AGREEMENT TO AMEND
OPTION AGREEMENT FOR EXPORT WATER SERVICE
FOR THE
SKY RANCH PUD
Dated: January 30. 2004
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RE: Option Agreement dated October 31. 2003 by and between Airpark
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Metropolitan District ("AMD"); Icon Investors I LLC ("DEVELOPER"); Pure Cycle
Corporation ("PURECYCLE"); and Rangeview Metropolitan District ("RANGEVIEW")
relating to the provision of water services to the Sky Ranch PUD (Arapahoe
County case No. Z01-010).
This Amendment, dated January 30, 2004, shall amend the aforesaid Option
Agreement for Export Water Service follows:
Section 2.03 of the above referenced Option Agreement is hereby amended to
read as follows, with changes being highlighted in BOLD TYPE:
"203 Extension of Option. In the event that the DEVELOPER has not exercised
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the Option in accordance with Section 2.01, the DEVELOPER may extend the
Option for up to an additional three one-year terms by making payments
DIRECTLY TO THE XXXXX XXXXXX & XXXXXX LLP TRUST ACCOUNT of One Hundred
Thousand Dollars ($100,000) (the Option Extension Fee) for each additional
one-year extension term. Payments shall be due on the fifth Anniversary for
a one year extension, on the fifth and sixth Anniversaries for a two year
extension, and on the fifth, sixth and seventh Anniversaries for a three
year extension. ANY SUCH PAYMENTS FOR EXTENDING THE OPTION SHALL BE USED TO
RELEASE OUTSTANDING SECURITY INTERESTS ON THE DEDICATED EXPORT WATER."
AIRPARK METROPOLITAN DISTRICT
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, President
ICON INVESTORS I, LLC, A Colorado Limited Liability Company
By: Airway Park Manager LLC, a Colorado Limited Liability Company
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, its Manager
PURE CYCLE CORPORATION, a Delaware Corporation
By: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx, President
RANGEVIEW METROPOLITAN DISTRICT
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Director
