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• Board Meeting Date: 7/11/2007
• Description: ISF Section - Hat Creek Water Right Acquisition
• Board Meetings - Doc Type: Memo

5. Effect of Denial. If the Change Proceeding is unsuccessful for any reason,
or if the decree entered therein is conditioned in such a manner as to prevent the purposes
of this Agreement from being fulfilled, then the parties hereto shall consult on future
action regarding the Board's use of the Hat Creek Right.

6. Conditional Water Rights. The Trust also owns those conditional water
rights within the Hat Creek drainage described on Exhibit B attached hereto. Within
thirty days of the Effective Date of this Agreement, the Trust will file with the Water
Court notices abandoning such conditional water rights. Such conditional water rights
will not be the subject of the Change Proceeding.

7. Remedies. Pursuant to Section 37-92-102(3) C.R.S., the terms of this
Agreement shall be enforceable by each party as a water matter in the District Court for
Water Division 5; provided, however, that before commencing any action for
enforcement of this Agreement, the party alleging a breach shall notify the other party in
writing of the alleged breach and the parties shall make a good faith effort to resolve their
differences through informal consultation. Specific perfonnance shall be the exclusive
remedy for failure of either party to comply with any provision of this Agreement.

8. Miscellaneous. This Agreement shall not be assignable by either party
without the written consent of the other. All of the provisions of this Agreement shall
survive the conveyance of the Hat Creek Right from the Trust to the Board, and shall not
merge therewith.

9. Effective Date. The Effective Date of this Agreement shall be the date on
which it has been signed by both parties.

Dated this

day of

,2007.

COLORADO WATER TRUST

COLORADO WATER CONSERVATION
BOARD

By:
Michael F. Browning, President
Date: , 2007

By:
Dan McAuliffe, Acting Director
Date: , 2007

00013907

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