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. j <br />f <br />~1 <br />heretm, with respect to carte in minerals on reel property located <br />Sn Carbon County, Wyoming, (the "Carbon County Minerals") mare <br />pertlcu lerly described in Exh 161t A to the Sale Contract. <br />7. Pertinent terms oC the Sele Contract, include the <br />following: <br />e. A purche se price of 510,000.00, 55,000 of which Ss <br />in the form of earnest money. <br />D. Closing to occur on December I5, 1995, provided <br />such clos ing can be extended under certain <br />clrcumsto ores to not later than December 37, 1995. <br />c. Purchaser has until November 27, 1995 to inspect <br />title to the Carbon County Minerals and to provide <br />written notice that the Purchaser is not satisfied <br />with title to the Carbon County Minerals, Sn which <br />case CFLI will hove until closing to satisfy <br />Purchaser concerning title. If CPLI is unable to <br />satisfy Purchaser, [he Contract will terminate end <br />the earnest money would be returned to Purchaser. <br />d. The Carbon County Mlne[e19 shell be conveyed by <br />Seller, "as is" and vlthcu[ varrantles of any <br />nature. <br />e. Upon consummation of the Sale Contract, Purchaser <br />shall va ive and release any claims or causes of <br />action it has or may have against Seller for any <br />environmental contamination with respect [o the <br />Carbon County Minerals. <br />f. Purchaser shall assume and agree to be bound by <br />end take the Carbon County Minerals subject to ell <br />governmental permits and obligations, including <br />mineral land reclamation permits, bonding <br />requlremente and environmental permits, and all <br />leaves of record covering [he Carbon County <br />Minerals. <br />g. The Sale Contract is subject to Bankruptcy Court <br />approval, the sale pursuant to the Sale Contract <br />J <br />shell be free and clear of all liens, claims and <br />interests of creditors of CFLI, however, CFLI is <br />no[ aware of any such liens, claims or interests, <br />and the Order approving the sale shall includ¢ a <br />find Sng that the proposed purchaser of the Carbon <br />County Mlne ra is Ss a good faith purchaser within <br />the provisions oC 11 U.S.C. 5 J67(m). <br />h. The Sele Contract is subject to higher and better <br />offers and if higher and better offers are <br />received, CFLI has reserved the right to conduct <br />an auction sale o[ the Carbon County Minerals, <br />i. it Bankruptcy Court approval Ls no[ obtained or it <br />a hither or better offer is accepted, the earnest <br />money chall be returned [o Purchaser. <br />8. The Carbon County Minerals have been the subject o[ an <br />updated appraisal da tetl June 2, 1995 wherein the Carbon County <br />Minerals ve re appraised as having an orderly liquidation value o[ <br />$87,100 and a force~t liquidation value o[ $<1,050. <br />9. Although the proposed sale price is slightly less than <br />[he forced liqu Sdatlon ve lue of [he Carbon County Minerals, the <br />properly has been o[(ered [or sole for over ivo end one-half (7- <br />1/7) years by CFLI and [he offer from Nyoming Energy Operators, <br />Inc. is [he highest end best offs[ CFiI has [eceived. <br />10. I[ higher and better o([ers are received by CFLI prior <br />to [he hearing on this Mo[Son, CFLI reserves [he right to conduct <br />an auctfon se le of the ferbon County Minerals and [o accept a <br />hrgher entl better of (e r. <br />NM ER EFORE, CFLI requests the Court enter an Order approving <br />[ne proposed sale to vyomi ng Ena rqy Operators, Inc, in accordance <br />a <br /> <br />