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LEASE AGREEMENT WITNESSETH: Execution Version THIS LEASE AGREEMENT, (the "Agreement" or "Lease "), made and entered into this November 30, 2012 (the "Commencement Date "), by and between DILLON RANCHES, L.L.L.P., a Colorado limited liability limited partnership ( "Lessor "), and ELAM CONSTRUCTION, INC., a Colorado corporation ( "Lessee "). WHEREAS, Lessor owns the following properties: A. The "Dillon Ranch Pit" in Durango, Colorado, this property being more particularly identified in a legal description and sketch attached as Exhibit A (the "Pit Area "), including any and all water rights appurtenant to such property, which include without limitation the "Free Water" and the Well Water Absolute and Conditional Permit for the Dillon Ranch Pit set forth in Case Nos. 04CW59 and 06CW59, Well Permit No. 64853 -F, together with any land owned or leased by Lessor adjacent to the Pit Area that is necessary for mining operations contemplated under this Lease in the ordinary course of business including, without limitation, for access and reclamation (collectively, the "Dillon Ranch Pit Property "); B. The "Willow Bend Pit" in Durango, Colorado, this property being more particularly identified in a legal description and sketch attached as Exhibit B (the "Willow Bend Pit Property" and, together with the Dillon Ranch Pit Property, the "Pit Properties "); C. The "Gravel Processing Area" in Durango, Colorado, this property being more particularly identified in a legal description and sketch attached as Exhibit C (the "Gravel Processing Area "); and D. The "Silverton Property" in Silverton, Colorado, this property being more particularly identified in a legal description and sketch attached as Exhibit D, (the "Silverton Property" and, together with the Pit Properties and the Gravel Processing Area, the "Properties "). NOW, THEREFORE, for and in consideration of the mutual covenants and agreements hereinafter set forth, the parties, for themselves, their successors, assigns, heirs, executors and/or administrators, agree and intend to be legally bound as follows: 1. Property. Lessor warrants that it owns the Properties in fee interest and is authorized to enter into this Agreement. Lessor further warrants that the Properties include (but are not necessarily limited to) all of the water rights set forth in Recital A above and as set forth hereinafter in Section 12(iii) and (v), that such water rights are valid and sufficient to operate the Properties in the manner operated as of the date hereof, that none of such water rights have been abandoned, and that Lessor has defensible title to all such water rights, all of which are leased without warranty of title. Lessor covenants that it shall maintain all water rights in full force and effect throughout the term of this Lease. Lessee agrees to cooperate with Lessor in its efforts to