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AMENDMENT TO CHAPTER 380 ECONOMIC <br /> DEVELOPMENT INCENTIVE AGREEMENT <br /> This First Amendment to Chapter 380 Economic Development Incentive Agreement (the <br /> "First Amendment") is entered into effective Tanu[eri 20)2tt7(the "Effective Date") between <br /> (i) the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and (ii) Urban <br /> Mining Company, a Delaware Corporation which is duly registered to do business in the State of <br /> Texas("Company")and Urban Mining Development, LLC, a Delaware limited liability company <br /> ("UMC Development"). Company and UMC Development may also be collectively referred to <br /> herein as the"Developers." The City and Developers may also be referred to collectively as the <br /> "Parties." <br /> 1. This First Amendment amends that certain Chapter 380 Economic Development <br /> Incentive Agreement between the Parties dated April 18, 2017 (the "380 Agreement") as set forth <br /> below. <br /> a. Section 3.01 is amended to read as follows: <br /> Section 3.01. Operation of Business. Company shall begin <br /> operation of the Business on the Project Site after January 1, 2017, but <br /> before December 21, 2019, and shall continuously operate, maintain and <br /> manage the Business for the duration of the Term. The Company further <br /> agrees to commence the initial construction necessary for the <br /> commencement of the operation of the Business on the Project Site prior to <br /> September 30, 2018, and thereafter diligently pursue completion of such <br /> construction. <br /> b. Article III, Company's Obligations, is amended by adding a new Section <br /> 3.04 to read as follows: <br />