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M- ~ "l 7J v _e ~- f FIRST AMEC7DMENT ~~~~~P~`(c'~ MIVI?7G OPTION TO PSIPC'iASE AGRrr~grNT / ~~I ~w~l.~~'!'n ~: ("AGREEtiSEVT"; The parties tc the Agreement dated the 16th day of February, 1995, being Harr? D. Covey and Astrid L. Covey ("Seller") and Rocky Conner and Youn H. Oh ("Buyers"), for good and valuable censideraticr., the receipt and sufficiency of which is hereby acknowledged and confirmed, do hereby make the following amendments to the Agreement. All terms and conditions not specifically chanced here shall remain the same unless further modified by the parties in the form of a signed writing: i. Se~ti^n 1.2 Add the following sentence: "Any royalty paid to the Sellers during the evaluation period, or upon production from the Property occurring after Closing, shall not serve to reduce the purchase price, but shall be in addition to the option monies or the purchase price, as the case may be." 2. Section 1.3 Option to Pu-phase Add the following language: "Unless otherwise agreed by the parties prior to Closing, Seller agrees to carry the remaining 5%50,000 purchase price balance in the form of a First Note and Deed of Trust, payable in equal ;~onthly installments at 8a per annum, payable monthly over the 2U year period, beginning 30 days after the date of Closing. Buyers may exercise the Purchase Option by giving written notice of exercise to Sellers no later than thirty (30) days after the expiration of the 12 mcnth evaluation period which evaluation period begins on March 10, 1995 and ending at midnight on March 10, 1996. Closing shall occur twenty (20) days after the date of the notice of exercise of the purchase option unless other«ise agreed by the parties in writing. As noted above, the evaluation period has been modified to begin on March 10, 1995; rattler than February 16, 1995." ~)rA wov~Y~. and .~.