Elkhead Reservoir Final Acquisition Agreement

Home Browse Search

D. Craig and the Yampa Participants consent to the transfer of or creation of an easement in a portion of the River District's interest in the Reservoir Enlargement real property and Storage Vi.Tater Right to the Colorado `e'ater Conservation Board, the L.S. Bureau of Reclamation, and/or the LT.S. Fish and Wildlife Service. Any such transfer shall be subject to the terms of this Amended and Restated Agreement and it shall not include any delegation of the River District's non- f nancial obligations hereunder. In the event of a conveyance by the River District as described in this subparagraph and said transferee fails to appropriate or othen~tise budget funds and make payments as required by this Amended and Restated Agreement, the River District agrees to make such payment of financial obligations on behalf of said transferee. E. Except as provided above; no assignment of rights or delegation of duties shall be valid unless the written consent of the other Parties shall be obtained in advance. V. EFFECT O?V' PRIOR AGREEMENTS T'nis Amended and Restated Agreement amends, relates back, and restates the 1973 Agreement and Supplemental Agreement described in Recital A. This Amended and Restated Agreement concerning the Yampa Participants' water supply from Elkhead Reservoir therefore supplants the terms of those two agreements, and the terms of this Amended and Restated Agreement shall be controlling in regard to such matters. Except as expressly modified herein, this Amended and Restaffed Agreement does not affect Craig I, Craig II, or the Construction Agreement. VI. BREACH, NOTICE OF BREACH, AND REMEDIES A. In the event of default by any Party in any of the terms and conditions of this Amended and Restated Agreement, the Operator (or in the case of default by the Operator, any non-defaulting parry} shall give written notice of the default to the defaulting Party with a copy of notice to the non-defaulting Parties. The notice of default shall specify the existence, nature and extent of the default. Lpon receipt of the notice of default, the defaulting Party shall immediately take all steps necessar;I to cure the alleged default as promptly and completely as possible. B. In the event that any Party shall dispute an asserted default by it, then such Party shall specify in v~~riting the reasons for such dispute within 20 business days of receiving notice of the alleged default. C. In the event a default shall continue for a period of 40 days after the notice given by the Operator in accordance with Section VI. A. herein, with such default not having been disputed in accordance with Section VI. B., then the defaulting Party's right to have water released from its Storage Pool shall be suspended until such time as the default has been cured. 10