Document:

EXHIBIT 10.10
                            SUBLEASE

1. PARTIES

     This sublease, dated September 1, 2000, is made by and between
Prime Pinnacle Peak Properties, Inc., an Arizona corporation,
(hereinafter called "Sublessee"), and Giant Industries Arizona, Inc.,
an Arizona corporation (hereinafter called "Sublessor").  Sublessor and
Sublessee acknowledge that this sublease is subject to the Lease dated
July 1, 1998 made by and between Pinnacle Citadel LLC, an Arizona
limited liability company as Landlord and Giant Industries Arizona,
Inc., an Arizona corporation as Tenant ("Master Lease").  Sublessee
represents that it has read and is familiar with the terms of the
Master Lease.   Sublessee acknowledges it is subject to the terms and
obligations of Tenant under the Master Lease and in case of breach by
Sublessee, Sublessor has all of the rights relative to the Sublessee
under this sublease as Landlord has relative to the Sublessor under the
Master Lease.

2. PREMISES

     In consideration of the mutual covenants and agreements set forth
herein, Sublessor leases to Sublessee and Sublessee leases from
Sublessor, for the rental and on the terms and conditions hereinafter
set forth, a portion of the real property described on Exhibit A
attached hereto, consisting of approximately 5,590 square feet of space
consisting of the entire 2nd floor space along with the 1st floor front
office, 1st floor closet, stair landing and stairwell together with any
or all additional space along with six (6) covered parking spaces
numbered 1 though 6, each located in the area cross-hatched on Exhibit
B.  The address of the premises is 8700 East Pinnacle Peak Road,
Scottsdale, Arizona 85255.

3. TERM

     The term of this sublease shall be for the time commencing on
April 1, 2000 ("Commencement Date") and ending on July 31, 2003, unless
terminated sooner by either party under the terms of this sublease or
upon termination of the Master Lease.  In the event the Master Lease is
extended pursuant to Article 1(d) of Master Lease, then Sublessee may
have the option pursuant to Article 1(d) of Master Lease to extend this
sublease by one (1) successive period of five (5) years.

4. USE

     Sublessee shall occupy the premises as an office and for no other
purpose whatsoever.  Sublessee shall not create any nuisance, commit
waste or interfere with, annoy or disturb any other lessees or
occupants of the building.  Sublessee shall do nothing nor permit
anything to be done that would cause the Master Lease to be breached or
terminated.  Sublessee shall do nothing that may cause Sublessor's
insurance premiums to increase, or cause Sublessor's insurance to be
canceled.

5. RENT

     Sublessee shall pay to Sublessor during the term at the office of
Sublessor, 23733 North Scottsdale Road, Scottsdale, AZ  85255, or at
such other place as Sublessor may designate, without notice, demand,
deduction or set-off, the amount of rent ("Minimum Annual Rent") as set
forth in Article 2(a), 2(b), 2(c) & 2(d) of Master Lease.  In addition,
Sublessee shall pay to Sublessor its pro rata share of the operating
costs as set forth in Article 6(a), 6(b), 6(c) & 6(d) of Master Lease.

6. QUIET ENJOYMENT

     Sublessor hereby warrants that Sublessor has the right to
sublease the premises to Sublessee and that the individuals executing
this sublease are fully authorized to and legally capable of executing
this sublease on behalf of Sublessor.  Sublessor covenants that
Sublessee shall, while Sublessee is not in default of the terms of this
sublease, peaceably and quietly hold and enjoy the premises for the
sublease term, without interference or hindrance from Sublessor or
persons claiming by or through Sublessor.

7. SUBLESSOR'S ACCESS TO THE PREMISES

     Provided that the exercise of such rights does not unreasonably
interfere with Sublessee's use or occupancy of the premises, Sublessor
shall have the right to enter the premises at reasonable times during
normal business hours and upon reasonable advance notice of Sublessee
for reasonable and lawful purposes.

8. COMPLIANCE WITH LAWS

     Sublessee shall comply with any and all present and future
applicable laws, ordinances, rules, regulations, orders and covenants,
whether promulgated by state, municipal, or any other agency or body
having jurisdiction over the premises.

