1994-04-05_GENERAL DOCUMENTS - C1981017

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April 41 1994 Page 2 Several weeks ago, Mid-Valley's broker, John Buchanan, advised that Mid-Valley would submit a new offer deleting the previous conditions, at a price somewhere between the earlier $200,000 offer and Eubank's offer. Last week, I was contacted by Mid-Valley's attorney, Chuck Brandt, who advised that Mid-Valley would not delete the development condition. Brandt advised that Mid-Valley has discussed its development plans with the Garfield County planning department, which would support the plan and which indicated that approval might take 3 months or a little less. Resources remains of the view that a subdivision proposal is likely to generate some opposition and that it will take longer before a final decision is made by the County. Brandt offered to delete all environmental conditions from Mid-Valley's prior offer and have Mid-Valley pax $100 per day from the date of Court approval to the date of closing, with such payment to be non-refundable if the development conditions are not approved and the sale does not close. The effect is to give Mid- Valley an option to purchase the property for $3,000 per month. Last Friday I Advised Brandt's co-counsel, Jack Smith (in the Denver office of Holland & Hart) that Resources remained inclined to proceed with the Eubank offer, but that I would communicate the revised details of Mid-Valley's offer to the interested parties so that they could object to the pending sale if they disagreed with Resources' position. Resources would be happy to see a competition between the competing purchasers which would bid up the price, but in the absence of anything new would continue recommend proceeding with Eubank's offer. If there are any new developments today I will call you with the details. Very truly yours, a s�B- Hcl`d(e�n JBH/je cc: Bob Delaney Jack Smith Chuck Brandt dOSS3f '8 W3QIOH WHSS:60 b6, b0 8JU