1994-03-10_GENERAL DOCUMENTS - C1981017

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 3/10/1994
• Doc Name: Letter Regarding to Offer to Purchase Carbondale Industrial Park
• From: Holden & Jessop PC
• To: Robert Emerson
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

MAR I 0
HOLDEN & JESSOP, P.C.
ATTORNEYS AT LAW
303 EAST 17-AVENUE, SUITE 930
DENVER, COLORADO 80203-1264
[phone]
FACSIMILE: (3031 860-7233
March 8, 1994
VIA FACSIMILE 963-0985; MAIL COPY TO FOLLOW
Robert B. Emerson
Robert B. Emerson, P.C.
86 South Third Street
Carbondale, Colorado 81623
Re: Town of Carbondale/Mid-Continent Resources, Inc. ;
Offer to purchase Carbondale Industrial Park
Dear Mr. Emerson:
Thank you for your letter of February 22, which was
helpful in resolving the issues which have prevented the Town and
Mid-Continent from reaching agreement. In response to your letter,
I want to suggest specific changes to the Town's December 29, 1993
draft contract which should permit us to execute a contract and
present it to the Bankruptcy Court for approval.
With respect to the title commitment provisions of
Section 7, we suggest that the commitment be provided within 20
days of contract execution.
With respect to the title requirements in Section 8(a) ,
and Section 11, which requires payment of any encumbrances at time
of sale, we need to add the following addendum to the contract:
Bankruptcy Approval. Seller's obligations hereunder are
subject to approval by the United States Bankruptcy Court
for the District of Colorado (the "Court" ) , in Seller's
bankruptcy case, Case No. 92-11658 PAC, pending in the
Court. Upon execution of this contract, Seller promptly
shall submit this contract for Court approval. Approval
of the Court shall be by order authorizing sale of the
subject property free and clear of liens or other
interests of entities other than Seller, pursuant to 11
U.S -C. §363(f) . All liens or other interests which are
removed from the subject property through such order are
referred to herein as "Permitted Encumbrances. " A
Permitted Encumbrance shall not constitute an
unsatisfactory title condition under Sect; -3n 8(a) of this
contract. Seller shall not be required under Section 11
of this contract to pay any Permitted Encumbrance.