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<br />~/ <br />6. The ma'.intenance of a valid CMI,RB mining permit and all <br />other Federal, State and local authorizations to operate is <br />requited for thc: lawful operation oC the Property and is <br />essential to maintain the valuu of the Property. 't'he solution of <br />regulatory issufas caused by Glass and the maintenance of <br />compliance at ttte site requires specialized knowledge and <br />experience not possessed by the University National Bank. <br />7. The trztnsfer of the permits to the Receiver is necessary <br />to regain and maintain the validity of such permits and [o avoid <br />further violations and the associated lial,ilities of Glass and <br />claims against :sureties and the property. <br />8. The proposed Receiver, Quest Consulting Inc., is Cully <br />qualified in th<~ management of gravel mining operations and has <br />particular experience in fhe management of the regulatory affairs <br />pertinent to thc: gravel mining industry. <br />ACCORDINGLY, IT Is NHR1•:BY ORllEkF:U, <br />a) That t;he resignation of University National Bank as <br />Receiver for the Property and its report in such <br />capacity is accepted. <br />b) That University National Bank is released Crom all <br />furthcar liability in its capacity as Receiver and its <br />bond of $60,000.00 previously filed with the Court, <br />along with the liability and obligations pertinent <br />t.huretu is hereby released. <br />c) That (guest Consulting lnc. is appointed as successor <br />Receiver of the Property. <br />d) Upon the taking of the Oath of Receiver herein and <br />posting a subsl.il.uCe bond in I.tse amount oC $6U,OU0.00, <br />Quest Consulting Inc., Receiver, is directed and <br />empowered to take possession of and to collect the <br />cents,. income, and profits of the Property and to aplrly <br />the income as follows: <br />(1) first, to the payment of the costs and expenses of <br />receivership, including but not limited to, <br />payment of such costs as may be ner:r:ssary to bring <br />opurat.iunn :;iU: oowpl.ianr.u wi.l.h the applicable <br />Lrrr wil , <br />(2) Second, to the payment o[ insurance premiwns amt <br />I:hn necessary ausCu and expnnnc , of m.r i nl cn.urce, <br />operation, and repair of the said real property <br /><tnd improvements; <br />(3) 7'hi[d, Co the payment of tax assessments and prior <br />encumbrances, if any; and, <br />-2- <br />