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been approved by the Company. If an application has <br />been approved by the Company, the applicant must <br />include terms and conditions at least as stringent as <br />those approved by the Company in an application to the <br />District Court for Water Division No. 1, State of <br />Colorado. <br />D. An applicant for a change of water right must reimburse <br />the Company for the Company's reasonable costs and <br />fees, including a charge for time spent by the directors <br />and Company employees in analyzing the application to <br />the Company and in any judicial litigation that follows. <br />This specifically includes a challenge to the Company's <br />denial of an application. Prior to analyzing the <br />proposed change, the Company shall obtain an estimate <br />of the costs. The Company shall make said estimate of <br />cost within 30 days of submission of an application and <br />the applicant shall have 30 days after receipt of the <br />estimate from the Company to make the deposit. The <br />Company shall not take final action on any application <br />until, and unless, the applicant makes said deposit. If <br />the estimate and deposit needs to be adjusted by further <br />payment or reimbursement, said adjustment shall be <br />made upon the completion of the analysis. In no event <br />shall the Company be required to finally approve or <br />disapprove the application until all fees incurred by the <br />Company are reimbursed. <br />E. If any portion of this Section l 1 is inconsistent with any <br />other By-Laws, this Section 11 shall govern. <br />F. If any portion of this Section 11 is declared void by a <br />court of law, the remaining portions of this by-law shall <br />remain in full force and unaffected. (Ratified 1-21-06) <br />13 <br />