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Penrose's directives for delivery of its water stored in the Reservoir under this agreement through Beaver Park's Lower Canal to Penrose's G St. Pump Station will, whenever possible, be made at reasonable times and in cooperation with the operations of Beaver Park. At no time will releases be made at a rate which, in Beaver Park's sole determination, could result in safety concerns for the Reservoir dam structure. Beaver Park wil] attempt in good faith to schedule and perform any repairs or maintenance on the Reservoir, Outlet and I.ower Canal in such a manner as to avoid any interference with the rights of Penrose to store and release its full entitlement in the Reservoir. However, Beaver Park shall not be required to schedule repairs or maintenance during times when Beaver Park might reasonably expect to divert water under its own decrees from Beaver Creek. b. Limited Use of Reservoir Space by Beaver Park: Beaver Park may use storage space in Brush HolLow Reservoir owned by Penrose, which is not being utilized by Penrose at that time with the approval of Penrose. Beaver Park shall not, however, exceed 100 AF of use of Penrose's space at any time. In the event that water previously stored in the Reservoir by Beaver Park would interfere with the ability of Penrose to ase that space owned by Penrose, as reasonably determined by Penrose, that space will be vacated by Beaver Park. The method, by which the space is vacated, whether spilled, released or booked over to Penrose, will be determined solely by Beaver Park, provided the space is vacated at a rate sufficient to allow Penrose to store all of its water. Beaver Park may not carry over water in Penrose's Storage Space past November 15 of each year without Penrose's approval. Beaver Park shall make its diversions and use storage space under water rights to which it is entitled by contract or ownership, and any requued authorization or decrees shall be obtained solely by Beaver Park as necessary and at its own risk and .expense. c. Limited lJse of Reservoir Space by Penrose: In addition to Penrose's purchased Storage Space of 500 AF, Penrose may also use storage space owned by Beaver Park, which is not being utilized by Beaver Park at that time, with the approval of Beaver Park. Penrose shall not,. however, exceed 100 AF of use of Beaver Park's space at any time. In the event that water previously stored in the Reservoir by Penrose would interfere with the ability of Beaver Park to use that space owned by Beaver Park, as reasonably determined by Beaver Park, that space will be vacated by Penrose. The method, by which the space is vacated, whether spilled, released or booked over to Beaver Park, will be determined solety by Penrose, provided the space is vacated at a rate sufficient to allow Beaver Park to store all of its water. Penrose may not carry over water in Beaver Park's storage space past November 15 of each year without Beaver Park's approval. Penrose shall make its diversions and use storage space under water rights to which it is entitled by contract or ownership, and any required authorization or decrees shall be obtained solely by Penrose as necessary and at its own risk and expense. d. Peorose-Arkansas Pipeline: Penrose is solely responsible for the construction, operation and maintenance of the Penrose-Arkansas Pipeline; including the intake or diversion facilities on the Arkansas River and pumping plant. Any diversions through the Penrose-Arkansas Pipeline on behalf of Beaver Park shall be made by Penrose at reasonable times in coordination with operations of that system. Any authorization or decrees required to pertnit Beaver Park to divert water through that system shall be obtained by Beaver Park at its sole risk and expense. 4. CONTINGENCY a. Financing by Penrose: Penrose intends to secure funding for this agreement through the Colorado Water Conservation Board, or other sources as may benefit Penrose. The parties agree that Penrose may require a period of time, not to exceed one year from the date of this agreement, to secure such financing. In consideration of this financing contingency, Penrose agrees to pay Beaver Park the sum of $25,000 deposited into a COLTAF trust account of the law firm of Krassa & Miller, LLC. This sum shall be appiied toward the purchase price but shall not be refundable if Penrose is unable to close the purchase as described in paragraph 5 hereof. However, this sum shall be refundable, if Beaver Park is not able to perform its obligations at closing as described i❑ paragraph 5. Within l0 days after the effective date of this agreement, Penrose shall deliver these fiands to Beaver Park. If Fenrose cannot close as provided in paragraph 5 within one year, this agreement shall expire and all parties shall be relieved of any responsibility under the terms of this agreement. c. Condition of the "Property": Except as otherwise provided in this Agreement, the Storage Space shatt be delivered in the condition existing as of the date of this Agreement. Beaver Park will make available the condition findings of the State Dam inspector as well as all monitoring and Penrose will accept those findings as to the condition of the Storage Space.