EXHIBIT 10.3 AMENDMENT NO. 1 TO LETTER-FORM AGREEMENT (PROJECT "C")

 

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AMENDMENT NO. 1 (this “Amendment”) TO LETTER-FORM AGREEMENT (Project “C”) dated February 15, 2007 (the “Agreement”) is entered into as of February 29, 2008 by and between Park Premier Mining Company, a Utah corporation, f/k/a Cummings Mining Company, a/k/a Park Premier Properties; and Park Cummings Mining Company, a Utah corporation, as their respective interests may appear (collectively, “Seller”), and Ranch 248, Inc., a Delaware corporation (“Buyer”).

The Agreement memorializes Seller’s and Buyer’s agreement to form a mutually acceptable joint venture entity domiciled in Utah for the sole purpose of developing and selling approximately 30 acres of Seller’s land in Wasatch County, Utah, as described more particularly in Exhibit “A” to the Agreement (the “Sale Property”), upon the terms, conditions, and covenants contained in the Agreement.  The parties wish by this Amendment to amend the Agreement to provide for an extension of the Closing Date, to correctly identify Buyer, and to allow for Seller’s designated entity to be a member of the Joint Venture Entity.

NOW THEREFORE, in consideration of the agreements contained in this Amendment, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

1. Definitions. Capitalized terms used but not otherwise defined in this Amendment have the meanings assigned to them in the Agreement after giving effect to this Amendment.

2. Buyer.  “Buyer” means Ranch 248, Inc., a Delaware limited liability company.

Thereafter,  on or before April 29, 2008 at a place and time to be mutually agreed upon by Seller and Buyer, including an “attorney escrow closing by mail,” or at such other place, time or date as shall be mutually agreed upon by Seller and Buyer (the “Formation Date”), the Parties shall form a mutually-acceptable joint-venture entity (e.g., limited liability company) domiciled in Utah (the “Joint Venture Entity”) for the sole purpose of developing and selling the Property, including the construction of homes thereon (the “Project”), and shall prepare and execute a definitive joint venture agreement and/or charter documents (e.g., an operating agreement) that reflect the terms and conditions of this Letter Agreement (collectively, “Definitive JV Agreement”). Seller may designate a wholly owned subsidiary to be a party to the Joint Venture Entity.

4.	Miscellaneous.

(b) This Amendment may be executed in any number of original, facsimile or electronic counterparts, all of which together shall constitute one and the same instrument and any Party may execute this Amendment by signing any such counterpart.

(c) The captions and section headings appearing in this Amendment are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Amendment.

 

Park Premier Mining Company			Ranch 248, Inc.
By:	/s/ Robert W. Dunlap		By:	/s/  David J. Smith
Its:	President		Its:	Authorized Signing Officer

 

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