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(c) Seller has not received any notices or demands from any mortgagee of the <br />Subject Property or from any state, municipal or county government or any agency thereof with <br />regard to the Subject Property; <br />(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 the Subject Property, any of which would result in any material change <br />in the condition of the Subject Property, or in any way limit or impede the operation of the <br />Subject Property for any purpose; <br />(e) Subject to the Litigation, Seller has the full right, power, and authority to <br />sell and convey the Subject Property to Purchaser as provided in this Agreement and Seller has <br />the full right, power, and authority to 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 or quasi-governmental entity with respect to <br />the Subject Property which may result in liability or expense to Purchaser, and further, that there <br />are no actual or proposed levies or special improvement assessments relating to the Subject <br />Property; <br />(g) Subject to the Litigation, the execution and delivery of this Agreement and <br />the performance of the obligations of Seller hereunder, do not and will not require the consent or <br />approval of any court, person or entity and will not result in a breach of or constitute a default <br />under any court order, contract, loan or credit agreement, mortgage, deed of trust or other <br />agreement; <br />(h) All underlying encumbrances, if any, can be discharged and released of <br />record, or, as the case may be, the Subject Property can be released therefrom, upon the payment <br />of a sum or sums which in the aggregate will not exceed Seller's cash proceeds of this <br />transaction; <br />(i) The Subject Property has not been condemned and to the best of Seller' <br />knowledge, there aze no presently pending or threatened condemnation actions with respect to <br />the Subject Property or any part thereof, nor have Seller received any notice of any <br />condemnation actions being contemplated; and <br />(j) The Subject Property comprises a legally constituted lot or parcel, and, no <br />subdivision approval or waiver or exemption therefrom is required from any state, county or <br />local authority in order for Seller to convey or agree to convey the Subject Property to Purchaser. <br />fiECEIVED <br />- 1 z- APR 17 2003 <br />Division of Minerals and Geology K1~ <br />~~~ <br />