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(d) Seller has not received any notice of, and has no other knowledge or <br />information of, any pending or contemplated change in any applicable law, ordinance or <br />restriction, or of any pending or threatened judicial or administrative action other than the <br />Litigation; or of any action pending or threatened by adjacent landowners; or of any natural or <br />artificial condition upon Parcel 2, any of which would result in any material change in the <br />condition of Parcel 2, or in any way limit or impede the operation of Parcel 2 for any purpose; <br />{e) Seller has the full right, power, and authority to sell and convey Parcel 2 to <br />Purchaser as provided in this Agreement and Seller has the full right, power, and authority to <br />carry out its obligations hereunder; <br />(f) Seller has not entered into any agreements with the State of Colorado or <br />any county, municipality or any other governmental orquasi-governmental entity with respect to <br />Parcel 2 which may result in liability or expense to Purchaser, and further, that there aze no <br />actual or proposed levies or special improvement assessments relating to Parcel 2; <br />(g) The execution and delivery of this Agreement and the performance of the <br />obligations of Seller hereunder, do not and will not require the consent or approval of any court, <br />person or entity and will not result in a breach of or constitute a default under any court order, <br />contract, loan or credit agreement, mortgage, deed of trust or other agreement; <br />(h) All underlying encumbrances, if any, can be dischazged and released of <br />record, or, as the case may be, Parcel 2 can be released therefrom, upon the payment of a sum or <br />sums which in the aggregate will not exceed Seller's cash proceeds of this transaction; <br />(i) Parcel 2 has not been condemned and to the best of Seller' knowledge, <br />there are no presently pending or threatened condemnation actions with respect to Parcel 2 or <br />any part thereof, nor have Seller received any notice of any condemnation actions being <br />contemplated. <br />7.2 Disclosure. Purchaser is advised as follows: <br />SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL <br />OBLIGATION Ir~`DEBTEDNESS THAT IS PAID BY REVENUES PRODUCED <br />FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN <br />SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE <br />PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX <br />BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE <br />CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A <br />DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN <br />INCREASE IN MILL LEVIES. PURCHASERS SHOULD INVESTIGATE THE <br />DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL <br />OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING bHLL <br />LEVIES OF SUCH DISTRICT SERVICNNG SUCH INDEBTEDNESS, :U'VD THE <br />POTENTIAL FOR AlY LNCREASE IN SUCH MILL LEVIES. <br />12- RECEIVED f. <br />APR 1 7 2003 ~~~' <br />Division of Minerals and Geology (y' Q~V\ <br />