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4. Lienholders. In the event that any of the shares owned by Lessor are pledged as <br /> collateral against any loan, Lessor agrees to obtain the subordination of the lien holder to this <br /> Lease agreement, prior to any payment being made hereunder. In the event that such <br /> subordination shall not be forthcoming,within a reasonable period of time, this agreement shall <br /> be null and void at the option of Lessee. <br /> 5. Use of Water. Lessee may use the water rights leased hereunder for any purpose <br /> allowable by the existing decrees or administrative rulings effecting the water rights, and for any <br /> additional uses approved by court decree or administrative approval obtained solely by it. The <br /> parties agree the Lessee shall be solely responsible for obtaining any and all administrative or <br /> judicial approvals required for its use of the water derived from the subject shares. <br /> 6. Nonbusiness Days. If any dates or any action under this lease fall on a Saturday, <br /> Sunday or a day that is a"holiday"as such term as defined in Rule 6 of the Colorado Rules of <br /> Civil Procedure,then the relevant date shall be extended automatically until the next business <br /> day. <br /> 7. Commissions and Fees. Each party agrees that there are have no real estate <br /> commissions or other commissions or fees incurred as a result of this agreement. Each party <br /> agree to indemnify and hold harmless the other party from the claims of any person or entity for <br /> real estate commissions, finders fees, or any similar fees in connection with this transaction. <br /> 8. Entire Lease. This writing constitutes the entire lease between the parties regarding <br /> lease of subject shares and water rights,and supersedes all prior written or oral leases, <br /> negotiations,representations,and understanding of the parties with respect to the subject matter <br /> contained herein. Neither party has relied upon any fact or representation not expressly set forth <br /> herein. <br /> 9. Amendment. This lease may be amended,modified,changed or terminated in whole <br /> or in part only by a written document duly authorized and executed by the parties hereto. <br /> 10. Venue. Venue for the trial of any action arising out of any dispute hereunder shall be <br /> in the District Court in and for the County of Crowley, Colorado. <br /> 11. Governing Law. This lease and is application shall be construed in accordance with <br /> the laws of the State of Colorado. <br /> 12 Joint Draft. The parties hereto drafted this lease,with each having the opportunity <br /> for advice of legal counsel and an equal opportunity to contribute to its content. <br /> 13. Intent of Lease. This lease is intended to described the rights and responsibilities of <br /> and between the named parties and is not intended to,and shall not be deemed to confer rights <br /> upon any persons or entities not named as parties, nor to limit in any way the powers and <br /> responsibilities of the Lessor, Lessee, or any other entity not a party hereto. <br /> 14. Non-Severability. Each paragraph of this lease is intertwined with the others and is <br /> not severable, unless by mutual consent of the Lessor and Lessee. <br />