9. ALTERATIONS

     Sublessee shall not, except with Sublessor's prior written
consent, make or cause to be made any alterations, decorations,
additions or improvements to the premises.  At the end of this
sublease, Sublessee agrees to repair any damages caused by the removal
of any of its improvements or fixtures.

10. END OF TERM HOLDOVER

     Sublessee shall not remain in possession of the premises after
the expiration of the term of this sublease, and Sublessee acknowledges
that in the event of termination or expiration of the Master Lease,
this sublease will also terminate or expire.

11. MAINTENANCE AND REPAIRS

     Sublessee shall maintain the premises in a clean, orderly and
sanitary condition.  Sublessee shall be responsible for minor repairs
and maintenance.

     Sublessee shall, throughout the term, take good care of the
premises and fixtures and appurtenances therein, and make all minor and
nonstructural repairs thereto as and when needed to preserve the
premises in good order and condition.  At the expiration or other
termination of this sublease, Sublessee will surrender peaceable
possession of the premises in as good condition as they were at the
Commencement Date, excepting reasonable wear and tear, and damage by
fire or other casualty. Sublessee shall reimburse Sublessor for all
expenses of the repair of any damage to the premises or to any other
part of the building caused by or resulting from any act or neglect of
Sublessee.  Any such damage to nonstructural parts of the premises
shall be repaired promptly by Sublessee, at its sole expense, to the
reasonable satisfaction of Sublessor.  Sublessee shall give Sublessor
prompt notice of any accident or needed repairs or replacements.

12. ASSIGNMENTS AND SUBLEASES

     Pursuant to Article 14 of Master Lease, Sublessee may assign or
sublet said premises.

13. INDEMNIFICATION AND HOLD HARMLESS

     Sublessor and Sublessee shall indemnify and save each other
harmless from and against any and all liabilities, claims and costs
(including reasonable attorney's fees, penalties and fines) for death,
injury or damages to persons, or property during the term of this
sublease, arising from (a) any default by each in the performance of
its obligations under this sublease or the Master Lease, (b) the manner
of each party's use and occupancy of the premises, or (c) any acts,
omissions, or negligence of each party or its agents, employees,
contractors or invitees.  If any action or proceeding is brought
against the other based upon any such claim, the party at fault shall
cease such action to be defended, at its expense, by counsel reasonably
satisfactory to the other part.  This hold harmless and indemnity shall
survive termination of this sublease.

14. FORCE MAJEURE

     In the event Sublessor or Sublessee is delayed, hindered or
prevented from performing any act or thing required hereunder by reason
of strikes, lockouts, labor troubles, casualties, failure or lack of
utilities, governmental laws or regulations, riots, insurrection, war,
acts of God, or other cause beyond the reasonable control of Sublessor
or Sublessee, neither party shall be liable for the delay, and the
period for the performance by either party shall be extended for a
period equivalent to the period of such delay.  The foregoing shall be
inapplicable to the payment of rent by Sublessee.

15. HAZARDOUS MATERIALS

     Should Sublessor or Sublessee, during the term of this sublease,
or any extensions thereof, become aware of the existence of any
regulated or environmentally hazardous substance being present on the
premises, the party responsible therefore shall promptly remove the
source of said substance.  Sublessor warrants that it will indemnify
and hold Sublessee harmless from any and all losses, claims, injuries,
or cause of action (including reasonable attorney's fees) arising out
of or caused by the existence of any such hazardous or regulated
substances, created by or brought on the demised premises by Sublessor
during the term or any renewal of this sublease.    Sublessor or
Sublessee shall not be responsible to the other or any other party for
hazardous substances or conditions at or regarding the premises which
Sublessor or Sublessee did not create or allow.

16. DESTRUCTION OF THE PREMISES

     If during the term of this sublease, the premises are destroyed
or damaged in whole or in part by fire or other casualty, then the
applicable provision of the Master Lease will apply.

17. EMINENT DOMAIN

     If during the term of this sublease, the premises are taken or
condemned in whole or in part by eminent domain, then the applicable
provisions of the Master Lease will apply.

18. INSURANCE

     (a)     Sublessor agrees to carry at its own expense throughout the
term of this sublease, all insurance coverages required by the Master
Lease.

