Exhibit L, Declaration of Trust Form

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S - Exhibit L Declaration of Trust Form 2005 Attn: Operations Manager United States Fish & Wildlife Service 2800 Cottage Way Sacramento, CA 95825 Re: Colton Dunes Conservation Bank Declaration of Trust Pursuant to the Colton Dunes Conservation Bank- ("Bank") Agreement ("Agreement"), (entity) hereby submits this Declaration of Trust pursuant to § 5.4 of the Agreement. Under the Agreement, Calmat Co. dba Vulcan Materials Company ("Vulcan"), its successors or assigns, is required to establish and fund a dedicated, non -wasting, interest-bearing account ("Endowment Fund"). The Endowment Fund shall be established at the Target Amount the earlier of ten years after the effective date of the Agreement, when all the Bank's conservation credits are sold, or when the Agreement is terminated pursuant to the Agreement. [See Agreement, § 5.3]. If all the conservation credits are not sold, the funding of the Endowment Fund will be based on the percentage of the Bank's conservation credits sold. [See id.] The Endowment Fund, once established, shall be provided to a Management Entity, as defined in the Agreement, on transfer of management obligations to a Management Entity other than Vulcan, or its successor. With this letter, hereby declares that the Endowment Fund is to be used exclusively by the Management Entity for management of the Bank for conservation purposes consistent with the Agreement, the Habitat Enhancement and Management Plan, and any conservation easement or Management Agreement .entered into as a result of the Agreement. Date: By: Title: •