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<br />~. Pertinent terms of the Contract, include the following: <br />a. A purchase price of 56,000.00; <br />b. Buyer shall have until June 30, 1995 to complete due d0igence with <br />resput to the condition of and title to the AVC PropuTy. If Buyu <br />raise an issue that the condition o(or title w the AVC Property is <br />unsatisfactory and settlement is not reached with respect to such issue <br />before closing, the Contract shall terminate; <br />c. Closing b occur within twenty (20) days of Bankuptcy Court <br />approval, but not Carl ier Than July I5, 1995; <br />d. The AYC Properly is being sold by Seller, 'az is' and without <br />wamntiu of any nature, except Seller warrants that the total surface <br />acreage of the Property is within Five (5) acre of the estimated 64.13 <br />acres statW in the Conlmd; <br />e. Upon consummation of the ConlraG, Buyer shall waive and release any <br />claims or rouses of action it haz or may have against Seller for any <br />environmental contamination on the AVC Property; <br />f. The Contract is subjat m Bankruptcy Court approval; <br />g. The Contract provides that the proposed sale of the AVC Property is <br />subjat to higher and better offers and in the event highu o((us Io <br />purchase the AVC Properly are ratived, CF&I will conduct an auction <br />sale prior to the hearing on this Motion; <br />h. If Bankruptcy Court approval is not obtained by August 1, 1995, the <br />Contract will b< automalinlly tamirated, in which rase Buyv shall be <br />end0ed to We relum of its earrtut money and all inluest accroM <br />Uereon; and <br />i. Buyer and Seller agra Ihat no broker is entitled ro a broku's <br />commission or (a. <br />8. The appraised value of the AVC Property is not less than the proposed <br />purchase price. <br />9. '11te sa]e of the AVC Property has ban negotiated at arms length and in good <br />faith by CFBcI and Surplus Items Inc. <br />10. In CF&I's business judgment, the sale of the AVC Property to Surplus Items <br />Inc., or a highu bidder, is in the best interest of CF&I and its estate and creditors. <br />WHEREFORE, CF&I requests Ne Court utter an Ordu approving the sale of the <br />AVC Property W Surplus Items Inc., undo the Contract, or such other sale on the same <br />krms al a highu prig That may result if higher and bete offers are received. <br />Respaifully submitted this 9th day of May, 1995. <br />RAY, QUINNEY & NEBEKER <br />By Ulv<rl-~ ~.~ ~-I~ <br />Weston L. Hams <br />mur.an.>. <br />3 4 <br />