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VACANT' LAND CONTRACT TO BUY AND SELL <br />REAL ESTATE AND MINERALS <br />June i 3, 1994 <br />FARRELL-COOPER MINING COMPANY, an Arkansas _ <br />("Buyer"), agrees to buy, and Reorganized CFBci Steel Corporation, a Colorado corporntian, <br />("Seller"), agrees to sell, on the terms and conditions set forth in this contract, the following <br />described real estate situated in the County of Huerfano, Colorado, to wit: <br />See Exhibit A attached hereto and incorpornted herein <br />together with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and <br />other appurtenances thereto, all improvements thereon and all attached fixtures thereon, except as <br />herein excluded (collectively, the "Property"). The Property consists of approximately 6,514.23 <br />acres of surface and minerals, 54.67 acres of minerals only, and 26.089 acres of surface only. <br />2. INCLUSIONS/EXCLUSIONS. <br />(a) Water Riq)L. Purchase price includes the following water rights: <br />See Exhibit B attached hereto and incorporated herein <br />Said water rights are to be conveyed to Buyer by Seller by bargain and sale deed at the c:fosing, <br />free and cleaz of all taxes, liens and encumbrances, except as provided in section 11. <br />(b) Growing Croos. Seller and Buyer agree that the subject of growing crops is not <br />applicable to the provisions hereof. <br />3. PLi?t ASE P 1C • TE MS. The purchase price shall be 5488,:167.25, <br />payable in U.S. dollars by Buyer as follows: <br />(a) Earnest Monev. 55,000.00 to be received by Seller with the executed contract in <br />the form of a check as earnest money deposit and part payment of the purchase price, payable to <br />and held by Seller. The check shall not be deposited unless paragraph 15(a) is applicable. The <br />balance of the 5483,Sb7.25 (purchase price less earnest money) shall be paid as follows: <br />(b) ch at 1oc'nq. 5483,567.25, plus closing costs, to be paid by Buyer at closing <br />in funds which comply with all applicable Colorado laws, which include cash, electronic transfer <br />funds, certified check, savings and loan teller's check, and cashiers check (Good Funds). <br />,.~-,. ~. <br />