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months attar the Etfectlva Date, however, none of the partlea <br />Ln Ltially interested continued to pursue such Sntaraet. In the <br />months LTOm Auquet through November, 199), ee vernl ads vera <br />placed 1n the major puhlicetlons for the acrep and recycling <br />industry. Those publicetlone vera American Metal Me rket, Scrap <br />Proceealnq and Recycling, end Recyclingl Today- These ads <br />generated a rev ner Snqu Srea and Sn January, 199<, Ken ese Netala <br />commenced negotiation for Cha as le of Ste sweets that resulted In <br />Che Aecat Purcheea Agreement described in the tollov Sng <br />paragraph. <br />6. Kenaee Netele hee received an otter end entered into en <br />Aasat Purchase Agreement with JRRN Nata le, L. C., a Ksneee limited <br />liability company, s copy of which !e attached as Euhlbit 1 <br />hereto, rlth respect to the Bala of Ste secets, excluding eeah, <br />cash aqu ivelante end eccounis racelveble, (the ^Kanaee Netals <br />Aeeete^) more partlculsrly described in EKh lblts A end B to the <br />Asset Purcheea Agreement. <br />7. Pertinent terms of the Ae9at Purchase Agreement, <br />include the Col low lag: <br />e. A purchase price of $775,000.00, plus the vn Lua of <br />inventory as oL the closing, Sncludlnq a $77,500 <br />earnest money deposit; <br />b. Cloaing to occur not inter then July 12, 1991; <br />c. The Kanees Metals Aasate era be!.nq sold by Sallee, <br />"se Se" and rithout varrantlee of any nature; <br />3 <br />d. Upon consummation of the Asset Purchase Agreement, <br />purchaser shall valve and release any clnima or <br />eauaea of action it hea or may hews egeinat 6ellar <br />in ra letlon to purchasers acqu leitlon and <br />ovnareh ip oC the Kansas Natels Aeeete, Lncludtnq, <br />but nut limited to any anvitonmentel <br />conteminetLon; <br />e. Tha Aase2 Purchase Agreement 1s subject to <br />Bankruptcy Court npprovn l; <br />f. Tha Asset Purchase Agreement provldea that the <br />proposed aela of the Kanssa Metals Assets ie <br />eubj act to higher end batter offers end Sn the <br />event higher otters to purchase the Keneas Matele <br />Aeeats are rasa Lved, Kansas Metals will hold an <br />auction eels prior to the hearing on th la Motion; <br />g. It Bankruptcy Court appcoval le not obta Lnsd or it <br />a higher and better offer Ss accepted, thn aarneat <br />money shall ba returned to purchaser rithln tro <br />(Z) business days{ an6 <br />h. Tha 6ela Order approving the ss la moat Snclude e <br />tlnd lnq that the Buy ac purchased the Aseate Sn <br />good Ca Sth rlthln the mean lnq o[ 11 U.S.C. s <br />]ai(m) end that the Buyet is entitled to tho' <br />protection of li U.S.C. 5 16](ID). <br />8. The Kansan Vatele Aeeete hove been the subject of en <br />appraisal ae of Auqumt 15, 1997, uheraln the Ksneee Netn la Assets <br />vera Valued et De [Veen $50,000 End 5515,000. <br />9. Although the proposed eels price Se less then the <br />eppraiaed value of thx Kanea^ Mate la A9eate, [ha property hsa <br />bean of[ered for sale Lor over a year by Ksneee Matele and the <br />attar tram JRRN Matele, L.C., Se the hlgheat and beet offer CFLI <br />hoe received to date. In addition, the appra Seel apecltically <br />d Secle Lmed any adjustment to veluatlon beced on envlronmantal <br />a <br />