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AGREEMENT FOR LEASE OF CERTAIN WATER RIGHTS <br /> This Agreement for Lease of water rights and/or Canal Company stock and water <br /> rights is entered into this 4TH day of APRIL ,200:5 by and between the Lower <br /> Arkansas Valley Water Conservancy District, a Colorado Water Conservancy District of <br /> the counties of Pueblo, Crowley, Otero, Bent and Prowers, acting by and through its <br /> Water Enterprise("Lessor"),and ROBERT KIRK ("Lessee"). <br /> WITNESSETH: <br /> Whereas, Lessor owns and is willing to lease to Lessee,certain shares of stock <br /> and/or water rights a description of which is identified as set forth in paragraph two <br /> below and <br /> Whereas, the Lessor is a governmental subdivision of the State of Colorado, <br /> acting by and through its Water Enterprise and as such has a need and necessity to lease <br /> the water and water rights described herein, and wishes to do so at a fair and equitable <br /> lease payment and <br /> Whereas,the Lessee wishes to lease said subject water rights and wishes to <br /> obtain the right to use said water rights for its own benefit; <br /> Now Therefore, in consideration of the foregoing recitals and in consideration of <br /> the promises,agreements and payments hereinafter set forth,the adequacy and <br /> sufficiency of which is hereby acknowledged,the parties hereto agree as follows: <br /> 1. Term. Lessee leases the Subject Water Rights, for a period of up to one year <br /> beginning NOVEMBER 1, 2004 and ending OCTOBER 31, 2005 <br /> 2. Stock and Water Rights Leased. Lessee leases the following described water <br /> rights or the water rights represented by the shares described: <br /> 80 SHARES COLORADO CANAL/LAKE MEREDITH <br /> 3. Lease Rate. Lease payment shall be made upon execution of this agreement, <br /> in the amount of$ 12.50 PER SHARE , receipt of which is hereby acknowledged. <br /> $1,000.00 <br /> 4. Use of Water. Lessee may use the water rights leased hereunder for any <br /> purpose allowable by the existing decrees or administrative rulings affecting the water <br /> rights, and for any additional uses approved by court decree or administrative approval <br /> obtained solely by it. The parties agree the Lessee shall be solely responsible for <br /> obtaining any and all administrative or judicial approvals required for its use of the water <br /> derived from the subject shares. <br />