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4 - <br /> identifying those known water rights and diversion structures are attached <br /> hereto as Exhibit A, and incorporated herein by this reference; <br /> (c) The Company, by and through its representatives of the Cities sitting as the <br /> Companies' Board of Directors, shall convey via Bargain and Sale Deed any <br /> real property interests, any interest in personal property, any financial assets, <br /> any water rights, and any diversion structures, if any, to the Authority. A list <br /> of such personal property is attached hereto as Exhibit D, and incorporated <br /> herein by this reference. <br /> 5. Conveyance and Delegation by the Company of all Rights and <br /> Obligations. Within thirty (30) days of the establishment of the Church Ditch Water <br /> Authority, the Company, by and through its representatives of the Cities sitting as the <br /> Companies'Board of Directors, shall further do the following: <br /> (a) It shall convey via Bargain and Sale Deed all other assets not included in the <br /> conveyances above to the Authority. Such assets may include, but not be <br /> limited to, any rights in existing contracts, and any intangible rights not <br /> specifically identified in Exhibits A through E. <br /> (b) It shall further delegate and assign all rights, liabilities and obligations of the <br /> Company whatsoever, both known and unknown,to the Authority. <br /> 6. Acceptance by the Authority. Following the establishment of the <br /> Authority in accordance with this Agreement and the Establishing Contract,the Authority <br /> shall accept all real and personal property rights, water rights, diversion structures, <br /> contract rights, and all tangible and intangible assets, rights, liabilities and obligations of <br /> the Company and the Cities conveyed, delegated and assigned to it by the Company and <br /> the Cities pursuant to Paragraphs 3 and 4 of this Agreement. <br /> 7. Operation of the Church Ditch by the Authority. The Church Ditch Water <br /> Authority shall be subject to the following operational guidelines: <br /> (a) Control of the Board of Directors. As set forth in Paragraph 2 of this <br /> Agreement, the Board of Directors, consisting of three (3) persons, shall <br /> consist of two (2) Directors appointed by the City Manager of the City of <br /> Northglenn, and one (1) Director appointed by the City Manager of the City <br /> of Westminster. The control of the Board of Directors shall remain subject to <br /> the two-thirds (2/3) control by the City of Northglenn, and may only be <br /> modified by written amendment to this Agreement. <br /> (b) Contractual Users. The "Inch-holders" shall be hereafter known by the <br /> Authority as "Contractual Users" and shall have the same contractual <br /> relationship, including the same contractual rights and obligations with the <br /> Church Ditch Water Authority that the contractual users previously enjoyed <br /> with the Church Ditch Company, except as otherwise provided in sub- <br /> paragraph(e) of this Paragraph 7. <br /> 3 <br />