Castle Pines North Water Provider Agreement

space to an amount less than 20,600 acre feet, such restrictions shall be
allocated among the Water Providers on a pro rata basis.
B. Water Storage Agreement Impacts. Nothing in this Agreement shall be
construed to affect or modify the reciprocal rights, obligations or
responsibilities of the Government and CDNR under the Water Storage
Agreement, nor create any rights, obligations or responsibilities between
the Government and Water Provider.
C. Water Rights. No water rights or rights to use water are assigned or
otherwise provided pursuant to this Agreement, and no water right is
created by this Agreement. The water to be stored in Water Provider's
Storage Space has been or will be acquired by Water Provider separately
from this Agreement. This Agreement creates no limitation on the water
rights that Water Provider can use to fill its Storage Space, or on the types
of uses to which such water can be placed. Such uses are governed by
the decrees for the various water rights stored in Chatfield Reservoir, and
Water Provider is responsible for compliance with all applicable aspects of
Colorado water law pertaining to the storage of its water rights in Chatfield
Reservoir.
D. Transfer of Storage Space.
1. Right of First Refusal. Water Provider's Storage Space shall be
transferrable to the fullest extent allowed by the Water Storage
Agreement, except that Water Provider shall not transfer all or a
portion of its Storage Space to any third party other than one of the
other Water Providers without first offering it to the other Water
Providers at the same price and on the same terms as a third party
has offered in writing to purchase such space. Written notice of
such offer by a third party, including the identity of the third party,
shall be given to the other Water Providers and CDNR. Each of the
other Water Providers shall have 30 days after its respective receipt
of written notice of the third party offer to provide written notice to
Water Provider and CDNR of its intent to exercise its first right to
purchase the Storage Space ("Notice Period"). In the event more
than one of the other Water Providers properly seeks to exercise
the first right to purchase within the Notice Period, Water Provider's
Storage Space (or the portions thereof being offered for sale) shall
be divided between the other Water Providers on mutually
agreeable terms, or in the absence of an agreement, in the same
ratio as the volume of storage space then owned by the other
Water Providers seeking to exercise the first right to purchase.
Other Water Providers seeking to acquire the offered Storage
Space pursuant to this Paragraph III.D.1 shall have 90 days
following the end of the Notice Period in which to close the
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