     (b)     Sublessee agrees to carry at its own expense throughout the
term of this sublease, all insurance coverages required by the Master
Lease.  Sublessee shall deliver a Certificate of Insurance to Sublessor
prior to the date of occupancy of the premises and said insurance
policy shall list and protect Sublessor and Sublessee as their interest
may appear and shall contain an endorsement stating that the insurer
agrees to give no less than thirty (30) days prior written notice to
Sublessor in the event of modification or cancellation hereof.
Sublessee shall be responsible for its own personal property insurance.

19. DEFAULT

     The occurrence of any one or more of the following events shall
constitute a default of the sublease by Sublessee:
     (a)     The vacating or abandonment of the premises by Sublessee.
     (b)     The failure of Sublessee to make any payment of rent or any
other payment required to be made by Sublessee hereunder, as and when
due, where such failure shall continue for a period of five (5) days
after written notice thereof from Sublessor to Sublessee.
     (c)     The failure by Sublessee to observe or perform any of the
covenants, conditions or provisions of this sublease to be observed or
performed by Sublessee, other than described above, where such failure
shall continue for a period of fifteen (15) days after written notice
thereof from Sublessor to Sublessee.
     (d)     The making by Sublessee of any general assignment, or
general arrangement for the benefit of creditors; the filing by or
against Sublessee of a petition to have Sublessee adjudged as bankrupt
or a petition for reorganization or arrangement under any law relating
to bankruptcy (unless, in the case of a petition filed against
Sublessee, the same is dismissed within sixty (60) days); the
appointment of a trustee or receiver to take possession of
substantially all of Sublessee's assets located at the premises or of
Sublessee's interest in this sublease, where possession is not restored
to Sublessee within  thirty (30) days of the attachment, execution or
other judicial seizure of substantially all of Sublessee's assets
located at the premises or of Sublessee's interest in this sublease
where such seizure is not discharged within thirty (30) days.

     In the event of any default by Sublessee, at any time thereunder,
and without limiting Sublessor in the exercise of any other right or
remedy which Sublessor may have by reason of such default or breach,
Sublessor may: (a) choose not to hold Sublessee responsible for any or
all terms of this sublease; (b) reenter the premises and terminate this
sublease and hold Sublessee responsible for all damages resulting from
the breach; or (c) reenter the premises, keep this sublease intact, and
attempt to relet the premises on behalf of Sublessee as Sublessee's
agent.  Upon reentering the premises, Sublessor may relet the premises
or any part thereof for such term, on such conditions and at such
rental as Sublessor may deem advisable with the right to make
alterations and repairs to the premises.  Sublessor may remove
therefrom all automobiles, signs, and other property, and such property
may be removed and stored in any place for the account and at the
expense and risk of Sublessee.  Sublessee hereby waives all claims for
damages which may be caused by the reentry of Sublessor and taking
possession of the premises, or the removing or storage of the property
as herein provided, and will save Sublessor harmless from any loss,
cost or damages occasioned thereby, and no such reentry shall be
considered or construed to be forcible entry or detainer.

     Should Sublessor elect to reenter as herein provided, rentals
received by Sublessor from reletting shall be applied in this order:
first, to any indebtedness other than rent due under this sublease;
second, to the payment of any costs of reletting; third, to the payment
of the cost of any alteration and repairs to the premises; and fourth,
to the payment of rent due and unpaid under this sublease; and the
remainder, if any, shall be held by Sublessor and applied in payment of
any future rent as the same becomes due and payable under this
sublease.  Should rentals received from such reletting during any month
be less than that agreed to be paid during the month by Sublessee under
this sublease, then Sublessee immediately shall pay and be liable for
such deficiency to Sublessor.  No such reentry or taking possession by
Sublessor shall be construed as an election on its part to terminate
this sublease, unless a written notice of such intention is given to
Sublessee.  Notwithstanding any such reletting without termination, at
any time thereafter, Sublessor may elect to terminate this sublease for
such previous default.  Should Sublessor at any time terminate this
sublease for any default, in addition to any other remedy it may have,
Sublessor may recover from Sublessee all damages Sublessor may incur by
reason of such breach, including without limitation, the cost of
recovering the premises and the present worth at the time of such
termination of the rent and charges equivalent to rent as reserved in
this sublease for the remainder of the stated term.

