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MrIR-19-1991 16 21 FnOM CFBI PLIRCHF,SING TO 916013596256 P.O.s <br />TIPPINS <br />.. <br />44" Diameter Universal Beam Finishing Milt <br />with Combination Pinion Stand, <br />Spindles, Shoe Plates, 1000 HP AC <br />Motor, Controls. <br />DC Mi8 Motor (from the scrapped Three-High <br />miII1 4000 HP with M-G Set, Controls, <br />stc. <br />Hot Sew and Motor, Blades (if any) <br />Hydraulic Pump Units (from scrapped eoolinp bed) <br />Birdsboro Straightener with Motor and Control <br />and available Roils and Spare Parts. <br />Morgan Straightener with Motor and Control, Rolls <br />TERMS AND CO I~DITIONS <br />1. This Option Agreement will become Effective upon receipt of <br />S28,000 Option Payment, transmittal via bank wire to C.F. & L's <br />account No. at Bank, <br />Pueblo, Colorado. In granting this option, C.F.&I. gives Tiepins <br />assurance that it wlll provide clear title to the Equipment and that <br />it has obtained all necessary approvals to enter Into this <br />agreement. <br />2. The Option period will extend from the Effective date until 5:00 <br />pm Mountain Time on the 90th day thereafter. In the event the <br />90th day falls on a Saturday, Sunday or a legal Holiday, the <br />Option will extend to the next business day. The Option can be <br />exercised any time from the Effective date to the above time. <br />Page 2, <br />