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<br />described in Exhibit A to Ne Contact (the 'Powell Canyon Tact'). A wpy of the Contras <br />Is attached hereto as Exhibit 1. <br />7. Pertinent terms oI the Contract, include the following: <br />a. A purchau price o(5700,000.00. <br />b. Closing to occur not later than twenty (20) days a(tu bankruptcy rqun <br />approval; <br />c. The Powel! Canyon Tact is being sold by Seller, 'as is' and without <br />wartanliu of any nature uapt that Seller vrasrartts shat the toW <br />surface acreage of the Powcll Canyon Tract is within eighty (SQJ ecru <br />of the amoum spe<iGed in the Contras; <br />d. Buyer shall assume and agree to be bound and take she Powell Canyon <br />Tract subject to all leases covering the Powell Canyon Tnct; <br />e. Upon consummation of she Contract, Buyer shall waive and «leax any <br />claims or causu of action it has or may have against Sellu for any <br />environmenul contamination of the Powell Canyon Tncs; <br />f. The Contras is subject to 6anktuptcy Court approval; <br />g. The Contact provides that the proposed sale of the Powell Canyon <br />Trees is subjes to higher and borer offers and in the event higher <br />otters to purchase the Powell Canyon Tacs are received, CF&1 will <br />hold an auction; <br />h. 1(Bankmptcy Court approval is not obained by February I5, 1995, <br />Buyer is entitled to terminate the Contract, in which case Buyu shall <br />be entitled to the return of its earnest money; oral <br />i. Buyer and Seller agree that no broker is entitled to a broku's <br />CnmmiiSlOrt or ([[. <br />8. The Powcll Canyon Tract has bcen the suhytts of an appraJSal as of August 15, <br />1942, wherein the PoJVCIt Canyon Tract was valued at betwcen S7S7,860.00 which is the <br />forced liquidation value and 5442,000.00 which i5 the orderly ligoidasion value. <br />4. Although the proposed sal[ price is Ieu than the appraised value of the Powell <br />Canyon Tacl, it has ban offered for sale sins March 3, 1997 by CF&l. In addition, CFkI <br />hat responded to several inquiries from parries with respect to the Powell Canyon Tatt, but <br />the 5700,000.00 offer from Trinidad Properties North, Inc. represents the highest offer <br />CF&I has received to date. Moreover, the proposal sak is subject to higher and better <br />otters. <br />WHEREFORE, CF&I requests the Court enter an Order approving the sale of the <br />Powell Canyon Tray to Trinidad Properties North, Inc. under the Connect, or such other <br />sale on the same terms at a higher price that may resuL if higher and bster offers are <br />received. <br />Respectfully submitted thJS day of December, 1994. <br />RAY, QUINNCY & NEBEKER <br />By wa-0~ ~. fdaA'`'v~ <br />Weston L. Harris <br />Elaine A. Monson <br />IM4JYwn <br />3 i 4 <br />