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i <br />a. Arness is a Colorado corporation, duly organized and validly existing <br />under the laws of file State of Colorado. <br />b. Arness has full tower and authority, corporate or otherwise, to enter <br />into and perform the terms of this agreement. This agreement is the legally binding <br />and valid obligation of Arness, enforceable in accordance with its terms. <br />c. Except as the Lessor's consent may be required in connection with <br />the Sublease of state lease interests, Arness is not subject to any charter, bylaw, <br />mortgage, deed of trust, lease agreement, instrument, law, rule, regulation, order <br />judgment, decree or other restriction which may prevent the execution of this agreement <br />or performance of any obligation of Arness hereunder. <br /> d. Except as the Lessor's consent may be required in connection with <br /> the Sublese of state lease interests, Arness need not obtain any consent, approval, <br />authorization, or other action or any regulatory or administrative body of any third <br />party in order to perform any obligation of Arness under this agreement. <br />7.2 Representations and Warranties of Durango. Durango represents and warrants <br />to Arness that: <br />a. Durango is a corporation duly organized, validly existing, and in good <br />stan;:.,~g under the laws of the State of Utah. <br />b. Durango has full power and authority, corporate and otherwise, to <br />enter into and perform the terms of this agreement. This agreement is the legally <br />binding and valid obligation of Durango, enforceable in accordance with its terms. <br />c. Durango is not subject to any charter, bylaw, mortgage, deed of trust, <br />lease agreement, instrument, law, rule, regulation, order, judgment, decree or other <br /> <br />9 <br />