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`,' <br /> <br />EXHIBIT B <br />EXCEPTIONS <br />1. Discrepancies, conflicts in boundary lines, <br />encroachments, and any facts which a correct survey would <br />disclose and which are not shown by the public records. <br />2. Any and all 1985 unpaid taxes due in 1986. <br />3. The following reservations as contained in the <br />various United States Patents of record: <br />a) The right of the proprietor of a vein or <br />lode to extract and remove his ore there- <br />from should the same be found to pene- <br />trate or intersect the premises hereby <br />granted as provided by law. <br />b) There is reserved from the lands hereby <br />granted a right of way thereon for <br />ditches or canals constructed by the <br />authority of the .United States. <br />4. The following reservation contained in Bargain <br />Sale and Deed from James L. White, Trustee and Sarah White <br />to Minerals Development Corporation, a Delaware corporation <br />recorded December 24, 1951 in Book 287 at page 496 and any <br />and all assignments thereof or interests therein: <br />"There is hereby reserved unto said Grantor, <br />James L. White, Trustee, all oil and gas rights in <br />and to the commercial coal properties included <br />withi;. the above said land, together with the right <br />to drill for oil or gas in such places as are best <br />calculated by experts to achieve maximum results <br />consistent, however, with sound and approved mining <br />practices in so as•not to interfere in any way with <br />the said Grantee's mining operations and facilities <br />upon or within said lands." <br />5. Easement and right of way for the continued <br />flow of the North fork of the Gunnison River. <br />6. Any change in boundary, shortage of area or <br />other change in the legal description of the Subject Prop- <br />erty which may result from a change in the course of the <br />North fork of the Gunnison River or a dispute as to the <br />exact of the location of the centerline of said river. <br />7. Easement Agreement-Pole Line as given by <br />United States Steel Corporation, a Delaware corporation to <br />the Western Colorado Power Company, a Colorado corporation <br />in instrument recorded August 10, 1971 in Book 430 at page <br />436 affecting the property 3escribed in said document. <br />8. Any uncertainty relating to the boundary of <br />the Denver and Rio Grande Western Railroad right-of-way. <br />9. All other easements, rights-of-way, licenses, <br />covenants, restrictions and agreements of record or apparent <br />upon physical inspection of the Subject Property, including <br />without limitation any valid and enforceable easements and <br />rights-of-way for Colorado Highway No. 133 and the Fire <br />Mountain Canal. <br />B-1 <br />