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Agreement attached as an exhibit to the Reorganized Debt:or's Motion Dated June 3, 1993, For Approval to Sell Certain Property Located in Grand County, Utah known as the Salt Wash Mining Property (the "Motion^). Copies of the Motion and the Purchase Agreement are available from the undersigned counsel foi• customary mailing and copying charges. The major terms and conditions of the sale are summarized below: a. The total purchase price for the PPE; is $150,000. A $2,000 earnest money deposit has been made by Saranan. An additional $18,000 cash will Yee paid by Saranan to the Reorganized Debtor at closing. The balance of the purchase price will be paid, over time with interest, in accordance with the options and prepayment incentives set forth in section 2 of the Sales Agreement. b. The Sales Agreement states that closing of the transaction is subject to approval of the Bankruptcy Court. Closing shall take place as early as the 11th day following the entry of the Bankruptcy Court's order approving this sale but in no event later than 90 ninety days following such order. c. The properties are sold by the Reorganized Debtor "as is" and without warranties of any nature. Upon completion. of the purchase and sale under the Sales Agreement, Saranan waives and releases any claims or causes of action that it has or may have against the Reorganized Debtor including any for environmental contamination of the property to be sold. d: Saranan explicitly agrees to purchase the property subject to a lawsuit and claims asserted by S.W. Energy Corp. and Richard P. Smoot. Saranan will assume the Debtor`s position in the lawsuit. PLEASE TAKE FURTHER NOTICE that the proposed sale shall be free and clear of all liens, encumbrances, interests and claims except as described above and in the Sales Agreement. 2