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<br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />'. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />A Real Covenantfor Revegetation of Dry-Up Lands: To the extent the <br />Dry-Up Land is not irrigated from a source other than the water rights that <br />can be used without injury to any other water rights as expressly <br />determined by LA WMA or the Colorado Water Court, the Seller is <br />responsible for establishing and maintaining on the Dry-Up Land one of <br />the following: (1) dry land farming practices, or (2) native grasses or such <br />other self-sustaining (under the conditions prevailing on the Dry-Up Land) <br />suitable dry land ground cover that may include trees, windbreaks, and <br />other appropriate vegetation so long as evapotranspiration from any such <br />revegetation trees, windbreaks, vegetation, or plants will not cause a <br />reduction in LA WMA's consumptive use credit attributable to the Water <br />Rights. The determination that a self-sustaining suitable dry land ground <br />cover has been established will be made by mutual agreement between the <br />Seller and LA WMA. This covenarit and the burdens imposed are binding <br />upon and run with the Dry-Up Land forever and is enforceable against the <br />Seller, its heirs, successors, and assigns for the benefIt of LA WMA, its <br />successors and assigns. <br /> <br />LOCATION: <br /> <br />Bent County, Colorado <br /> <br />CONSUMPTIVE USE: <br /> <br />An average of2.55 acre-feet per acre from 1979 to 2000, based upon <br />irrigation of! ,400 acres, for an average annual consumptive use oB,564 <br />acre-feet. An average of2.315 acre-feet per acre from 1950 to 2000, <br />based upon irrigation of! ,400 acres, for an average annual consumptive <br />use of 3,241 acre-feet. The one-half (1/2) interest in the water right <br />subject to this appraisal represents between 1,621 and 1,782 acre-feet of <br />consumptive use annually. <br /> <br />PROPERTY TYPE: <br /> <br />Agricultural <br /> <br />PRESENT USE: <br /> <br />Irrigation <br /> <br />HIGHEST AND BEST <br />USE: <br /> <br />Augmentation for municipal, industrial, agricultural, and other ground <br />water uses. <br /> <br />INDICATED MINIMUM VALUE USING MARKET DATA APPROACH: <br /> <br />Per Acre-Foot of Consumptive Use: $ 1,500.00 <br />FINAL CONCLUSION OF MINIMUM VALUE: $2,432.500 <br /> <br />DATE OF VALUE: July 14,2003 <br /> <br />Page 2 of 66 <br />