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Estoppel Certificate and Agreement (Coulson Excavating Co./Lease Agreement dated May 1, 1993) TO: Forbes Park Ranch; LLC 229 S. Price Road Longmont, CO 80501 Coulson Excavating Co., Inc. ("Coulson' and Albert S. Challenger, db.a. Challenger Sand & Caravel ("Challenger', hereby warrant, represent to and agree with Forbes Park Ranch, LLC ("Purchaser") as follows, with the understanding that Purchaser is relying on such warranties, representations and agreements as an inducement to purchase the property described on the attached Exhibit A (the "Property) which is subject to that certain lease dated May 1, 1993, between Coulson and Challenger (the "Lease'. Coulson is the lessee and Challenger is the lessor under the Lease. 2. Attached hereto as Exhibit B is a true, correct and complete copy of the Lease, including all amendments or modifications thereto, other than amendments contained herein. 3. Except as modified herein or as reflected in Exlu'bit B, the Lease has not been amended or modified and is in fuII force and effect as originally executed. 4. 7o the best of Couison's and Challenger's knowledge there exists no breach or default by either party and no event has occurred that with the giving of notice or the passage of time or both would constitute a breach or default. 5. Title to the Lease is free and cleat of liens and encumbrances of whatsoever nature. . 6. .Coulson is in possession of the Property and to the best of Couison's knowledge Challenger has complied fnuy and completely with all of lessor's covenants, warrattties and other undertakings and obligations under the Lease, and iS not in default of any term under the Lease to this date, with the result that Coulson is fiilly obligated to perform, and is perfornung, all of the obligations of Coulson under the Lease, without right of counterclaim, offset, defense or otherwise. 7. All approvals of whatsoever nature and all of the items to be supplied by Challenger required for Coulson's activities and obligations on the,Property have been obtained and are currently valid and in effect. 8. Purchaser understands and acknowledges that the Property is subject to the Lease. Coulson understands and acknowledges that Purchaser has entered into an agreement to purchase the Property and that Purchaser shall not assume the obligations under the Lease other than the following: Purchaser shall cooperate with Coulson by signing as owner where required to obtain governmental two6reraa ntmr} Oo/13/99 10:02 TX/RX IG0.8518 P.003