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Memo to Erica Crosby 5 Apri127, 2003 <br />property value, a statement summarizing any circumstances which may affect the of the <br />Deed if it is a trust or security agreement, and proof that there are no past due property taxes. <br />For the three deeds of trust provided to this point, the property tax provision would apply <br />only to the Williams Fork Pump Station and appurtenances. Note that this required report is <br />different and separate from the auditor's certification discussed above. <br />The provisions of rule 4.9.3(c) will apply to the Williams Fork Pump Station and <br />appurtenances. These must be insured with the Board named as additional insured, must be <br />maintained in good operating condition, and shall not be removed from the permit azea <br />without DMG or Board consent. Henderson must file another separate component of the <br />annual report fully describing the condition, value, and location of the pledged fixtures and <br />equipment and shall not pledge the fixtures and equipment to secure any other obligation. <br />Also, Henderson shall immediately notify DMG of any other interest that arises in the <br />pledged property. <br />Rule 4.14(1) requires that Henderson report within sixty days any net loss incurred in any <br />quarterly period. What is not clear is if the trigger for such a report would by a quarterly net <br />loss incurred at the Henderson Mine and Mill itself, a net loss incurred by Climax <br />Molybdenum Company, which owns Henderson and is a wholly owned subsidiary of Phelps <br />Dodge, or a net loss incurred Phelps Dodge as the parent corporation. <br />attachment -summary of pertinent regulations <br />cdacsU~ly Documents~l-Ienderson water bond 4-25-03 mmg no[es.doc <br />