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Z <br />Fcs_n1i~:r'~~,~idD=n'!ri F.=..:~~C'-7?:-4~1~7 '1,i~' _ "i;' lii:i= F. 03 <br />Intentmilll.wp.;Draft Lettcr/luteut 3(' i/9S #1 ~~n ~ <br />/'t `~` <br />((i) ~j +in~l~ ~,nsi i~liti~.;111d_Y1Q~I1p1]S. <br />As noted shove [(2)(di), the existing bond is not par[ of the proposed transaction. <br />ITEC is presentl}• aw•ara of at least the lollowing matters which could affect <br />either the existing bond and/or financially impact the present owroer or operator: <br />(a) The Gold I{ill Mill is subject to a cease and desist Order hum the MI,1tA/DNR; <br />f b) To permanently cease operations. reclamation must be performed at present <br />operator or ow~ter's cost or by MLRI3rDNR from existing bond amotmts; <br />(c) It is probable that an additional notice regarding failures to test or monitor for <br />water quality will issue from the M]_KA in the near future; and <br />(d) There may be other such matters existing or pending. <br />It is understood that all such matters as are referenced in this part (6) are and <br />wrill remain the sole legal respotsibility and financial responsibility of COM, <br />INC., and/or Franklin and/or DEMO. tuiless by specific agreement in writing <br />ITEC wuiertakes to deal with such matters as part of a fins! Formal Contract. <br />(%:; L~ld„1?~liazt:nce by I_TF <br />ITEC' will utunediately enter into a program of due diligence, with the object <br />ofconfirming the above matters for the mutual benefit of DEMO and ITEC. <br />In addition to confirmirtg known or anticipated matters affecting the Gold Hill Mill. <br />additions: substantive matters may become known: <br />(a) DEMO agrees to cooperate with ITEC'. in ohtaining all consents, <br />releases, or conveyances of whatsoever kind reasonably required by LTEC' <br />as necessary by ITEC to accomplish the contemplated transaction; <br />f b) ITEC will act expeditiously so as ro complete any due diligence not later than <br />April 10, 1998. <br />(K 1 F511ITIr~.i.:1)11LL3~1. <br />Irnmediatel}~ upon completion of due diligence, DEh1C' and ITEC' shall enter into <br />a definitive contract providing for the final terms required to achieve the <br />object of this Letter of Intent. Such formal contract will provide for terms of <br />payment, any necessan• adjustments (if any), and for final closing procedures. <br />lentil and if such a final Formal Contract is entered into, either party hereto- <br />DEMC' or ITEC-can ternvnate the anticipated transaction; provided however, <br />both parties sha11 attempt to complete the contemplated transaction in good <br />faith if it is possible ro do so. <br />