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<br />7. The Initial New Casde Canaan provided that it feat subjen b Idgher and <br />barer oRea ara! thu 1l f higher aRer rat racved by CF@1 thert CFgcl would conduct an <br />aucion sale. Beous a highs oRer wu Rclved an tuition tale teas oondueted and Bojaa, <br />Irc. ('BOjaca') wm the higherl bidder, loving bid f6i5,000. Burning Mounuin lard and <br />Cat0e LLC ('Burning Mountain') wu the feoad highed biddy vim ^ bid of f610,000. <br />8. By Order Granting Motion Datd Apd129, 1994 Fw Order Audbtising <br />Proposed Sale of New hs0e Property By Reorganized CFdcl Stel Corporation Ote Court <br />granted the April 29, 1994 Motion and authorisd the ale b Bojan, far fdi5,000, of if <br />Bojaa failed b dos, CFRI waf audbrired m las the ale b Burning Mowuiu fw <br />fdI0,G00. <br />9. Bojao paid f73,000 of antest tnaney Immediately alley the auction ale, but <br />tailed b alase the ale and forfdted Ute 575,000 b CF&I. Burning Mounain withdrew iu <br />offs of 5610,000 afiet Ure auction ale all after Bojan had paid iu earnest money but prior <br />b Bojaer failuR b dos, and in aamNana wim the terms of the Initial Ntw hsde <br />Contract, CFkI :landed Burning Mountain iu eutsert money. <br />10. TMteafltz, CFkI comrncrsced molesting the New hale Property ^ fecal <br />dme, including the fisting of dre New Cattle Prtsperty wim ^ feat ante broke m Colorado, <br />however, Ilte lifting agreement excluded Burning Maunuin i(it Beaune the purchasr of the <br />New Castle Pmpaty. <br />11. CF&1 hu Rceived • aecad oRer and mkted inb a fecal Vacant <br />Lrd/Farm and Rarrlr Control m Buy and Sell Rnl Esak and Mineralf dated October 19, <br />1994 wish Bumtnj Mounain (tlx •Sak Conaxt'), a Dopy of wF~ch if city^herl u Eca_bit ! <br />hereto, with Rapes b the New Castle Property, moR pardalarly described N Fsltibit A b <br />the Sale Contras. <br />I2. Pertirrertt termf of me Sale Contact brlude the following: <br />a. A puRhae prla of 5400,000, wim f 100.000 earnest rtarcy down and <br />f700,000 cash paid at awing. <br />b. Atl leas and/or minimum loyalty pnymou vim Rspes m tM Nev <br />Castle Property will be pmntd herwemt me panier. <br />e. 7Te annual duudrolder fee fw and me annual payment due under d¢ <br />Water Isar Agreement b add County School Disuis I RE-2 for <br />Ore leax of water righu in Ote form of fifty (SO) iharca of stock m the <br />WaR k Hills Ditch Company shall b< psotated L losing. <br />d. 7)re New Cattle Property shall be conveyed by CFk! by Quit Claim <br />Deed 'u b' and without wamnlio of any 0atrrR. <br />e. Upm ootaummation of me Sale Caatract, Pusch»er fhaB naive std <br />releas any daimf or oases of fcsian it bas a may have fgawt Seller <br />tae eavtsmsnenal txntasaimtme m the Ner Cable Psopesty. <br />f. Purchaser dull aflame artd atRa b !x baud by and alx the Nev <br />Conk Property wbja:t b W governmental permib and abOgations, <br />brluding mineral land reelamaaar permiu, boding RquiRmenu, <br />ovimnmental permiu and all Itaso covering the New ('fUle <br />P~Y• <br />g. The Sde Contras is subjen m Banlauptcy Coup approvd. <br />7 4 <br />