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RECEIVED ` <br /> FEB 0 -`. 2017 <br /> Division of Reclamation, <br /> PURCHASE AGREEMENT Mining& Safety <br /> This Purchase Agreement(this"Agreement")is entered into this 2"d day of November,2016 <br /> by and between Warren Wilcox, Sally Wilcox(collectively,"Wilcox'),Gunnison Aggregate}� <br /> Resources, LLC,a Colorado limited liability company("GAR'),WOW Leasing, LLC,a <br /> Colorado limited liability company("WOW I and Gunnison Materials, LLC,a Colorado limited <br /> liability company("Purchaser"). The foregoing are collectively referred to as the Parties and <br /> individually referred to as a Party. <br /> I. Recitals <br /> A. WOW is the owner of the equipment and vehicles identified on Exhibit A,which is <br /> incorporated herein by this reference(the"Equipment"). <br /> B. GAR is the owner of certain permits and licenses including the Taramarcaz pit,the <br /> Dickerson pit and the McCabe Lane pit as further identified on Exhibit B,which is <br /> in corpora Fd herein by this reference(the"Permits"). <br /> C. GAR is the owner of certain inventory identified on Exhibit C,which is <br /> incorporated herein by this reference(the inventory as determined below is the <br /> "Inventory"). <br /> D. Wilcox is the owner of WOW and GAR. <br /> E. Purchaser desires to Purchase the Equipment and Permits as set forth below,and <br /> Wilcox and WOW desire to sell the Equipment and Permits as set forth below. <br /> H. Agreement <br /> NOW THEREFORE, for good and valuable consideration,the receipt and sufficiency of <br /> which is hereby acknowledged,including without limitation the recitals above,which are <br /> incorporated herein by this reference,and the promises and provisions below, the Parties agree as <br /> follows: <br /> I. Lnitial Payment.Upon the mutual execution hereof, Purchaser shall pay to Wilcox in <br /> good funds the sum of$246,000.00 for the Equipment. Upon the mutual execution <br /> hereof, Purchaser shall pay to Wilcox an additional sum of$79,000 towards the <br /> purchase price of the Permits. <br /> 2. Note Payment. Purchaser hereby agrees and promises to pay Wilcox the sum of <br /> $421,000.00 plus interest, as calculated below,towards the purchase price of the <br /> Permits in annual installments due on the 11 day of November beginning November <br /> 1, 2017 and continuing thereafter until paid in full. For the first year,the interest will <br /> be 3%amortized over ten years with the annual payment amount being$48,782.52. <br /> As of November 1,2017, the interest rate shall adjust each November I with interest <br /> calculated on the unpaid principal balance at an interest rate based on the weekly <br /> 1 <br /> Page 1 of 8j"o <br /> L��-�' j <br />