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• <br /> AGREEMENT FOR LEASE OF TWIN LAKES RESERVOIR <br /> AND CANAL COMPANY STOCK AND WATER RIGHTS <br /> This Agreement for Lease of the Twin Lakes Reservoir and Canal Company stock and <br /> water rights ("Lease")is entered into effective this 5-rh. day of MO rel"- , 200 5 , by <br /> and between the undersigned shareholder of Twin Lakes Reservoir and Canal Company, <br /> ("Lessor"), and the Lower Arkansas Valley Water Conservancy District,a Colorado Water <br /> Conservancy District, of the counties of Pueblo, Crowley,Otero, Bent and Prowers, acting by <br /> and through its Water Enterprise ("Lessee"). <br /> WITNESSETH: <br /> Whereas, Lessor owns and is willing to lease to Lessee,those shares of stock and water <br /> rights of the Twin Lakes Reservoir and Canal Company, Crowley County, Colorado,the number <br /> of shares, share certificates and water rights identified as set forth in paragraph two below; and <br /> Whereas,the Twin Lakes Reservoir and Canal Company has certain water rights; and <br /> Whereas,the Lessee is a governmental subdivision of the State of Colorado,acting by <br /> and through its Water Enterprise and as such has need and necessity for the water represented by <br /> the water rights derived from the Subject Stock,for the purposes of supplying water for <br /> agricultural, municipal, and other end uses for the inhabitants of the District, and to those <br /> persons,firms, and corporations deriving water from said Lessee's Water Enterprise; and <br /> Whereas,the Lessor wishes to lease said subject stock and water rights at a fair and <br /> equitable lease payment, and <br /> Whereas, Lessee wishes to obtain the right to use said water rights for the benefit of its <br /> constituents, for a substantial period of time and to further obtain the right of first refusal to <br /> purchase said water rights if the Lessor determines to sell those water rights; <br /> Now Therefore, in consideration of the foregoing recitals and in consideration of the <br /> promises, agreements and payments hereinafter set forth,the adequacy and sufficiency of which <br /> is hereby acknowledged, the parties hereto agree as follows: <br /> 1. Term. Lessee leases the Subject Sharers, for a period of up to one year beginning <br /> C\-0-04and ending /200s <br /> 2. Stock and Water Rights Leased and(_.ease Rates. Lease payments will be made once <br /> at the rate of$3no — per share. The Lessor is leasing S Shares, and accordingly, <br /> the total payment shall be $ / SOO <br /> 3. Assessments. Lessee will pay the assessments for all shares that it leases pursuant to <br /> this lease for the year that Lessee shares from Lessor. <br />