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S ° # FIRST AMENDMENT <br />TO <br />SAND AND GRAVEL LEASE <br />This First Amendment to Sand and Gravel L ease ("Amendment-) is entered into effective <br />September 1611, 2013 ("Effective Date") and amends the Sand and Gravel Lease ("Lease') for the <br />Carr/Tucker Pit in Weld County, Colorado dated January 1, 2011 between. JRT Limited Partnership and <br />Terry Grazing Association, P.O. Box 3170, Cheyenne, WY 82003, ("Lessor") and Connell Resources, <br />InjTc.,,��a��,Colorado Corporation, 7785 Highland Meadows Parkway Suite 100, Fort Collins, CO 80528 <br />1. Term of Lease. <br />In Section 2, the term of the Ledse is amended to continue to January 1, 2031. <br />2. 9031M Amounts. <br />Section 11, is amended by adding the following language at the end: Tile royalty for all sand <br />and gravel Material shall be changed beginning on the following dates to the following amounts: <br />on January 1, 2016: $ 1.03 per ton; <br />on January 1, 2021, $ 1.06 per ton; <br />on January 1, 2026: $ 1.09 per ton; <br />on January 1, 2031: $1.12 per tdn. <br />3. <br />Section 3.3 of the Lease is amended so that: the minimum tonnage per year for each calendar year <br />is reduced to 15,000 tons and Sections 3.3.1 and 3.3.2 are hereby deleted. <br />4. <br />Section 4 is hereby deleted and replaced with the following language: Lessee cure mdy holds <br />permits for a gravel mining operation on the Property. Lessee will be responsible for complying with <br />all such permits and for paying ongoing premiums for the reclamation bond. <br />5. Real Property Taxes. <br />Section 7.6 is amended by adding the following language at the end: except that the Lessee shall <br />be responsiible for and shall pay all real estate taxes assessed for earth or stone products produced from <br />the Property during the term of the Lease. <br />6. DPW Game Ares. <br />New Section 7.11, "DPW Game Area.- is hereby added with the following language: <br />The Lessor stall be responsiible for r+eegotiating Lessor's cutest agreement with the Colorado <br />Department of Parks and Wildlife ("DPW") so that Section 21 of Lessor's Property is no longer <br />included in the public access agreement with DPW. Lessor agrees to complete this revision to the DPW <br />