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Exhibit 10.1
 
ELEVENTH AMENDMENT TO
CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE

(Sky Ranch)

THIS ELEVENTH AMENDMENT TO CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE (this
“Amendment”) is made as of March 27, 2018 (“Effective Date”), by and between PCY
HOLDINGS, LLC, a Colorado limited liability company (“Seller”), and TAYLOR
MORRISON OF COLORADO, INC., a Colorado corporation (“Purchaser”). Seller and
Purchaser may be referred to collectively as the “Parties.”
 
R E C I T A L S
 
A.         Seller and Purchaser previously entered into a Contract for Purchase
and Sale of Real Estate effectively dated June 27, 2017 (as amended, the
“Contract”) for approximately 190 platted single-family detached residential
lots in the Sky Ranch master planned residential community in the County of
Arapahoe, State of Colorado.
 
B.         Purchaser and Seller now desire to amend the terms and conditions of
the Contract as set forth below.  Capitalized terms used but not otherwise
defined in this Amendment will have the same meanings given to such terms in the
Contract.
 
A G R E E M E N T
 
NOW, THEREFORE, in consideration of the mutual covenants contained in this
Amendment and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Purchaser and Seller hereby agree
as follows:
 
1.          Recitals.  The recitals set forth above are true and correct and are
incorporated herein in their entirety by this reference.
 
2.          Section 5(a)(ii) Correction.    The erroneous reference to the term
“Effective Date” as it appears in the fifth sentence of Section 5(a)(ii) is
hereby deleted and replaced with the phrase “expiration of the Diligence
Period”.
 
3.          Construction.  Each of the parties acknowledges that they, and their
respective counsel, substantially participated in the negotiation, drafting and
editing of this Amendment. accordingly, the Parties agree that the provisions of
this Amendment shall not be construed or interpreted for or against any Party
hereto based on authorship.
 
4.          Authority.  Each Party represents and warrants that is has the power
and authority to execute this Amendment and that there are no third party
approvals required to execute this amendment or to comply with the terms or
provisions contained herein.
 
5.          Headings.  The Section headings used herein shall have absolutely no
legal significance and are used solely for convenience of reference.
 
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6.          Ratified and Confirmed.  The Contract, except as modified by this
Amendment, is hereby ratified and confirmed and shall remain in full force and
effect in accordance with its original terms and provisions. In the case of any
conflict between the terms of this Amendment and the provisions of the Contract,
the provisions of this Amendment shall control.
 
7.          Counterparts.  This Amendment may be executed in counterparts, each
of which shall be deemed to be an original, and both of which together shall be
deemed to constitute one and the same instrument.  Each of the Parties shall be
entitled to rely upon a counterpart of this Amendment executed by the other
Party and sent via facsimile or e-mail transmission.

 [SIGNATURE PAGE FOLLOW]
 
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IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the
Effective Date first set forth above.
 

 
SELLER:
     
PCY HOLDINGS, LLC, a Colorado limited
liability company
       
 
By: 
PURE CYCLE CORPORATION, its Sole Member           
By:
/s/ Mark Harding    
Name:
Mark Harding    
Title:
President

 
PURCHASER:
      
TAYLOR MORRISON OF COLORADO, INC.,
 
a Colorado corporation
     
By:
/s/ Phillip R. Cross  
Name:
Phillip R. Cross  
Title:
Vice President

 
 
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