <br />Page Tvo <br />Lease had clearly expired by its own terms substantially prior to the execution <br />of the Letter Agreement; and that Phelps Dodge shall assume no liability what- <br />soever in the event it is unsuccessful in arriving at a resolution with Hr. <br />Rem. NotL-ithstanding any action taken by Phelps Dodge on behalf of TB_'i, Phelps <br />Dodge believes that the expiration of the Lease is a substantial impairment of <br />the assets of TB.*i, and for that reason, TBM has the responsibility to correct <br />this deficiency. <br />Finally, there is one other master which should be clarified between us. Based <br />upon the expiration of the Lease, this letter will act as formal notice that <br />the assets of TB*f are not "substantially accurate", as that term is defined in <br />Paragraph 3 of the Letter Agreement, and that the Option Payment of Fifty <br />Thousand Dollars ($50,000) tendered to you recently by Phelps Dodge shall not <br />be retained by you unless this matter is resolved and all other liabilities and <br />assess contained in Exhibits A and B to the Letter Agreement are substantially <br />accurate, or unless Phelps Dodge exercises its option to purchase. <br />As always, Phelps Dodge is prepared to assist you and your Attorney, Mr. Allen <br />Trimble (to whom a copy of this letter is being sent), in any actions you <br />undertake. Please keep either myself or members of my staff informed as to <br />what you plan to do, and Phelps Dodge will, of course, continue to do so as <br />well. If yov should have any questions concerning any matter continued herein, <br />please do not hesitate to call. <br />Very truly yours, <br />.f 0. /~_- <br />DOR/amt <br />cc: Allen C. Trimble <br />bcc: M. A. Pasha / <br />J. T. Fuller <br />C. H. Broamman <br /> <br />