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183818 11/12/1999 02:04P B: 368 P: 45 Debbie Livengood-Custer County Clerk Colorado NOW, THEREFORE, in consideration of the sum of five hundred thousand dollars ($500,000.00), in hand paid by the State, the sufficiency and receipt of which is hereby acknowledged, and the mutual covenants, terms, conditions, and agreements contained herein, DeWeese does hereby grant, bargain, sell, and convey unto the State, its successors and assigns forever, a perpetual easement in gross consisting of the rights hereinafter enumerated, for the storage and release of water as described herein, subject to the terms and conditions set forth herein, and WARRANTS TITLE TO THE SAME, 1. This Easement described herein may be used for two purposes. One purpose is the creation of a minimum pool in the Reservoir. The otherpurp()se is to allow the State to utilize all or a portion of the Easement to store its own water for later release to satisfy the State's down- stream augmentation and/or exchange requirements. 2. Five hundred (500) acre-feet of active storage space in the Reservoir is hereby designated the "Minimum Pool" for purposes of this Easement. The Minimum Pool shall not be located at any particular gauge height. 3. Five hundred (500) acre-feet of water currently stored in the Reservoir is hereby designated "minimum pool water" for purposes of accounting and this Easement. Pursuant to Paragraph 8 below, DeWeese may be required from time-to-time to designate additional stored water as "Minimum Pool Water. " DeWeese shall permanently store and not release any Minimum Pool Water, except upon order of the State Engineer or as otherwise provided for herein. Under no circumstances shall the State be entitled to the use of any Minimum Pool Water. 4. The State shall have the perpetual right to store its own water in the Reservoir by means of exchange or any other lawful method. Said water shall be designated "State Water" fer purposes of accounting and this Easement. Prior to storing State Water in the Reservoir, the State shall notify DeWeese in writing specifying the exact amount of minimum pool space it intends to use to store State Water and whether the use will be a temporary or permanent designation of minimum pool space for storage of State Water, The total space occupied at any time by the Minimum Pool Water and State Water shall not exceed five hundred (500) acre-feet of the Minimum Pool. This means that there shall always be at least an amount of water equal to five hundred (500) acre-feet minus the amount of storage space used to store State Water in the Minimum Pool in the Reservoir, For instance, if the State designates one hundred (100) acre- feet of the minimum pool for storage of State Water, then there shall always be at least four 2