C150212 Application

• Contract/PO #: C150212
• Contractor Name: Lower Arkansas Valley Water Conservancy District
• Contract Type: Grant
• Loan Projects - Doc Type: Application

AGREEMENT FOR LEASE OF TWIN LAKES RESERVOIR
AND CANAL COMPANY STOCK AND WATER RIGHTS
This Agreement for Lease of the Twin Lakes Reservoir and Canal Company stock and
water rights ("Lease") is entered into effective this 21st day of March,2005,by and between
the undersigned shareholder of Twin Lakes Reservoir and Canal Company, ("Lessor"),and the
Lower Arkansas Valley Water Conservancy District, a Colorado Water Conservancy District,of
the counties of Pueblo,Crowley,Otero,Bent and Prowers,acting by and through its Water
Enterprise ("Lessee").
WITNESSETH:
Whereas, Lessor owns and is willing to lease to Lessee,those shares of stock and water
rights of the Twin Lakes Reservoir and Canal Company, Crowley County, Colorado,the number
of shares, share certificates and water rights identified as set forth in paragraph two below; and
Whereas,the Twin Lakes Reservoir and Canal Company has certain water rights; and
Whereas,the Lessee is a governmental subdivision of the State of Colorado,acting by
and through its Water Enterprise and as such has need and necessity for the water represented by
the water rights derived from the Subject Stock, for the purposes of supplying water for
agricultural, municipal, and other end uses for the inhabitants of the District,and to those
persons,firms, and corporations deriving water from said Lessee's Water Enterprise; and
Whereas,the Lessor wishes to lease said subject stock and water rights at a fair and
equitable lease payment, and
Whereas, Lessee wishes to obtain the right to use said water rights for the benefit of its
constituents, for a substantial period of time and to further obtain the right of first refusal to
purchase said water rights if the Lessor determines to sell those water rights;
Now Therefore, in consideration of the foregoing recitals and in consideration of the
promises, agreements and payments hereinafter set forth, the adequacy and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:
1. Term. Lessee leases the Subject Shares, for a period of up to one year beginning
10-01-04 and ending 09-30-05.
2. Stock and Water Rights Leased and Lease Rates. Lease payments will be made once
at the rate of$300.00 per share. The Lessor is leasing 31 Shares, and accordingly,the total
payment shall be$ 9,300.00.
3. Assessments. Lessee will pay the assessments for all shares that it leases pursuant to
this lease for the year that Lessee shares from Lessor.