20. SIGNS

     Sublessee will not place any signs or other advertising matter or
material on the exterior or on the interior of the premises or of the
building without the prior written consent of the Sublessor first.

21. RULES AND REGULATIONS

     Sublessor shall have the right from time to time to prescribe
reasonable rules and regulations for Sublessee's use of the premises
and common areas, and such other reasonable rules and regulations that
Sublessor may adopt upon written advance notice to Sublessee, and
Sublessee shall observe and comply with such rules and those, if any,
which are attached hereto and made part of this sublease.

22. AMERICANS WITH DIABILITIES ACT

     If during the term of this sublease, Sublessee should make any
alteration or addition to said premises, Sublessee, at its cost and
expense, agrees to comply with applicable requirements of Title III of
the Americans With Disabilities Act (ADA) and agrees that the
applicable provision of the Master Lease will apply.

23. NO JOINT VENTURE

     Nothing contained herein nor the acts of the parties shall be
deemed or construed to create the relationship of principal and agent,
partnership, joint venture, or similar relationship or arrangement, it
being understood that the relationship between the parties is solely
that of Sublessor and Sublessee.

24. WAIVER OF SUBROGATION

     Sublessor and Sublessee hereby mutually waive their respective
rights of recovery against each other for any loss insured by Fire,
Extended Coverage or All Risk Property Insurance Policy.

25. ATTORNEY'S FEES

     If either party herein brings an action to enforce the terms of
this sublease, the prevailing party in such action shall be entitled to
reasonable attorney's fees to be paid by the non-prevailing party.

26. SUCCESSORS AND ASSIGNS

     Each of the provisions of this sublease shall extend to and
shall, as the case may require, bind or inure to the benefit of
Sublessor and Sublessee, and their respective subsidiaries, affiliates,
heirs, legal representatives, successors and assigns.

27. HEADINGS

     The titles and headings of this sublease are for convenience of
reference only and shall not in any way be deemed a part of this
sublease for the purpose of construing or interpreting the meaning
thereof, or for any other purpose.

28. GOVERNING LAW

     This sublease shall be governed by and construed in accordance
with the laws of the State wherein the premises are located.

29. ENTIRE AGREEMENT

     This sublease, and the Master Lease to which it is subject,
contains the entire agreement and understanding between Sublessor and
Sublessee relating to the leasing of the premises and obligations of
Sublessor and Sublessee.  This sublease supersedes any and all prior or
contemporaneous agreements and understandings between Sublessor and
Sublessee, and shall not be modified or amended unless both Sublessor
and Sublessee agree in writing.  Sublessor and Sublessee specifically
agree that this instrument be interpreted as a sublease rather than an
assignment.

30. NOTICES

All notices to be given by one party to the other under this
sublease shall be in writing, mailed or hand-delivered to each at the
address to the individual, set forth at the end of this sublease or at
a changed address if notice of the change is given to the other party
in writing.  Mailed notices shall be sent by United States certified or
registered mail, postage prepaid. Such notices shall be deemed to have
been given upon posting in the United States mail. Actual notice shall
be no substitute for written notice under any provision of this Lease.

IN WITNESS WHEREOF, the parties have executed this sublease as of the
day and year first above written.

SUBLESSOR:                              Address:

Giant Industries Arizona, Inc.          23733 N. Scottsdale Road
an Arizona Corporation                  Scottsdale, AZ 85255

BY: /s/ JAMES E. ACRIDGE
    ---------------------------------

Its: CEO
    ---------------------------------

SUBLESSEE:                              Address:

Prime Pinnacle Peak Properties, Inc.    23733 N. Scottsdale Road
an Arizona corporation                  Scottsdale, AZ 85255

BY: /s/ JAMES E. ACRIDGE
    ---------------------------------

Its: President
    ---------------------------------

<PAGE>
                                   EXHIBIT A

PARCEL NO. 1:

