Extension Agreement for Purchase of Eagle Mountain Landfill Property – County Sanitation Districts of Los Angeles County, Kaiser Ventures Inc., and Mine Reclamation, LLC

Summary

This agreement, dated April 5, 2001, is between the County Sanitation Districts of Los Angeles County, Kaiser Ventures Inc., and Mine Reclamation, LLC. It extends the closing date for the purchase of the Eagle Mountain Landfill property to June 15, 2001, with a possible further extension to August 31, 2001, if certain conditions are not met. The extension is contingent on Mine Reclamation, LLC delivering specified documents by set deadlines. Interest on the initial payment will begin accruing on May 3, 2001, unless deliverables are late, in which case interest accrual is deferred. The agreement also outlines the parties’ rights if conditions are not satisfied.

EX-10.1 2 dex101.txt LETTER AGREEMENT DATED APRIL 5, 2001 EXHIBIT 10.1 County Sanitation Districts of Los Angeles County (Letterhead) 1955 Workman Mill Road JAMES. F. STAHL Whittier, CA 90601-1400 Chief Engineer and General Manager ###-###-####, Fax (562) 699-54222 April 5, 2001 File 31R-110.10 Mr. Rick Stoddard Kaiser Ventures Inc. 3633 E. Inland Empire Blvd Suite 850 Ontario, CA 91764 Mr. Gary W. Johnson Mine Reclamation, LLC 43-645 Monterey Avenue, Suite A Palm Desert, CA 92260 Dear Gentlemen: Agreement for the Purchase of Real Property in Regard to the Eagle Mountain Landfill and Joint Escrow Instructions; CSD Contact #3751; Extension of Closing Date This letter confirms the terms of the extension of the Close of Escrow under Section 10 of the above-referenced Agreement. Conditioned upon the successful delivery by Mine Reclamation, LLC of each of the deliverables described on the list attached as Table 1 by the related deadline, interest on the initial payment shall begin to accrue in accordance with Section 3(a) of the Agreement on May 3, 2001. In the event that any deliverables in Table 1 are delivered subsequent to the date specified in Table 1, the date for interest accrual will be deferred by an equivalent amount of time. Close of Escrow will be extended until June 15, 2001, and the Buyer's obligation to proceed with Closing shall be subject to the satisfaction of all conditions set forth in the Agreement which shall include, without limitation, the satisfactory resolution of all remaining disapproved or open issues (see attached Tables 2 through 4) previously set forth in Mr. Nellor's January 30, 2001 letter to Mr. Johnson provided, however, that the Chief Engineer in accordance with the terms of the Agreement may at his discretion: (i) waive any unsatisfied conditions and proceed with Closing; (ii) terminate the Agreement, in which event Seller shall pay all charges of Escrow Agent in connection with this transaction; both Buyer and Seller shall be relieved of all further obligations and liability to each other under the Section 6(d), and all the funds and documents deposited with Escrow Agent shall be promptly refunded or returned, as the case may be, by Escrow Agent to the depositing party; and/or Mr. Stoddard & Mr. Johnson (iii) as agreed on April 3, 2001, defer the Close Escrow until on or before August 31, 2001, in order to satisfy any outstanding conditions. If the foregoing accurately reflects our understanding, please kindly sign and return the enclosed copy of this letter to me on or before April 6, 2001. If you have any questions regarding this letter, please do not hesitate to contact me at the above listed telephone number. Very truly yours, /s/ James F. Stahl ------------------------------------ JFS:DLR:my Attachment cc: Mr. Terry L. Cook, Kaiser Ventures Inc. Mr. Richard E. Daniels, Mine Reclamation, LLC Mr. Richard S. Volpert, Munger, Tolles & Olson, LLP Daniel V. Hyde, Esq. Alexander Shipman, Esq. AGREED AND ACCEPTED: MINE RECLAMATION, LLC By: /s/ Gary W. Johnson ----------------------------------------- Gary W. Johnson, Executive Vice President EXHIBIT 10.1 Tables and Attachments will be furnished to the Securities and Exchange Commission upon the written request of the SEC