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<br />provided that Lakewood shall not store more than 200 a.f. at <br />any given time. The Lakewood Water will be released or <br />otherwise withdrawn at Lakewood's discretion. Lakewood shall <br />bear its pro rata share of evaporation losses from Bear Creek <br />Lake in proportion to the total volume of water stored in the <br />lake. <br /> <br />2. Term of storaae. Lakewood shall have the right to <br />store the Lakewood Water for a period of thirty (30) months <br />from the date of commencement of storage. storage shall <br />"'commence'" only after execution of this Agreement, and upon <br />Lakewood receiving all necessary approvals for such storage <br />from the Corps and state water officials, and upon the <br />crediting of the Lakewood Water to storage in Bear Creek Lake <br />by the Corps and state water officials. Lakewood may continue <br />to store the Lakewood Water for additional one-year terms upon <br />the written consent of the Board and subject to any other <br />necessary governmental approvals. <br /> <br />3. Storaae to Commence Within Five Years. Except as <br />provided in this paragraph, storage of the Lakewood Water must <br />commence, if at all, within 5 years from the date of this <br />Agreement, or else this Agreement shall terminate. The Board <br />may extend the time within which storage may commence by <br />written consent, at its discretion. <br /> <br />-4- <br /> <br />~ <br /> <br />. <br /> <br />. <br /> <br />. <br />