A portion of Tract "B", of PINNACLE PARADISE, according to the plat of
record in the office of the County Recorder of Maricopa County, Arizona,
recorded in Book 126 of Maps, Page 31, more fully described as follows:

BEGINNING at the Northeast corner of said Tract "B";

thence South 0 degrees 03 minutes 44 seconds East, a distance of 280.02
feet to a point of curvature whose center bears South 89 degrees 56
minutes 10 seconds West, a radius of 20 feet;

thence Southwesterly along said curve through a delta of 90 degrees 03
minutes 44 seconds, an arc length of 31.44 feet;

thence West, a distance of 280.02 feet;

thence North a distance of 299.94 feet;

thence East a distance of 300 feet to the POINT OF BEGINNING;

EXCEPT that portion dedicated for right of way as set forth in instrument
recorded April 18, 1985 in 85-166839, Official Records described as follows:

COMMENCING at the Southeast corner of Section 12 (intersection of PIMA ROAD
and PINNACLE PEAK ROAD), Township 4 North, Range 4 East;

thence North 00 degrees 03 minutes 44 seconds West along the East line of
said Section 12 (also monument line of PIMA ROAD), a distance of 355.00 feet
to a point;

thence South 89 degrees 56 minutes 16 seconds West, a distance of 55.00 feet
to a point on the West right-of-way line of PIMA ROAD and being the TRUE
POINT OF BEGINNING;

thence West, a distance of 10.00 feet to a point;

thence South 00 degrees 03 minutes 44 seconds East, a distance of 279.92 feet
to a point of curvature whose center bears South 89 degrees 56 minutes 16
seconds West, a radius of 20.00 feet;

thence Southwesterly along said curve through a Delta of 90 degrees 03 minutes
44 seconds, an arc length of 31.44 feet;

thence East along the North right-of-way line of PINNACLE PEAK ROAD, a
distance of 10.04 feet to a point of curvature whose center bears North, a
radius of 19.96 feet;

thence Northeasterly along said curve through a Delta of 90 degrees 03
minutes 44 seconds, an arc length of 31.37 feet to a point on the West
right-of-way line of PIMA ROAD;

thence North 00 degrees 03 minutes 44 seconds West, along said right-of-way
line, a distance of 279.96 feet back to the TRUE POINT OF BEGINNING.

PARCEL NO. 2:

A portion of Tract "B", of PINNACLE PARADISE, according to the plat of record
in the office of the County Recorder of Maricopa County, Arizona, recorded in
Book 126 of Maps, Page 31, more fully described as follows:

BEGINNING at the Southwest corner of said Tract "B";

thence East along the South line of said Tract "B", a distance of 20.00 feet
to the TRUE POINT OF BEGINNING;

thence North a distance of 199.94 feet;

thence East a distance of 180.00 feet;

thence North a distance of 100.00 feet to a point on the North line of Tract
"B";

thence East along said North line a distance of 200.00 feet;

thence south a distance of 299.94 feet to a point in the South line of Tract
"B";

thence West along said South line a distance of 380.00 feet to the TRUE POINT
OF BEGINNING.

<PAGE>
                                   EXHIBIT B

                                  SITE SURVEYEXHIBIT 10.18
                      LOAN MODIFICATION AGREEMENT

     THIS LOAN MODIFICATION AGREEMENT (this "Agreement") is made and
entered into as of the 28th day of February, 2001, by and among JAMES
E. ACRIDGE ("Borrower"), GIANT INDUSTRIES, INC., a Delaware corporation
("Giant"), and PINNACLE RODEO, L.L.C., an Arizona limited liability
company ("Rodeo").

                               RECITALS

     A.     Under the Agreement, dated as of September 17, 1998, by and
between Borrower and Giant, as modified by the Modification Agreement,
dated as of December 23, 1998, by and between Borrower and Giant, as
further modified by the Amended and Restated Loan Agreement, dated as
of March 20, 2000, by and between Borrower and Giant (collectively, the
"Loan Agreement"), Giant agreed to make a loan to Borrower in the
principal amount of $5,000,000.00 (the "Loan").

