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• <br /> • 110 433084 4111605913 FaGt i } <br /> 2.3 P &M recognizes that TNC must work with the State of <br /> Colorado in order to achieve TNC's objective of a minimum stream <br /> flow of the Gunnison River in the Gunnison Gorge and P &M will <br /> provide reasonable cooperation to TNC to permit it to obtain such <br /> objective. However, P&M shall be under no obligation to partici- <br /> pate in any administrative or judicial proceeding with respect to <br /> TNC's objective. <br /> III <br /> COVENANT AND ACCEPTANCE OF BURDEN ASSOCIATED THEREWITB <br /> 3.1 P &M covenants and agrees with TNC that it will not <br /> develop its Retained Water Rights in a manner such that flows <br /> would be diverted from nor impounded within the reach of the <br /> Gunnison River from the gage immediately below the diversion dam <br /> for the Gunnison Tunnel to a point one mile downstream of the <br /> confluence of the Smith Fork. • <br /> 3.2 The foregoing covenant and acceptance of the burdens <br /> associated ssociated therewith by P &M is made with and for the benefit of <br /> TNC only. P &M has not and does not hereby abandon its Retained <br /> Water Rights and hereby expresses its intent to retain all of such <br /> water rights to develop, trade, or exchange P&M's contemplated <br /> draft entitlement of 116,000 AFY thereunder, and including rights <br /> of direct flow and storage not specifically donated and quit- <br /> claimed hereunder to TNC. <br /> -7-- <br /> ® fx nnnno 70 <br />