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<br />(a) The CWCB may. in its sole discretion. decline the <br /> <br /> <br />donation of the Water Right for any reason. even if the <br /> <br />determinations required by section 37-92-102(3). C.R.S.. can be <br /> <br /> <br />affirmatively made. If the CWCB declines the donation of the <br /> <br /> <br />Water Right. then this Agreement shall be automatically <br /> <br />terminated as of the date of such determination and no party <br /> <br /> <br />shall have any further right~. responsibilities. or obligations <br /> <br />pursuant to this Agreement. <br /> <br />(b) If the CWCB desires to accept the donation of the Water <br /> <br /> <br />Right. it shall make the determinations for which section <br /> <br /> <br />37-92-102(3). C.R.S,. calls. <br /> <br />(c) The CWCB reserves the right to determine at a later <br /> <br /> <br />date whether other water rights. including an original <br /> <br /> <br />appropriation by the CWCB. should be obtained in order to <br /> <br /> <br />preserve the natural environment to a reasonable degree in the <br /> <br />Reach. <br /> <br />6. If the CWCB accepts the donation of the Water Right. <br />then TNC shall execute within ten days after acceptance of the <br />donation the quit claim deed in favor of the CWCB which is <br />attached hereto as Exhibit B (modified. if necessary. to <br />reflect changes occasioned by the second sentence of paragraph <br />21) and this Agreement shall remain in full force and effect, <br />Until the Water Right is conveyed to the CWCB or a finding of <br />diligence and a decree entered in Case No, 89CW79. District <br />Court for Water Division No, 4. whichever occurs last. TNC <br />-6- <br />