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<br />]1. apOITIOMAL PPOVI eI0N9,
<br />A. As eoon as practicable after receipt thereof, Seller shall
<br />depoei[ the ea roes[ money re Cerenced in Paragraph ]fal into an
<br />interest (accumulated) boa ring bank account. All rote re sr
<br />accrued thereon shall be applied [o [he Purchase Price at
<br />cloarng, eub7ect to the provieione of subparagraphs I and J
<br />below.
<br />B. The minimum royalty payment due undo[ Che Coal Min log Lease
<br />to NCIG Financial Inc., payable January 20, 1995 (covering the
<br />1/20/99 co 1/20/95 lease year) shall be prorated at closing.
<br />There le no production under [he NCIG )coat.
<br />C. The rental and minimum royalty payment under the O11 and Gee
<br />Leeee to The Louieiane Land and Exploration Company due Sn
<br />November, 1994 )for the period Crom 11/1/94 [0 11/1/95) shall be
<br />pro raced between the parties hereto.
<br />D. The annual cha reholder fee for the rare and Hinds D1C Ch
<br />Company shall be prorated at Closing.
<br />E. The annual payment due under the rater Leeee Agreement [o
<br />Garfield County School District pRE-2 for the lease of rater
<br />rrghte in the form of fifty 1501 shares of stock in the Mare L
<br />Hinds Ditch Company shall be prorated at closing.
<br />F. She rental payment for [he period from August 1, 1994 [o
<br />August 1, 1995 pureuan[ [o the lease [o Talbott Enterprleea,
<br />Int. shall be prorated at closing.
<br />C. Buyer and Seller acknowledge [ha[ Buyer hoe reviewed: 11
<br />Land Tlt le'a commitment (Order No. Gr2546-2) for an owns r'e
<br />title policy dated effective March 17', 1994 at 8:00 a.m., 21 the
<br />title exception docume nt s. refers need [herein, l) [St le maccere
<br />not shown by public record as previously provided [o Buyer by
<br />Seller, and 41 the poee1611ty of spec ral taxing dletric[e
<br />affect log [he Property. Nocwlthstandi ng Sells r'e obligation to
<br />provide a current commitme nc Cor an owns r'e tic le insurance
<br />policy pureuan[ to Paragraph B hereof, Buyer hereby waives the
<br />right [o a title review period and accepts the me rchantibility
<br />of title and all other title cond )[ions ae of the March 17, 1994
<br />N. Buyer and Seller acknowledge that Buyer has inspected the
<br />physical condition of the Property. Buyer hereby waives any
<br />additional inspection period and the right [o object co any
<br />unsatisfactory physical condition of [he Property.
<br />I. Thl^ Cone race Se subj set to ^pproval by the Uni ud Seatu
<br />Bankrupcry Coure and 1e subjaec to ehe raeelpe by Seller of
<br />higher or better o!!en prior to ehe entry of an erdes by the
<br />Bankruptcy Court approving chit sale. IL a higher or better
<br />otler !s acupud u ^ reeule the rsoC, the urns ae money ^hall
<br />6a returned eo Buyer along rich all irte rent accrued cheron and
<br />this Con[rac[ cha 11 ce rminate. Aloe, SC • hlghar or 6ecesr
<br />offer Se accepted u a ruule chorea(, Buyer is antic Ld co a
<br />Lee o! 5500.00 from Seller to niniburu Buyer Cor expenses
<br />Sncurssd by Buysr in Its attempt to purchase the Drops rty.
<br />J. Stiles shall apply to the Bankrupcry Court Cor See approval
<br />not later than Nowmbes 4, 19f4. The closing date shall be
<br />[i[e ten (151 days aloe cbs Bankrupcry Coure has given lu
<br />pproyal. In the wrnt the eartknlpcry Court hoe not approved
<br />chit cone raet clear ninety 190) days Lrom cha acceptance dace
<br />spselfled in Paragrapph 7f, [h1^ Contract shall texsinaee, in
<br />rhleh ease Buyer eMll be entitled to return oL lea earnut
<br />money dapoa It and all Snunat accrued [heron.
<br />R. The Property shall be conveyed by Seller •as ls• and richoue
<br />wrraaeie^ o! any nature. Upon tompllotion o[ the ppurchase and
<br />nle order ehi^ Contract, Buyer shall raiw and releue soy
<br />claims ar oauue o! action Chae is hoe or may haw agalnet
<br />teller Los any envlroaaratal contamiaaefoa eL the Properly. '
<br />L. Buyer shall ueueu. and agree to he hound by and cake cha
<br />property auh~aee to all gowznmenul permits and obligacione,
<br />iaclluding mined land see emacioa permit ^, bonding requirements,
<br />sad snvironarntel pessiea, sad all leases covering the Property.
<br />N. No razraaey Se nude by Boller regasdiaq the eLec else of
<br />the property.
<br />N. Boller and Boyar repreunt Chae ao broker 1^ sneicled co a
<br />broke r•a total uion or LSndar'a !u. In ehe went that any
<br />broker or !lodes perGcca • claim Lora comma pion or Lea, the
<br />party through rhom ehe broker os finder makse Sea claim snail De
<br />ruponefble ter u1d eoamd uion or !ee and dl coca and
<br />expenses, including attorTeya Lees, incurred by ehe party is
<br />defending agar.
<br />O. Aeaeyytaau of this Contract may be eraneatlt ud co ehe
<br />parties by eleeeroaie lace imlle on or befera ens Aeoepeance
<br />Dead) lne ataead 1n paragraph ]f, and Laeaimils ^Sgnacutu may be
<br />acuptsd So lieu eL orlq lnal ^Sgnatusu Lor ehe purpose o!
<br />eu'nmiti inq chic Caacracc for sankrupcry court approval.
<br />Originally execuud count exyasc wrsione dull then immediately
<br />be eranemle cad by mall ,Lrom Buyer to gel far and Lrom Seller co
<br />Buyer• Thi^ Contrast shell supercada all previous oo ntzeet^
<br />bscrsen the pertiu haze to.
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