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<br />d. <br /> <br />One-half ('i'2) of the right, title and interest, including contract <br />rights, to the Keesee storage account in John Martin Reservoir <br />arising under the 1980 Operating Plan for John Martin Reservoir, <br />, which plan was adopted as a Resolution of the Arkansas River <br />Compact Administration on April 24, 1980 and amended on May <br />10, 1984 and December 11, 1984. Under the 1980 Operating Plan <br />for John Martin Reservoir, the Keesee storage account is allotted <br />2.30% of the Colorado Water District No. 67 ditches' entitlement <br />to conversation storage in the reservoir. <br /> <br />Seller further agrees that if Purchaser closes the purchase of the Water Assets and thereby <br />obtains the right to the undisturbed possession and use of the water attributable to Seller's <br />Retained Keesee Water Rights, as set forth above, then Seller, its successors, assigns, licensees, <br />lessees, agents or employees shall not irrigate, with any surface or ground water, the Land, as <br />described in Exhibit A, attached hereto and incorporated herein, from April 1, 2004 through <br />October 31, 2004, except for the purposes of revegetation as required by the Revegetation <br />Covenant and Seller shall cooperate with Purchaser in taking the necessary steps, as may be <br />required by the Colorado State Engineer, to eliminate any subirrigation on the Land from April <br />I, 2004 through October 31, 2004, but said steps shall not include killing the alfalfa presently <br />growing" on the Land. <br /> <br />1.9 Conditions Precedent to Purchaser's Obligation. <br /> <br />a. Purchaser's obligation to purchase the Water Assets and perform <br />its obligations hereunder is expressly conditioned upon the <br />following and the failure of any such condition(s) for any reason <br />shall not constitute a breach of a covenant or condition of this <br />Agreement and shall not constitute an event of default by <br />Purchaser under this Agreement: <br /> <br />1. All of Seller's representations and warranties shall be true <br />and correct as of the Effective Date of this Agreement and <br />as of the Closing Date. <br /> <br />11. Seller shall have performed and observed all covenants, <br />agreements and obligations hereunder which are due before <br />or at closing. <br /> <br />111. During the period from the Effective Date of this <br />Agreement to the Closing Date Seller shall not take any <br />action which materially affects the use or value of the <br />Water Assets. <br /> <br />Page 9 of 29 <br />