--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Exhibit 10.1
THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT

THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) dated
June 18, 2015 (the “Effective Date”) is entered into by and between PURE CYCLE
CORPORATION, a Colorado corporation (“Pure Cycle”), and PCY HOLDINGS, LLC, a
Colorado limited liability corporation (“PCY,” and together with Pure Cycle,
jointly and severally, “Seller”), and ARKANSAS RIVER FARMS, LLC, a Colorado
limited liability company (“Buyer”).

RECITALS

A.
Buyer and Seller entered into that certain Purchase and Sale Agreement dated
March 11, 2015, as amended by the First Amendment to Purchase and Sale Agreement
dated March 31, 2015 and the Second Amendment to Purchase and Sale Agreement
dated May 18, 2015 (as amended, the “Agreement”) for the purchase and sale of
real property and improvements located in the counties of Bent, Otero, and
Prowers, State of Colorado, as more particularly described in the Agreement.

B.
Buyer and Seller desire to amend the Agreement on the terms and conditions set
forth below.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Buyer and Seller agree to amend the Agreement as
follows:

AGREEMENT

1.
Defined Terms.  Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Agreement.

2.
Due Diligence Period.  Section 5(a) of the Agreement is hereby amended to
provided that the Due Diligence Period will expire on July 2, 2015.

 
3.
Counterparts; Signatures.  This Amendment may be executed in any number of
counterparts, each of which shall be an original, but all of such counterparts
shall together constitute but one and the same instrument.  Executed copies
hereof may be delivered by facsimile or email of a PDF document, and, upon
receipt, shall be deemed originals and binding upon the parties
hereto.   Signature pages may be detached and reattached to physically form one
document.

 
4.
Successors and Assigns.  This Amendment shall be binding upon and shall inure to
the benefit of the heirs, executors, administrators, successors and permitted
assigns of the respective parties hereto.

5.
Applicable Law.  This Amendment shall be governed by and construed in accordance
with the laws of the State of Colorado.

6.
Effectiveness.   Buyer and Seller agree that the notice of termination of the
Agreement dated June 18, 2015 delivered on behalf of Buyer to Seller is hereby
revoked, and shall be of no force and effect.  Except as modified by this
Amendment, the parties acknowledge and agree that the Agreement is in full force
and effect in accordance with its terms.

 
[Signatures Appear on Following Pages]

 
 
 
 
 

--------------------------------------------------------------------------------

 
 

 
IN WITNESS WHEREOF, Buyer and Seller hereby execute this Amendment as of the
Effective Date.

BUYER:

ARKANSAS RIVER FARMS, LLC

By: /s/ Aaron
Patch                                                                
Name:                      Aaron
Patch                                                                
Title:           Authorized
Representative                                                      
 
 
 
 
 

--------------------------------------------------------------------------------

 
 

 
SELLER:

PURE CYCLE CORPORATION,
a Colorado Corporation

By: /s/ Mark
Harding                                                                           
        Mark W. Harding, President

PCY HOLDINGS, LLC,
a Colorado limited liability company

By: Pure Cycle Corporation, its sole member

By: /s/ Mark
Harding                                                                           
        Mark W. Harding, President

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------