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<br />. <br /> <br />. <br /> <br />F. Subject to the terms of this Agreement, TCF will convey by deed to the <br />Board certain water rights for use by the Board to maintain the instream flow, including by <br />enhancement of the priority of certain instream flows in Snowmass Creek. <br /> <br />G. The water rights to be conveyed to the CWCB are currently decreed for <br />irrigation and other purposes, but not for instream flow use. The use of the water rights and the <br />water by the Board for instream flow purposes will require Water Court approval of a change of <br />water rights. <br /> <br />n. CONVEYANCE OF IRRIGATION WATER RIGHTS <br /> <br />A. Subject to the conditions set out below, TCF shall convey to the Board the <br />following described water rights: <br /> <br />16.38 cfs of20.0 cfs of the First Enlargement of the Snowmass <br />Divide Ditch, adjudication date August 25, 1936, appropriation <br />date March 1, 1898, Case Number 3082. <br /> <br />B. This conveyance to be subject to the condition that Aspen Village, Inc. <br />("A VI") (a corporation wholly owned by TCF) will successfully adjudicate the water right known <br />as the conditional Gerbaz Extension of the Snowmass Divide Ditch as an absolute water right, at <br />a minimum, in the quantities listed below to satisfY the irrigation demand on the property of <br />approximately 850 acres now owned by A VI near Snowmass described in Exhibit A attached <br />hereto: <br /> <br />May June July August September October <br />6.20 cfs 6.20 cfs 6.20 cfs 4.30 cfs 2.90 cfs 2.90 cfs <br /> <br />A VI shall obtain the absolute decree on or before January 1, 2000, or if no such absolute water <br />right is obtained for the amounts specified, TCF shall have the option to rescind this Agreement. <br />Upon entry of a final judgment or decree granting an absolute water right to A VI or its successor <br />or assigns, of the Gerbaz Extension of the Snowmass Divide Ditch, in these quantities, all rights <br />to rescind by TCF or its successors or assigns, under this Agreement shall cease to exist. The <br />CWCB agrees to file an application to change the donated right for use in the instream flow not <br />later than 18 months after the donation is final. <br /> <br />C. The conveyance of these water rights shall be made within one hundred and <br />eighty days (180) days of the execution of this Agreement by deed in substantially the form of <br />Exhibit A attached hereto. The time for conveyance may be extended by mutual agreement of the <br />parties. <br /> <br />-2- <br />