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Exhibit 10.20

THIRTEENTH AMENDMENT TO
CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE

(Sky Ranch)

THIS THIRTEENTH AMENDMENT TO CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE (this
"Amendment") is made as of August 9, 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 161 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.            Final Plat.  In accordance with Section 5(a)(iv) of the Contract,
Seller has obtained Final Approval of the Final Plat, which was recorded in the
real property records of Arapahoe County, Colorado on July 20, 2018, at
Reception No. D8071296.
 
3.            Legal Description of Lots.  The Contract is hereby amended to set
forth the legal description of those Lots, as that term is defined in the
Contract, included in the approved Final Plat and described on Exhibit A,
attached hereto and incorporated herein by this reference.
 
4.          Onsite Takedown Schedule.  The Onsite Takedown Schedule attached to
the Lot Development Agreement as Exhibit A thereto and approved by the Tenth
Amendment to the Contract is hereby deleted in its entirety and replaced with
Exhibit B, attached hereto and incorporated herein by this reference.
 
5.           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.
 

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6.            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.
 
7.            Headings.  The Section headings used herein shall have absolutely
no legal significance and are used solely for convenience of reference.
 
8.            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.
 
9.           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.
 

 
SELLER:
     
PCY HOLDINGS, LLC, a Colorado limited liability company
       
By:
PURE CYCLE CORPORATION, its Sole Member
         
By:

/s/  Mark W. Harding

   
Name:

Mark W. 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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EXHIBIT A
(Property Legal Description)

FIRST CLOSING LOTS:

LOTS 1 THROUGH 24, INCLUSIVE, BLOCK 5;

LOTS 8 THROUGH 33, INCLUSIVE, BLOCK 6;

SKY RANCH SUBDIVISION FILING NO. 1, RECORDED JULY 20, 2018 UNDER RECEPTION NO.
D8071296, COUNTY OF ARAPAHOE, STATE OF COLORADO.

SECOND CLOSING LOTS:

LOTS 1 THROUGH 10, INCLUSIVE, BLOCK 1;

LOTS 1 THROUGH 20, INCLUSIVE, BLOCK 3;

LOTS 1 THROUGH 20, INCLUSIVE, BLOCK 4;

SKY RANCH SUBDIVISION FILING NO. 1, RECORDED JULY 20, 2018 UNDER RECEPTION NO.
D8071296, COUNTY OF ARAPAHOE, STATE OF COLORADO.

THIRD CLOSING LOTS:

LOTS 11 THROUGH 51, INCLUSIVE, BLOCK 1;

LOTS 1 THROUGH 20, INCLUSIVE, BLOCK 2;

SKY RANCH SUBDIVISION FILING NO. 1, RECORDED JULY 20, 2018 UNDER RECEPTION NO.
D8071296, COUNTY OF ARAPAHOE, STATE OF COLORADO.

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EXHIBIT B
(Onsite Takedown Schedule)

[image00001.jpg]

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FOURTEENTH AMENDMENT TO
CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE

(Sky Ranch)

THIS FOURTEENTH AMENDMENT TO CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE (this
"Amendment") is made as of July 19, 2019 ("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 161 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.            Second and Third Closing Lots.  The legal descriptions for the
Second Closing Lots and Third Closing Lots are hereby amended pursuant to
Exhibit A, attached hereto and incorporated herein by this reference.
 
3.            Revised Onsite Takedown Schedule.  The Onsite Takedown Schedule
attached to the 13th Amendment to the Contract is hereby deleted in its entirety
and replaced with Exhibit B, attached hereto and incorporated herein by this
reference.
 
4.           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.
 
5.            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.
 

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6.            Headings.  The Section headings used herein shall have absolutely
no legal significance and are used solely for convenience of reference.
 
7.            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.
 
8.           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.
 

 
SELLER:
     
PCY HOLDINGS, LLC, a Colorado limited liability company
          By:
PURE CYCLE CORPORATION,
   
its Sole Member
         
By:

/s/ Mark W. Harding

   
Name:

Mark W. 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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EXHIBIT A
(Property Legal Description)

SECOND CLOSING LOTS:

LOTS 1 THROUGH 10, AND LOTS 44 THROUGH 51, INCLUSIVE, BLOCK 1;

LOTS 1 THROUGH 10, INCLUSIVE, BLOCK 3;

LOTS 1 THROUGH 20, INCLUSIVE, BLOCK 4;

SKY RANCH SUBDIVISION FILING NO. 1, RECORDED JULY 20, 2018 UNDER RECEPTION NO.
D8071296, COUNTY OF ARAPAHOE, STATE OF COLORADO.

THIRD CLOSING LOTS:

LOTS 11 THROUGH 43, INCLUSIVE, BLOCK 1;

LOTS 1 THROUGH 20, INCLUSIVE, BLOCK 2;

LOTS 11 THROUGH 20, INCLUSIVE, BLOCK 3;

SKY RANCH SUBDIVISION FILING NO. 1, RECORDED JULY 20, 2018 UNDER RECEPTION NO.
D8071296, COUNTY OF ARAPAHOE, STATE OF COLORADO.

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EXHIBIT B
(Onsite Takedown Schedule)

[image00002.jpg]

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