1986-07-15_GENERAL DOCUMENTS - C1981017

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OFFICE OF GENERAL COUNSEL MIL-COI TINENT RESOURCES, INC. PA DkAWER 7foo CHICAGO OFFICE sic COLORADO AVENUE 6M PLAINFIELD ROAD GLENWOOL SPRINGS,COLORADO 8I602 W UADW BROOK.IL 6u6Y1 TELEPHONE AREA CODE SW bN"w May 27, 1988 Ms. Candace Thompson Mined Land Reclamation Division Centennial Building 1313 Sherman Street Denver, CO 80203 Re: Reclamation Bonding Dear Ms. Thompson: We have received re-appraisals on the properties Mid- Continent has offered as security for our reclamation bond. As you know, we have pledged as security for the Bond two tracts of property, the Colorado Meadows Industrial Park with street address of 698 Merrill which, on the May 16 , 1988 appraisal was assigned a value of $1, 900, 000, including $540, 000 for land and $1,360, 000 for improvements. Also, property securing the Bond, referred to as "Industrial Property" was re-appraised at S5 $266, 000 for land and $284, 000 for improvements 50, 000, including The combined appraised value of the two property totals S2, 450, 000, representing a decline in value. Since our—g-esent reclamation bond is calculated at approximately �$2, 600, 000�, additional security is required. In anticipation of this eventuality, we Prepa Of Trust dated December I1 , 1984 on an addi ionaa a Deed containing approximately 17. 6 acres, commonly referred to as- he a Limestone Plant Tract, which Deed of Trust was recorded in Book 661, Page 215, Garfield County records on December il, 1984. We propose to prepare and have executed an additional Amendment to Reclamation Bond extending the first 1 ien o the Carbondale Industrial Park Tract and the Industrial Tractn and including the Limestone Plant Tract as surety. This will Provide surety for the additional bonding requirement, and we ant c E � MAY 3 11988 MINED LAN-^ R=-CLAMAT10N Dllvr'tr•w,