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•BROWNSTEIN HYATT FARBER & ST ~LANO <br /> ATTORNEYS A7 LAW <br />NORMAN BROwMSTEIN ROB CR} W. NICNOLS <br />STFV[Nw FARBER L. LOUISF ROwFRO~ATwooD TWENTY-SECOND FLOOR <br />MARX F. LEO NARO NICHA [L J. STER NiCX 410 SEVENTEENTH STREET <br />JAMES S. NANO EL DART N R[IFf <br />EOWARD N. BARAD NICNAEL R. NCG IN Ml9 OENVE R. COLORAD060202-4437 <br />OOUGNS N. }IgOALE LISA NOGAM <br />JOXM R. ULL wATNF F FORMAN <br />gTEVCM N. gONNERg BRUCC A.JANFg <br />}N ONAg LgTRIC XLAMD WILLIAM D. NNLGNY <br />RONALD B. NERRILL ROBERT XAUfNAMN <br />LYNOA A. NCMCIVC BRYAN R.CIARX <br />LISA NOLSTEIM BRCNT gLOgXT <br />LAURA JGN CN RISTN AM AM MC NURRNY <br />RONALO A. NILSER <br />ANDREW w LOCwI OF COONS [L <br />LNA RLEg B. WNITE JACX N. NY1}i <br />WAIMC M. HTXAN XCMMETH N.ROBINS <br />gTI.MLCY I. GI.RNCTT AMM B. RILEY <br />February 11, 1992 <br />VIA HAND DELIVERY <br />Kevin H. Relley, Esq. <br />Holme Roberts & Owen <br />1700 Lincoln Street, Suite 4100 <br />Denver, Colorado 80203 <br />P ~ III IIIIIIIIIIIII III <br />T ELE PH ONE13031634-6335 <br />T ELECO PIER 13031 623.1956 <br />T ELECO PIER 13031693-6607 <br />Re: Aspen Glen Golf Partners -- Purchase of Diamond-A Ranch <br />Dear Revin: <br />On behalf of our client, Aspen Glen Golf Partners, Ltd. <br />("Aspen Glen"), we are transmitting to you with this letter the <br />preliminary development schedule that our client has prepared at <br />your request. It is our understanding that the submission of the <br />enclosed document has been required in connection with the proposed <br />amendment to the permit issued by the Colorado Mined Land <br />Reclamation Division (the "CMLRD") to Snowmass Coal Company. <br />Although the enclosed represents Aspen Glen's current estimate <br />of the timing of the project, the development schedule may be <br />substantially accelerated or delayed by any number of factors, both <br />foreseen and unforeseen. Such factors include, without limitation, <br />the timing of zoning, subdivision and other required governmental <br />approvals, the phasing of the development as approved and/or <br />required by Garfield County, seasonal and climactic considerations, <br />the availability of acquisition and development financing, and the <br />date of Aspen Glen's acquisition of fee title to the site of the <br />proposed development. <br />Further, it should be noted that although Aspen Glen presently <br />proposes to include the vast majority of the subject CMLRD permit <br />area within the golf course, the current land use plan anticipates <br />that some portions of the permit area will be included within the <br />proposed boundaries of residential lots. At the present time, it <br />is anticipated that such residential areas will be outside of the <br />developer's control. Moreover, Aspen Glen reserves the right to <br />revise the site plan from time to time. <br />