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a r <br /> SHORT-TERM WATER LEASE <br /> This Short-Term Water Lease(the"Lease")is entered into this \lt day of March 2005, <br /> by and between the Board of Water Works of Pueblo,Colorado(hereinafter called`Board")and the <br /> Lower Arkansas Valley Water Conservancy District(hereinafter called"Lessee"). <br /> RECITALS: <br /> A. The water use that is the subject of this Lease is a type not normally within any regular rate <br /> schedule established by the Board and the parties agree that the terms of lease and delivery <br /> of water for the purposes set forth below should be the subject of this special Lease; <br /> B. Lessee desires to lease raw water from the Board to assist well users in complying with the <br /> Arkansas River Compact. <br /> C. The Board is willing to supply raw water to Lessee for its use for these purposes subject to <br /> the terms of this Lease. <br /> In consideration of the foregoing recitals,the mutual promises contained herein,and the <br /> payments to be made hereunder,the parties agree as follows: <br /> 1. Delivery of Consumable Water. The Board agrees to deliver to Lessee fully consumable <br /> Arkansas River water that the Board either owns or will acquire through trades. The water will <br /> be delivered to John Martin Reservoir. The Lessee will be responsible for any transit losses or <br /> evaporation losses associated with delivering the water to John Martin Reservoir. <br /> 2. Term. The term of this Lease shall be from the date of execution of this Agreement through <br /> May 31,2005 <br /> 3. Delivery of Raw Water. The water to be delivered hereunder is raw,untreated water. <br /> 4. Reuse Rights. Once delivered to Lessee,all rights to reuse the water subject to this Agreement <br /> shall belong to Lessee and the Board shall have no further reuse rights. <br /> 5. Quantity. The Board will deliver to Lessee 2,000 acre-feet of water during the term of this <br /> Agreement. <br /> 6. Charge. Lessee will pay the Board$9 per acre-foot for the 2,000 acre-feet of water leased under <br /> this Agreement for a total lease price of$18,000. <br /> 7. Payment. Payment for water shall be made by the Lessee upon execution of this Agreement. <br /> No water will be delivered until payment is made in full. <br /> Page 1 of 5 <br />