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<br />" 24~8694 B-15J4 P-~5f. IO/06/9~ 04:18P R1 2 OF 11
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<br />which comprise the Lake Arrowhead Subdivision, said ditches having priority NO 73 from
<br />Ashcraft Draw, dating from March 25, 1895 for 21 cubic feet of water per second of time,
<br />as adjudicated August 2, 1918. Also a X interest in and to the Erickson Seepage and
<br />Waste Water Ditch; together with a X interest in and to the appropriations thereof for 11.2
<br />cubic feet of water per second of time, being decreed priority NO 1 for said water from
<br />Ashcraft Draw, dating from April 1 , 1887, and appropriation for 17.6 cubic feet of water per
<br />second of time from Ashcraft Draw, dating from April 5, 1895, and as decreed by water
<br />adjudication dated August 2, 1918. The decrees for The Walter and Roberts Seepage and
<br />Waste Water Ditches and for the Erickson Seepage and Waste Water Ditch, were entered
<br />in water adjudication proceedings, in Irrigation District NQ 2, in the District Court of the City
<br />and County of Denver, in Case Nil 54,658. Also tract lib," Lake Arrowhead Subdivision and
<br />the tract east of the Lake Arrowhead Dam. Subject to the water right reservation described
<br />in 1{3 and subject to the rights granted for a irrigation pump in Lake Arrowhead described
<br />in Exhibit A attached hereto and recorded at Book 827, Reception NO 1749415 and subject
<br />to the right of irrigation from an existing pump and pipeline system for Lot 2, Block 5 and
<br />Lot 13, Block 6, First Filing and Lot 2, Block 13 and Lot 13, Block 1, Second Filing, lake
<br />Arrowhead Subdivision. All right, title and interest to the water system the Corporation
<br />claims including, all existing water lines, pumps, taps and valves, all easements for the
<br />water system, pumps, taps and valves whether written or implied.
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<br />2. The Corporation agrees to execute and place a quit claim deed and bill of
<br />sale in escrow for the property and water rights described in 1{1, in the form attached
<br />hereto as Exhibit 1 and Exhibit 2, with directions to the escrow agent to release the same
<br />to the Water Association upon satisfactory documentation that all the property owned by
<br />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 has been sold or transferred.
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<br />3. The Corporation hereby grants the Water Association a license for use of
<br />the water rights, Lake Arrowhead Dam and Reservoir and the land upon which the same
<br />is located until the same are transferred pursuant to 1}1 and 1{2. No action by the
<br />Corporation may revoke the agreement to transfer the property rights in accordance with
<br />1{1 and 1{2. The Corporation reserves sufficient water to provide water to the corporation
<br />property in the North One-half of Section 27, Township 5 North, Range 66 West of the 6th
<br />P.M., Weld County, Colorado, for irrigation purposes, utilizing a separate system if the
<br />owners of said lots do not wish to participate in the water system of the Water Association.
<br />If the owners of said parcels secure water taps from the Water Association then the
<br />reservation shall be void as to such owners and parcels. Upon execution of this Agreement
<br />and as long as the Water Association owns or has a license for use of the 'water rights,
<br />Lake Arrowhead Dam and Reservoir and the land upon which the same is located the
<br />Water Association assumes the obligation for maintenance of the lake Arrowhead Dam.
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<br />4. The Water Association acknowledges that the water rights, under the current
<br />level of use for irrigation, are sufficient for irrigation of the property and further
<br />acknowledges, as a statement of policy, that the water rights will be made available to all
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<br />F:\KIM\ARROWHEAIAGREE5.
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