Exhibit 10.1

  

  

  

  
    SIXTEENTH AMENDMENT TO

    CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE

    (Sky Ranch)

    

    

    THIS SIXTEENTH AMENDMENT TO CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE (this "Amendment") is made effective as of April 30, 2020 (the "Effective Date"), by and between PCY HOLDINGS, LLC, a Colorado limited liability company ("Seller"), and KB HOME COLORADO INC., a Colorado corporation ("Purchaser"). Seller
      and Purchaser may be referred to collectively as the "Parties."

    

    

    RECITALS

    

    

    A.         Seller and Purchaser previously entered into a Contract for Purchase and Sale of Real Estate effectively dated June 29, 2017, as amended (the "Contract") for approximately 149 platted single-family detached residential lots in the Sky Ranch
          master planned residential community (the “Community”) in the County of Arapahoe, State of Colorado.

     

    B.          Seller and Purchaser
        have agreed to amend the takedown schedule for the remaining Takedowns as set forth herein.

     

    C.          Seller and Purchaser
        desire to amend the terms and conditions of the Contract as set forth below.

     

    AGREEMENT

    

    

    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, the Purchaser and Seller hereby agree as follows:

    

    

    1.          Recitals; Capitalized Terms.  The recitals set forth above are true and correct and
          are incorporated herein in their entirety by this reference.  Capitalized terms not defined in this Amendment shall have the meanings set forth in the Contract.

     

    2.         Takedowns 5 and 6. The
          Parties agree to bifurcate the Fifth Closing (aka Takedown 5 Closing) into 2 closings (“Fifth Closing A” and “Fifth Closing B”). Fifth Closing A shall occur on June 15, 2020. Fifth Closing B shall occur on August 15, 2020. The date of the Sixth Closing (aka Takedown 6 Closing) shall remain unchanged at December 15, 2020. The Lots for the Fifth
          Closing A, Fifth Closing B and Sixth Closing shall consist of the following (all being within Sky Ranch Subdivision Filing No. 1 Recorded July 20, 2018 under Reception No. D8071296):

     

    	

          	Fifth Closing A:	
            17 Lots, of which 13 are SFD 45’ Lots and 4 are SFD 50’ Lots, being Lots 25-37, Block 15 and Lots 10-13, Block 14.

          


     

    	

          	Fifth Closing B:	
            12 Lots, of which 8 are SFD 45’ Lots and 4 are SFD 50’ Lots, being Lots 17-24, Block 15 and Lots 6-9, Block 14.

          


     

    
      
        


    

    
    	

          	Sixth Closing:	
            22 Lots, of which 17 are SFD 45’ Lots and 5 are SFD 50’ Lots, being Lots 1-17, Block 17 and Lots 1-5, Block 14.

          


     

    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.

     

    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 FOLLOWS]

      

    

    
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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:

          	
            /s/ Mark Harding

          
	 	
            Name:

          	
            Mark Harding

          
	 	
            Title:

          	
            President

          


    

    

    	 	
            PURCHASER:

          
	 	 
	 	
            KB HOME COLORADO INC., a Colorado corporation

          
	 	 	 
	 	
            By:

          	
            /s/ Randel Carpenter

          
	 	
            Name:

          	
            Randel Carpenter

          
	 	
            Title:

          	
            President

          


    

    

    

    

    
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