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3. RECITALS <br /> A. State's Authority,Appropriation,and Approval <br /> Authority to enter into this Grant exists pursuant to CRS §§ 37-60-106, 39-29-109(2)(c)and 38-30.5-102; <br /> sufficient funds have been budgeted, appropriated and paid; and all prior reviews and approvals have been <br /> obtained,except as provided in§9. <br /> B. Consideration <br /> The Parties acknowledge that the mutual promises and covenants contained herein and other good and <br /> valuable consideration are sufficient and adequate to support this Grant. <br /> C. Exhibits and other Attachments <br /> The following are attached hereto and incorporated by reference herein: Exhibit A(Scope of Work,Budget <br /> and Schedule),Exhibit CE (Conservation Easement-to be attached at closing),Exhibit PLD <br /> (Preliminary Property Legal Description),and Exhibit PM(Preliminary Property Map).At Closing, <br /> Exhibit PLD-Final(Final Property Legal Description and Exhibit PM-Final (Final Property Map)will <br /> be incorporated into this Grant and shall replace and supersede Exhibit PLD and Exhibit PM. Exhibits <br /> are identified by relevant acronyms based on their title rather than being assigned random letters or numbers. <br /> D. Grantee Intent <br /> Grantee intends to obtain from Owner(as defined in§4.1)a grant,transfer,and conveyance of a perpetual <br /> right to preserve and protect the Conservation Values of the Property via a perpertual conservation easement <br /> burdening the Property and to prohibit any uses that would diminish or impair the Conservation Values or <br /> that otherwise would be inconsistent with the purposes of the conservation easement. <br /> E. Purpose <br /> This Grant supports the legislative policies,purposes,and uses enumerated in CRS §§39-29-109(2)(c)and <br /> 38-30.5-102 as the Property possesses some or all of the values,opportunities,and characteristics listed <br /> therein which are important to the Parties,the residents of the surrounding area,and the people of the State of <br /> Colorado. Grantee has entered or will enter into a contract with Owner for the purchase of a conservation <br /> easement burdening the Property. At Grantee's request the State has agreed to provide funding to assist <br /> Grantee with such purchase for the purpose, of permanently protecting a 400-acre working ranch and its <br /> share of the#1 senior water right on the Rio Grande, in Rio Grande County and protecting the Conservation <br /> Values set forth in detail in Exhibit CE. <br /> F. References <br /> All references in this Grant to sections(whether spelled out or using the § symbol), subsections, exhibits,or <br /> other attachments are references to sections, subsections, exhibits, or other attachments contained herein or <br /> incorporated as a part hereof,unless otherwise noted. <br /> 4.DEFINITIONS <br /> The following terms as used herein shall be construed and interpreted as follows: <br /> A. Closing and Closing Date <br /> "Closing"means the completion or waiver of all conditions precedent in the purchase and sale contract by <br /> and between Grantee and the Owner and on which all related documents, including Easement deed are <br /> contemporaneously executed, and"Closing Date"is the date on which the Closing occurs. <br /> B. Conservation Values <br /> "Conservation Values"means those values, opportunities, and characteristics referred to in§3.E and set forth <br /> in detail in Exhibit CE. <br /> C. CRS <br /> "CRS"means the Colorado Revised Statutes as amended. <br /> D. Easement <br /> "The Easement"is the Conservation Easement set forth in Exhibit CE. <br /> E. Effective Date <br /> "Effective Date"is the date this Grant is approved and signed by the State Controller or designee. <br /> Page 2 of 12 <br />