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<br />February 17, 1995 <br />Rocky Conner & Youn H. Oh <br />999 Pinion Hills Dr. <br />Carson City, Nevada 89701 <br />FtE: February 16, 1995 Contract <br />Dear r.[essrs. Conner and Oh: <br />In reviewing our recently executed Option Contract, I have <br />noticed one typographical error and one omission, which I believe <br />that we should cure. I would propose to do this by a simple <br />written amendment to our contract, as follows: <br />1. Section 1.2 <br />I would propose adding the following sentence to the <br />agreement to make our intent clear: <br />"~,ny royalty paid to the Sellers during the evaluation <br />peeriod, or upon production from the Property occurring <br />after Closing, shall not serve to reduce the purchase <br />price, but shall be in addition to the option monies or <br />the purchase price." <br />2. Section 1.3 Option to Purchase <br />In this Section, we specify that "The Seller will carry the <br />balance at 8~ for a period of no more than 20 years". To be~more <br />specific about the financial arrangements to be finalized at_tkse <br />Closing, we should probably change this language to read = <br />something close to the following: <br />"Unless otherwise agreed by the parties prior to <br />Closing, Seller agrees to carry the remaining $750,000 <br />purchase price balance in the form of a first note and <br />deESd of trust, payable in equal monthly installments at <br />8~ per annum, payable monthly over the 20 year period <br />beginning 30 days after the date of Closing. <br />Buyers may exercise the Purchase option by giving <br />written notice of exercise to Sellers no later than <br />thirty (30) days after the expiration of the twelve <br />613 rh 11etterslcon8oh# <br />