     B.     In connection with the Loan, Borrower executed the
Promissory Note, dated as of September 17, 1998, in the stated
principal amount of $4,000,000.00, in favor of Giant, as modified by
the Amended and Restated Promissory Note, dated as of December 23,
1998, in the total principal amount of $5,000,000.00, executed by
Borrower in favor of Giant, as further modified by the Amended and
Restated Promissory Note, dated as of March 10, 2000, in the total
principal amount of $5,000,000.00, executed by Borrower in favor of
Giant (collectively, the "Note").

     C.     The Loan is secured by the collateral described in the
Pledge and Security Agreement (the "Pledge Agreement"), dated as of
March 10, 2000, by and among Borrower and Rodeo, as pledgor, and Giant,
as pledgee.

     D.     Giant and Borrower, as Trustee for and on behalf of the
Acridge Family Trust (the "Acridge Trust"), entered into a Purchase
Agreement, dated January 26, 2001, as amended (the "Purchase
Agreement"), with respect to the sale by the Acridge Trust to Giant of
a parcel of land containing approximately 40 acres located at 9540 East
Jomax Road in the City of Scottsdale, Arizona (the "Property").

     E.     The Purchase Agreement requires that a portion of the
purchase price from the sale of the Property (the "Sale") be applied to
the payment of Borrower's accrued interest under the Loan.

     F.     Since the Sale has not yet closed and may not close until
March 28, 2001, Giant and Borrower wish to extend the maturity date of
the Loan from February 28, 2001 to March 28, 2001.

     NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                                AGREEMENT

     1.    Accuracy of Recitals.  Borrower and Rodeo hereby
acknowledge that the Recitals set forth above are true, accurate and
correct, and are incorporated herein by this reference.

     2.    Loan Documents.  This Agreement, all documents executed in
connection with this Agreement, the Loan Agreement, as modified hereby,
the Amended and Restated Promissory Note referred to Section 4 below,
and the Pledge Agreement are hereinafter collectively referred to as
the "Loan Documents".

     3.    Extension of Maturity Date.  The maturity date of the Loan
is hereby extended from February 28, 2001 to March 28, 2001.

     4.    Repayment of Loan.  The Loan will be repaid by Borrower in
accordance with the terms of the Amended and Restated Promissory Note, in
the form attached hereto as Exhibit A and incorporated herein by this
reference.

     5.    Acknowledgments of Borrower.  Borrower hereby acknowledges
and agrees that:

           a.     No Defenses.  Borrower reaffirms all of its
obligations under the Loan Documents, and Borrower has no claim,
defense, offset or counterclaim with respect to the payment of the Loan
or with respect to the performance of Borrower's obligations under the
Loan Documents.

           b.     No Breach By Giant.  Giant has not breached any duty
to Borrower in connection with the Loan, and Giant has fully performed
all obligations it may have had or now has to Borrower.

           c.     No Waiver.  Except as specifically provided herein,
by entering into this Agreement, Giant does not waive any existing
event of default or default or any event of default or default
hereafter occurring, or become obligated to waive any condition or
obligation in any agreement between or among any of the parties hereto.

           d.     No Future Obligations.  Giant has no obligation to
make any additional loan or extension of credit to or for the benefit
of Borrower, and no obligation to further modify the Loan or the Loan
Documents.

           e.     No Third Parties Benefited.  This Agreement is made
and entered into for the sole protection and benefit of Giant, Rodeo,
and Borrower and their permitted successors and assigns.  No other
persons or entities shall have any right of action under this Agreement
or any right of the funds from the Loan.

           f.     Informed Consent to Agreement.  Borrower
acknowledges that he has thoroughly read and reviewed the terms and
provisions of this Agreement and is familiar with the same, that the
terms and provisions contained herein are clearly understood by him and
have been fully and unconditionally consented to by him, and that
Borrower's execution of this Agreement is done freely, voluntarily,
with full knowledge and without duress, and that in executing this
Agreement, Borrower is relying on no other representations either
written or oral, express or implied, made to Borrower by any other
party hereto, and that the consideration received by Borrower hereunder
has been actual and adequate.  Borrower  further acknowledges that he
has been advised, and has been given the reasonable opportunity, to
seek independent legal advice with respect to the subject matter of
this Agreement, and Borrower hereby represents to Giant that he has
either sought and obtained such independent legal advice or that he
hereby waives such advice.

