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/< 1. The State anrecs to purchase from the Conservancy the G. Berkley Ditch water right, decreed for 1.0 c.f.s. of direct flow diversion from Boulder Creek, appropria~ion date of June 1, 1862 by original decree of the District Court of Boulder County, Colorado, June 2, 1882 as modified by decree of the same court of November 22, 1924. upon the terms and conditions here- inafter set forth. for the purchase price of Eighteen Thousand Dollars ($18,000.00), payable as follows: Five Hundred Dollars ($500.00) deposit receipt of which is hereby acknowledged; Seven- teen Thousand Five Htmdred Dollars ($17,500.00) to be paid upon closing, and other good and valuable consideration. 2. Purchase of the said water right shall be contingent upon the successful prosecution in the Water Court for Water Division No..I, ~olorado of a change in water right proceeding to provide for the future use of the water right for minimum stream flow purposes in Boulder Creek. Said change of water right pro- ceeding shall be promptly filed and diligently prosecuted by the State. In the event that said change of water right shall be denied following all appeals, if any, the deposited funds shall be returned to the State and the contract shall be of no further force and effect. In the event that the change of water right shall be granted only upon materially restrictive terms, the State may at its sole option elect to terminate the purchase con- tract and receive reimbursement of the deposited funds) or to treat the contract as binding and proceed to closing. In the event the change of water right shall be granted in reduced quantity, the State shall have, in addition to the foregoing, the election of the right'to treat the purchase contract as in effect with respect to the reduced quantity only, upon payment of a propor- tionately reduced purchase price. It is understood that the State will use its best efforts to prevent the reduction - 2 -