PROJC02405

• Contract/PO #: C153797
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Water District: 14
• County: Pueblo
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

Ma~~05-98 11:30 Stonewall Springs
.

719-948-4598
.

P_06

(1)

That use
Excelsior
purposes;

(2) That assessments for operation of the Ditch
are to be determined by the Board of Directors
and require a majority vote;

of water diverted through the
Ditch can be used for augmentation

(3) That all structures in the canal specifically
designed and installed for the diversion of
water to a particular lateral shall be the
property of and the responsibility for
maintenance of the owner of said lateral;

(4) That the common structures for the diversion
of water and turnback of augmentation water to
the River shall be the responsibility of and
maintained by The Excelsior Irrigating
Company;

(5) That the general maintenance of the canal.
waste ditches and augmentation lateral shall
be the responsibility of The Excelsior
Irrigating Company;

(6) That any increase in excess of 10% of the
previous year's operation and maintenance
assessment for the Di tch shall require
approval of two-thirds majority of the
shareholders.

(f) The. Buyer's obligation hereunder is expressly
contingent upon the operating and maintenance
assessments for 1998 for The Excelsior Irrigating
Company being set at $4.00 per share.

12. CONDITIONS PRECEDENT TO CLOSING. The Obligations of the
respective parties to close this transaction will be subject to the
following conditions:

(a) Seller's Conditions. Seller will not be obligated
to close this transaction unless Buyer has complied
with all the terms and.conditions of this agreement
and has delivered to the Seller all funds,
instruments and documents required to be
transferred by the Buyer pursuant to the terms of
this agreement.

(b) Buyer's Conditions. Buyer shall not be obligated
to close this transaction unless and until:

6