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• lease rights, any assets used in connection with the closed and abandoned underground operations of Basin's Golden Eagle iVfine. 1.4 Assumed Liabilities. Picket~vire shall assume and agree to pay, perform and discharge or cause to be paid, performed and discharged, by the Assumption Agreement attached hereto as Exhibit 1.2(3)(a) and subject to the limitations contained therein those obligations of Basin relating in any way to New Elk Mining Permit Number C-81-0121, and all related Water Discharge Permits and/or Air Quality Permits, including, but not limited to, the securing and maintaining of adequate bonds as required under Colorado law and all obligations to reclaim real property regardless of whether such obligations are based upon events occurring before or after the Closing Date. 1.5 Escrow Account/Delivery from Escrow Holder/Closing Date. (a) If the conditions set forth in the Escrow Agreement provided for herein are certified in writing as complete by both parties on or before May 15, 1997, the escrow holder shall deliver all of the consideration itemized in paragraph 1.2 to the Closing set forth in paragraph 8.2 hereof. (b) If for any reason the parties do not in good faith certify to the escrow holder that all conditions of the Escrow Agreement have been completed on • or before May 15, 1997, then the escrow holder shall deliver the consideration listed in paragraphs 1.2(1) and 1.2(2) to Basin and NCE, at the following address: North Central Energy Company Basin Resources, Inc. 16 E. Granite Street Butte, MT 59701 ATTN: Paul Gatzemeier On the same date, the escrow holder shall deliver the consideration listed in paragraph 1.2(3) to Maxwell, at the following address: Robert A. Bassett, Esq. Dorsey & Whitney 370 Seventeenth Street Republic Plaza Building, Suite 4400 Denver, CO 80202 1.6 Parties' Obligations For Accomplishing Necessary Elements. The parties agree to proceed as follows to achieve the necessary elements of this transaction: • 4