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MAR 10 R <br /> HOLDEN & cJESSOP, P.C. <br /> ATTORNEYS AT LAW <br /> 303 EAST 17�-AVENUE. SUITE 930 <br /> DENVER. COLORADO 80203-1264 <br /> (303) 660-7700 <br /> FACSIMILE: (303) 660-7233 <br /> March 8, 1994 <br /> VIA FACSIMILE 963-0985; MAIL COPY TO FOLLOW <br /> Robert B. Emerson <br /> Robert B. Emerson, P.C. <br /> 86 South Third Street <br /> Carbondale, Colorado 81623 <br /> Re: Town of Carbondale/Mid-Continent Resources, Inc. ; <br /> Offer to purchase Carbondale Industrial Park <br /> Dear Mr. Emerson: <br /> Thank you for your letter of February 22, which was <br /> helpful in resolving the issues which have prevented the Town and <br /> Mid-Continent from reaching agreement. In response to your letter, <br /> I want to suggest specific .changes to .the Town's December 29, 1993 <br /> draft contract which should. permit us _-to execute a contract and <br /> present it to the Bankruptcy..-Court for approval. <br /> With respect to the title commitment provisions of <br /> Section 7, we suggest that the commitment be provided within 20 <br /> days of contract execution. <br /> With-respect to the title-requirements in Section 8(a) , <br /> and Section 11, which requires payment of any encumbrances at time <br /> of sale, we need to add the following addendum to the contract: <br /> Bankruptcy Approval. Seller's obligations hereunder are <br /> subject to approval by the United States Bankruptcy Court <br /> for the District of Colorado (the "Court") , in Seller's <br /> bankruptcy case, Case No. 92-11658 PAC, pending in the <br /> Court. Upon execution of this contract, Seller promptly <br /> shall submit this contract for Court approval. Approval <br /> . of the Court shall be by order authorizing sale of the <br /> subject property free and clear of liens or other <br /> interests of entities other than Seller, pursuant to 11 <br /> U.S -C. §363(f) . All liens or other interests which are <br /> removed from the subject property through such order are <br /> referred to herein as "Permitted Encumbrances. " A <br /> Permitted Encumbrance shall not constitute an <br /> unsatisfactory title condition under Sect i-3n 8(a) of this <br /> contract. Seller shall not be required under Section 11 <br /> of this contract to pay any Permitted Encumbrance. <br />