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• • SEP 2 9 ffn <br /> HOLDEN 8C JESSOP, P.C. <br /> ATTORNEYS AT LAW <br /> 303 EAST 17TH AVENUE, SUITE 930 <br /> DENVER, COLORADO 60203-1264 <br /> (303) 860-7700 <br /> FACSIMILE: (303) 860-7233 <br /> September 28, 1993 <br /> Neil Wolf <br /> Winston & Strawn <br /> 35 West Wacker Drive <br /> Chicago, IL 60601 <br /> Stephen W. Seifert <br /> Fairfield and Woods, P.C. <br /> 1700 Lincoln Street, Suite 2400 <br /> Denver, Colorado 80203 <br /> Cheryl A. Linden <br /> Assistant Attorney General <br /> 1525 Sherman Street, 5th Floor <br /> Denver, Colorado 80203 <br /> Re: Mid-Continent Resources ( "Resources" ) ; <br /> tax redemptions <br /> Gentlemen and Ms. Linden: <br /> I am writing to discuss tax certificates which are <br /> outstanding for Resources' property located in Garfield County, <br /> Colorado. <br /> Two parcels of land located in Garfield County and <br /> owned by Resources were sold for 1989 property taxes which were <br /> payable in 1990. The tax sales were conducted on October 29, <br /> 1990, and tax certificate for each parcel were issued at that <br /> time to different investors. <br /> Tax Sale Procedures and Deadlines <br /> Primarily for Neal's benefit, I want to briefly review <br /> Colorado law pertaining to tax sales. Tax sales are held <br /> pursuant to C.R.S. Title 39, Article 11. Purchasers may bid for <br /> real property on which taxes have been assessed and are <br /> delinquent. The high bidder receives a certificate of purchase. <br /> At any time after the expiration of three years from a <br /> tax sale, the holder of the tax certificate may present the <br /> certificate to the County Treasurer for a deed. C.R.S. S 39-11- <br /> 120 ( 1) . Thus, on or after October 29, 1993, Resources is at <br /> risk that the outstanding tax certificates will go to tax deed. <br />