     6.    Acknowledgements of Rodeo.  Rodeo hereby acknowledges and
agrees that:

           a.     No Defenses.  Rodeo reaffirms all of its obligations
under the Loan Documents, and Rodeo has no claim, defense, offset or
counterclaim with respect to the performance of Rodeo's obligations
under the Loan Documents.

           b.     No Breach By Giant.  Giant has not breached any duty
to Rodeo in connection with the Loan Documents, and Giant has fully
performed all obligations it may have had or now has to Rodeo.

           c.     No Waiver.  Except as specifically provided herein,
by entering into this Agreement, Giant does not waive any existing
event of default or default or any event of default or default
hereafter occurring, or become obligated to waive any condition or
obligation in any agreement between or among any of the parties hereto.

           d.     No Future Obligations.  Giant has no obligation to
make any additional loan or extension of credit to or for the benefit
of Borrower, and no obligation to further modify the Loan or the Loan
Documents.

           e.     No Third Parties Benefited.  This Agreement is made
and entered into for the sole protection and benefit of Giant, Rodeo,
and Borrower and their permitted successors and assigns.  No other
persons or entities shall have any right of action under this Agreement
or any right of the funds from the Loan.

           f.     Informed Consent to Agreement.  Rodeo acknowledges
that it has thoroughly read and reviewed the terms and provisions of
this Agreement and is familiar with the same, that the terms and
provisions contained herein are clearly understood by it and have been
fully and unconditionally consented to by it, and that Rodeo's
execution of this Agreement is done freely, voluntarily, with full
knowledge and without duress, and that in executing this Agreement,
Rodeo is relying on no other representations either written or oral,
express or implied, made to Rodeo by any other party hereto, and that
the consideration received by Rodeo hereunder has been actual and
adequate.  Rodeo  further acknowledges that it has been advised, and
has been given the reasonable opportunity, to seek independent legal
advice with respect to the subject matter of this Agreement, and Rodeo
hereby represents to Giant that it has either sought and obtained such
independent legal advice or that it hereby waives such advice.

     7.    Agreement of Rodeo.  The Loan is secured by the collateral
described in the Pledge Agreement.  Rodeo believes that it is in its
best interest for Rodeo and Borrower to enter into this Agreement with
Giant.  Rodeo hereby reaffirms the full force and effectiveness of the
Pledge Agreement.  Rodeo agrees that the Pledge Agreement continues to
secure all of the Obligations (as defined in the Pledge Agreement),
including obligations of Borrower under the Loan Documents.  Rodeo
represents that this Agreement and the other Loan Documents are of
substantial economic benefit to Rodeo and that its reaffirmation and
consent is an essential part of the consideration to Giant to enter
into this Agreement.  Rodeo hereby consents to the terms, conditions
and provisions of this Agreement and the other Loan Documents.

     8.    Release of Giant.  In consideration of the agreements of
Giant set forth in this Agreement, Borrower and Rodeo, and all of their
respective permitted successors and assigns (individually and
collectively, the "Releasors"), hereby fully release, remise, and
forever discharge Giant and any affiliates of Giant, and their
predecessors, and all past and present officers, directors, agents,
employees, servants, partners, shareholders, attorneys and managers of
Giant and any affiliates of Giant and their predecessors and all of
their respective predecessors, successors and assigns, for, from, and
against any and all claims, liens, demands, causes of action,
controversies, offsets, obligations, losses, damages and liabilities of
every kind and character whatsoever, including any action, omission,
misrepresentation or other basis of liability founded either in tort or
contract and the duties arising thereunder, that the Releasors, or any
one or more of them, has had in the past, or now has, whether known or
unknown, whether asserted or unasserted, by reason of any matter, cause
or thing set forth in, relating to or arising out of, or in any way
connected with or resulting from, the Loan, the Loan Documents, the
transactions contemplated thereby or the negotiation, preparation, and
execution of this Agreement or the other Loan Documents.  This release
shall not be deemed or construed as an admission of liability by Giant.

