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5. Pnior Lease and Assegaments. The Parties ackaowledge tbat the above <br />Water Rights are subject to a certain Lease AgreemenE with OWW. The Buyer <br />ac�owledges that he has received a copy of said Lease Agneement and that he accepts <br />conveyance, assignment and transfer of said Water Rights subject to the terms and <br />conditions of safd Lease Agreeuient. The Parties further acknowledge that two (2) of the <br />above described Water Rigbts aze assigned to OWW for augmentation of the feedlot <br />property as above described in paragraph 4. The Buyer ack�aowledges that he has <br />received a copy of the documents therefor and does accept assignment, tiansfer and <br />conveyance of said Water Rights subject to said assignment. <br />6. Possession and Use of Water Rights. After closing, the Buyer shall have the <br />right to use and put to beneficial use all of the Water Rights subject to the terms and <br />conditions of the OWW T..ease Agreement and Assignment. <br />7. Prior Encumbrance. The subject Wacer Rights may be claimed as security <br />for a prior encumbrance for the benefit of CWCB. The Seller covenants, agrees and <br />pledges ti�at it will make all payments due and payable to CWCB and will not breach any <br />of the terms and provisions thereof. Further, the Seller shall intiemnify and save the <br />Buyer harmless from any and all liabilities or obligadons that the Seller ma.y have to <br />CWCB pursuant to said prior loan. <br />8. SeUer's Representations. The Seller makes no representations as to the <br />ability of tlxe Buyer to use or transfer the subject Water Rights for the Buyer's intended <br />use. Buyer acknowledges that he has performed all due diligence he has fouad necessary <br />and is accepting the transfer, conveyance and assignment of the Water Rights without any <br />warranties, guarantees or representations of any nature from the Selier. <br />9. Notices. Any aotices, demands or other coznmunications requ�imd or desired <br />to be given under the provisions of this agreement shall be given in writing, delivered <br />pezsonally, or sent by cezkified or registered mail, return receipt requestecl, postage <br />prepaid, addressed as follows: <br />To Seller: 3T Cattle Company <br />c% Kevin Averch <br />P. O. Box 35 <br />Tndian Hills CO 80454 <br />To Buyer. Kevin Lamb <br />P. O. Box 1909 <br />Gilbert AZ 85299 <br />Or at such othez addresses as any Party may, from time to time, designate by <br />written notice to the other Pariy given in accordance with this paragcagh. Notice shall be <br />effective upan delivery in person, or 3 days after mailing if such mailing is by certif'ied <br />mail, return m,ceipt requested. <br />10. Amendmeut. This agteement may be modif'ied, amended, changed or <br />ternunated in wk�ole or in part only by an agreement in writing duly aushorized and <br />executed by the Parties with the same formality as this agreement. <br />11. Waiver. The waiver of any breach or aay of the provisioas of tlus agreement <br />---- --- - by any-Party shell noE constitnt�e a continuing aFaiver o€ aey subsgc}uent breaeh by said <br />Party, by either of the same, or any other provision of this agteement. <br />12. Headings for Convenience Only. Headiags and tifles contained herein are <br />intended for wnvenience and reference only and are not intended to define oz lixndt the <br />scope of any provision of this agreement. <br />13. Governing Laws. This agreement shall be construed in accozdance with the <br />laws of the State of Colflrado. <br />2 MC <br />