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VACANT LAND CONTRACT TO BUY AND SELL <br />REAL ESTATE AND MINERALS <br />PO WELL CANYON TRACT <br />November 1, 1994 <br />Trinidad Properties North, Inc., a Colondo corporation ("Buyer'), agrees to buy, <br />end Reorganized CF&1 Stttl Corponlion, a Colondo rArpontion, ("Seller"), agrees to sell, on <br />the scans and conditions set forth in this contact, she following described reel esvle situated in <br />the Counry of Las Animas, State of Colondo, to wit: <br />Sec Exhibis A amched hereto and incorponsed heein <br />together with ell interest of Seller in vacated streets and alleys adjacent thertlo, ell easements and <br />other nppuncnnnces thereto, ell improvements Merton and n11 attached fixmrcs lhercoR erupt as <br />herein excluded (collectively, she'Propeny'). The Property wnsis6 ofepproximesely 4,380 <br />acres of surface and mincals, 240 acres of minerals only, and 240 acres of surfer only. <br />E7QiIBIT 1 <br />(a) Water Rights. Seller and Buyer agree That the subjecs of water rights is not eppliwble to <br />she provisions hereof. <br />(b) Growing Croos. Seller and Buyer agree Ihat the subjets of growing crops is not <br />applicable to the provisions hereof. <br />3. P tR HAC . p 1 . AND T n4c, The purchase price shall be Three <br />Hundred Thousand Dollar (5700,000.00), payable in U.S. dollars by Buyer es Coliovrs: <br />(e) Famest Money. Thirty Thousand Dollen (530,000.00) in the form of a personal <br />check ns eameri money deposit and pars paymens of the purchase price, payable to end so be <br />held by Seller. The comes[ money deposit chttk will 6e delivered so Seller wish the exttu[ed <br />consna, bus will not be deposited in Sellers account until receipt of title commitment fmm <br />Buyer. The balance of the Two Hundred Sevenry Thousand Dollar (5270,000.00) (purchase <br />price less wrest money) shall be paid es follows: <br />(b) Cash et lo~ina. Two Hundred Seventy Thousand Dollar (5270,000.00), plus <br />closiog costs, so b<paid by Buyer es closing in funds which comply with ell eppliwble Colorado <br />laws, which include carh, electronic snnsfer funds, certified check, savings end loan tellers <br />chttk, and cashiers check (Goad Funds). <br />