     9.    Incorporation.  This Agreement shall form a part of each
Loan Document, and all references to a given Loan Document shall mean
that document as hereby modified.

     10.   No Prejudice; Reservation of Rights.  This Agreement shall
not prejudice any rights or remedies of Giant under the Loan Documents.
Giant reserves, without limitation, all rights that it has against any
indemnitor, guarantor, or endorser or any of the Loan Documents.

     11.   No Impairment; Security.  Except as specifically hereby
amended, the Loan Documents shall each remain unaffected by this
Agreement and all such documents shall remain in full force and effect.
Borrower's payment and performance of Borrower's various obligations to
Giant under the Loan Documents, including all extensions,
modifications, amendments, renewals or replacements of the foregoing,
continue to be and shall be secured by the liens arising under the Loan
Documents.  Nothing contained in this Agreement shall annul, release or
affect the lien, or priority of the lien of any of the Loan Documents.
Nothing contained herein shall be deemed a waiver of or limit any of
the rights and remedies that Giant may have against Borrower or of any
of Giant's rights and remedies arising out of the Loan Documents, and
Giant specifically reserves, and shall have, all rights and remedies
available to Giant under the law or as provided in the Loan Documents,
as modified by this Agreement.

     12.   Integration.  The Loan Documents, including this Agreement:
(a) integrate all the terms and conditions mentioned in or incidental
to the Loan Documents; (b) supersede all oral negotiations and prior
and other writings with respect to their subject matter; and (c) are
intended by the parties as the final expression of the agreement with
respect to the terms and conditions set forth in those documents and as
the complete and exclusive statement of the terms agreed to by the
parties.  If there is any conflict between the terms, conditions and
provisions of this Agreement and those of any other agreement or
instrument, including any of the other Loan Documents, the terms,
conditions and provisions of this Agreement shall prevail.  No
amendment, modification, change, waiver, release or discharge hereof
and hereunder shall be effective unless evidenced by an instrument in
writing and signed by the party against whom enforcement is sought.

     13.  Severability.  If any provision of this Agreement or the
other Loan Documents is invalid or unenforceable, the other provisions
of this Agreement or the other Loan Documents shall remain in full
force and effect and shall be liberally construed in favor of Giant in
order to effectuate the other provisions of this Agreement or the other
Loan Documents.

     14.   Governing Law.  This Agreement and the other Loan Documents
shall be construed in accordance with and governed by the laws of the
State of Arizona, without regard to the choice of law rules of the
State of Arizona.

     15.   Time is of the Essence.  Time is of the essence of this
Agreement and the other Loan Documents.

     16.   Further Performance.  Borrower whenever and as often as it
shall be requested by Giant, shall execute, acknowledge and deliver, or
cause to be executed, acknowledged and delivered such further
instruments and documents and to do any and all things as may be
requested in order to carry out the intent and purpose of this
Agreement and the other Loan Documents.

     17.   Survival.  All indemnities, warranties, representations,
and covenants made by Borrower in this Agreement or the other Loan
Documents, shall be considered to have been relied upon by Giant and
will survive the making and repayment of the Loan and delivery to Giant
of this Agreement.

     18.   No Consent.  Except as specifically provided in this
Agreement, no express or implied consent to any further modifications
involving any of the matters set forth in this Agreement or otherwise
shall be inferred or implied by Giant's execution of this Agreement or
any other action of Giant.  Giant's execution of this Agreement shall
not constitute a waiver, either express or implied, of the requirement
that any further modification of the Loan or of the Loan Documents
shall require the express written approval of Giant.

     IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.

BORROWER:

/s/ JAMES E. ACRIDGE
----------------------------------
JAMES E. ACRIDGE

GIANT:

Giant Industries, Inc., a Delaware
corporation

By: /s/ MARK B. COX
   -------------------------------
Name:  MARK B. COX
     -----------------------------
Its:   VP TREASURER
    ------------------------------

RODEO:

Pinnacle Rodeo, L.L.C., an Arizona
limited liability company

By:  /s/ JAMES E. ACRIDGE
   -------------------------------
Name: JAMES E. ACRIDGE
     -----------------------------
Its:  MEMBER
    ------------------------------

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