2011-03-14_REVISION - M1977493 ‎(56)‎

• Permit No: M1977493
• IBM Index Class Name: REVISION
• Doc Date: 3/14/2011
• Doc Name: Exhibit List, Exs. 19 thru 32
• From: Climax
• To: MLRB
• Type & Sequence: AM6
• Media Type: D
• Archive: No

CM0001001
TERMINATION AGREEMENT
(EPR Conversion Options and 600 AF Option)
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This Termination Agreement, dated this 14 day o , •199 j, is between Vail
Associates, Inc., a Colorado corporation ("VA" and ClimCompany, a De
Molybdenum !aware
corporation ("Climax').
RECITALS
A. VA and Climax are parties to that certain Purchase and Sale Agreement between
VA and Climax dated April 9, 1993, and recorded in the real property records of Eagle County in
Book 504 at Page 347, in the real property records of Lake County in Book 607 at Page 553, and
in the real property records of Summit County at Reception No. 503635, as amended by
Amendment dated May 18, 1993, and recorded in the real property records of Eagle County in
Book 609 at Page 161, in the real property records of Lake County in Book 504 at Page 726, and
in the real property records of Summit County at Reception No. 443264, and as further amended
by Amendment to 1993 Purchase Agreement dated May 6, 1998 (collectively, the "1993
Agreement").
B. In Article 3 of the 1993 Agreement, VA granted to Climax the "Climax
Conversion Option", as defined therein, and Climax granted VA the "VA Conversion Option", as
defined therein. The Climax Conversion Option and VA Conversion Option are collectively
defined in the 1993 Agreement to be the "EPR Conversion Options." In addition, in paragraph
3.5 of the 1993 Agreement, Climax granted VA the "600 AF Option," as defined therein.
C. The parties have agreed to terminate their respective EPR Conversion Options,
and VA has further agreed to terminate its 600 AF Option.
. THEREFORE, in consideration of the foregoing and other good and valuable
consideration, .the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
AGREEMENTS
1. Termination of Rights. VA hereby terminates the VA Conversion Option and
Climax hereby terminates the Climax Conversion Option. VA also terminates the 600 AF
Option.
111111 IlIII 111!111 1111 IIII 1111111111111111111111111
MB1857 669741 09/17/1998 04%28P 409 Sara Fisher
1 of 3 R 16.00 D 0.00 N 0.00 Eagle CO
Exhibit 23