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<br />.--....... <br /> <br />. . <br /> <br />. <br />...... <br />, <br /> <br />. <br />, <br /> <br />24::iRfi94 f\-.lS14 P-5~(l 1O/0(l/Q~ 04:18P PO t OF 11 <br />Weld County CO Clerk & Recorder <br /> <br />RP.C o()e <br />56.09 <br /> <br />ARc'fS8b'1'f <br /> <br />AGREEMENT <br /> <br />THIS AGREEMENT made and entered into this 27th day of SeptE>mhE>r . 1995, <br />by and between Lake Arrowhead, Inc., a Colorado corporation, hereinafter referred to as <br />the "Corporation," and Lake Arrowhead Water Association, a Colorado non-profit <br />corporation, hereinafter referred to as the "Water Association." <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the Corporation is the owner of water rights which are delivered <br />through a system of pipes, valves and an irrigation pump, hereinafter referred to as the <br />"water system" which is used to provide irrigation water to propert.ies located in Lake <br />Arrowhead Subdivision; and . <br /> <br />WHEREAS, the Water Association has for 25 years managed the water system and <br />maintained portions of the water system for the benefit of the tap holders in Lake <br />Arrowhead Subdivision and has a license to operate the water system, for the Water <br />Association's purposes, by tacit approval of the Corporation; and <br /> <br />WHEREAS, there currently exist 53 shares in the water system and additional lot <br />owners in the Lake Arrowhead Subdivision desire to have irrigation water available to their <br />lots and tap onto the water system; and <br /> <br />WHEREAS, the Corporation wishes to insure that the water rights are available for <br />the use of all lot owners in the North One-half of Section 27, Township 5 North, Range 66 <br />West of the 6th P.M., Weld County, Colorado, hereinafter the "property"; and <br /> <br />WHEREAS, the Water Association desires to continue to manage, maintain, and <br />develop as necessary, the water system for the benefit of the shareholders and other lot <br />owners within the property. <br /> <br />NOW, THEREFORE, in consideration of the mutual promises and covenants of the <br />parties hereto it is agreed as follows: <br /> <br />1 . The Corporation agrees to transfer and deed to the Water Association, <br />immediately upon the sale or transfer to a third party or third parties all property owned <br />by the Corporation in the North One-half of Section 27, Township 5 North, Range 66 West <br />of the 6th P.M., Weld County, Colorado, the following: All right, title and interest to Lake <br />Arrowhead Dam and Reservoir and the property upon which it is situated, all right, title and <br />interest in and to the Walter Roberts and Seepage Waste Water Ditches and all right, title <br />and interest in and to the appropriations, rights of way and easements necessary for the <br />maintenance and operation of said ditches for the irrigation of approximately 320 acres <br /> <br />F:\KIMlARROWHEA'AGREE5. <br /> <br />1 <br /> <br />, Q~) <br />\. <br />. ','.(.. <br />. C. \ <br />