ENFORCE25354 - Laserfiche WebLink

Home Browse Search

F~,riiiirrL,31-na[ia~~~..;er Fy::?.i.i?-,4?-4'!.!. Ih,ir ._,, .~J=t 1ia:=,d F'.l-1~' lnteutnti111.wpsDraft Letter;Inteut 3/27i9R fti ~~ R ~~ _ G~ (3) Represe ratio cyfl)LMC`_ (a) DEMO does not presently own or hold tee title to the Gold Hill Mill. The actual fee title holder and owner of the Gold Hill hfill is Franklin Consolidated Mining Company. Irtc.("Franklin"); (h) DEMC does own a first lien, in the original principle amotmt of $300.000.00, upon the Gold Hill Mill (the "Mortgage"). The borrower/ debtor to said Mortgage is Franklin ; (c) DEMO is the. owner of all equipment and machinery in or associated with the Gold Hill Mill; (d) The Mortgage is either in default presently, or Franklin has represented to DEMO that Franklin will default on the Mortgage artd underlying note upon the due date of April, 1998; (e} In order to be. able to sell the Gold Hill Mill to ITEC'. DFMC. shall either foreclose on said Mortgage upon default, or shall obtain from Franklin fee. title to the. Gold Hill Mill. DEMO shall commence foreclosure proceedings, or be delivered tee title to the Gold Mill Iv1i11. not later than April 15, 1998. Alternatively, DEMC shall arrange for direct conveyance and delivery of fee title from Franklin to ITEC by said date: (f) The present record operator and holder of Permit M-94-117 is C.olina Oro Molino loc. ("COM, INC'."). (4) Represru3afiotra4llTES:. (a) ITEC is ready, willing and commits to the purchase of the Gold Hill Mill upon the terror and provisions of this letter of Tntent. (5) P!1[!rf]taS.CaAd~al~of111e cold Hill in- (a) DEMC agrees to sell, and ITEC agrees to purchase, the Gold Hill Mill for the total price and cott_cideration of 1 sc the ~n X100 000.00 (US); (h) ITEC shall receive title to the Gold Hill Mill in fee simple, free and clear of claims, encttmbrattces. defects, and contractual claims (exceptitt@, only claims of Mi Vida Enterprises Tnc, under the Milling Contract). DEMC shall warrant and hold ITEC harmless and free of liability from all such matters; (c) insofar as deeds, conveyances, releases, assigtunents, or any other type of document is required to achieve the purposes of this Letter of Tntent, such sh~•dl be the responsibility of DEMC to obtain and deliver from whatever party might he designated by ITEC nr its representatives; (d) Unless extended by mutual consent between DEMC and ITEC, a final closing will occur at the earlier of: (i) May 1, 199R, if foreclosure is not required by DEMC to acquire fee title to the Gold Hill Mill; or (ii) One(]) week after issuance of a deed and/or the running of any redemption periods, if foreclosure is requred for DEMC to acquire fee title to the Gotd Hill Mill.