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M llISTK1CT COURT, C~DUNTY OF LARIMER, 51'ATE OF COLORAllO CASE NO. 85 CV 49'7 ORDER CONFIRMING SUBSTITUTION OF RECEIVER UNIVERSITY NATIONAL BANK OF FORT COLLINS, N.A., Plaintiff, v. JOHN F. GLASS, Sk., et al. lletendanis. 7'he Court, hewing reviewed and considered the Motion for Substitution of Receiver Liled by University National Bank of Fort Collins, N.A., having heard testimony in open Court, and being fully advised in the premises, finds as follows: 1. On Februz~ry 28, 1986, Plaintiff was appointed as Receiver of the pe~rcel of real pcoperty hereinafter referred to as the "Property", more fully described on Exhibit A to which is attached hereto and incorporated herein by reference. 2. Plaintiff has established that the permittee, Glass i,iver,tock. Co., has failed to maintain compliance with the orders of the Mined hand keclamation Board (CMLkB), and its regulations, and has failed to maintain a valid Mining and keclamation Permit for the Gravel Pit. Glass has refused to transfer the permit to the Receiver to enable Receiver to remedy permit violations. 3. This failure to maintain compliance has resulted in the Mined Land Reclamation Board issuing an order on April 29, 1986, which precludes mining and processing activities at the site. Said Order required the posting of an additional financial warranty in the amount of E7,500.00 to avoid revocation of the permit. In order to regain a valid CMLRB permit for mining of the Property, additional information must be developed and submitted to the CMLRB and additional approvals will be required. 4. University National Bank was not notified by Glass Livestock of the non-compliance status of the permit prior to the CMLRB's April 24. 1986 Order, and first received notice of the Board's Older on May 15, 1996. 5. University National Bank, in its capacity as Receiver, has submitted the additional financial warranty required by the April 24, 1986 Order of the Mined Land Reclamation Board on May 28, 1986.