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<br />~n~20-9B 02:14P IDEAL VALLEY REALTY LTD <br /> <br />719 462 5755 <br /> <br />P.03 <br /> <br />(b) Thar common strUctures for the diversion and turn-back of water shall be <br />the responsibility of Excelsior. <br /> <br />(c:) That the general maintenance of the ditch and waste ditches shall be the <br />responsibility of Excelsior. Including me augmentation lateral back to the river. <br /> <br />(d) That AQUA shall be responsible for the maintenance of the existing <br />a.ugmentation station. <br /> <br />(e) That for the year 1998, the operating and maintenance assessments shall <br />be $4.00 per share. but if there is any increase over and above 10% of the previous year's <br />operation and maintenance assessment, it will require the approval of a two-thirds majority of the <br />shareholders. <br /> <br />(f) AGUA will have the right to sell their shares so long as the sale of those <br />shares would not cause injury to the remaining shareholders. <br /> <br />S. As previously mentioned, there is an existing $100.000.00 loan with the Colorado <br />Water Conservation Board, and AGUA agrees to assume $33,000.00 of that loan and Evans or <br />his successor will assume $67,000.00 of that loan. The parties agree to contribute that same <br />percentage to Excelsior to make the annual payment to the Colorado Water Conservation Board. <br /> <br />6. A new diversion structure is to be constIUcted at no cost to AGUA. The structure <br />will be built with the proceeds of a C.W.C.B. loan which will be secured by C. R. Evans stock <br />and paid for by C. R Evans. The plans for construction have been submitted to C.W.C.B. and <br />must be approved by C.W.C.B. to obtain the loan. It is anticipated that the structure will be <br />completed prior to closing. If not completed prior to closing, sufficient funds to complete the <br />stnlcture shall be escrowed to insure completion. <br /> <br />IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day <br />and year first above written. <br /> <br />ARKANSAS GROUNDWATER <br />USERS ASSOCIATION (AQUA) <br /> <br />c. R; Evans <br /> <br />.By <br /> <br />SOUTHWEST READY-MIX <br /> <br />By <br /> <br />2 <br />