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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />ARTICLE 13 <br />Chanaes of Water Riahts <br />13.1 Any stockholder ("applicant") desiring a change of water right, <br />including, but not limited to, a change in point of diversion or place of use of any <br />water that the applicant is entitled to receive as a result of stock ownership must <br />first make a written appl ication therefore to the directors of the Company. A change <br />of water right shall include the use of water the shareholder is entitled to as a <br />result of stock ownership as augmentation water in a plan for augmentation or <br />exchange. The request should detail the requested change and include adequate terms <br />and conditions to prevent injury to the Company and its shareholders. If, in the <br />reasonable opinion of the directors, such change may be approved without injury to <br />the Company and all of its stockholders, the directors shall then approve the change <br />application subject to necessary terms and conditions. In evaluating whether the <br />requested change of water rights can be made without injury to the Company and its <br />shareholders, the Company may obtain an engineering and legal analysis of the <br />requested change by the appl i cant and the terms and condit ions offered by the <br />app 1 i cant. <br />13.2 The Company shall analyze the application with diligence and approve or <br />disapprove. the application within a reasonable amount of time. <br />13.3 No appl ication for approval of a change of water right or plan for <br />augmentation as described above may be made to the Water Court, unless the same has <br />been approved by the Company. If an application has been approved by the Company, <br />the applicant must include terms and. conditions at least as stringent as those <br />approved by the Company in an application to the Water Court. <br />13.4 An applicant for a change of water right must reimburse the Company for <br />the Company's reasonable costs and fees in analyzing the application to the Company <br />and in any judicial litigation that follows, including a challenge to the Company's <br />denial of an application. Prior to obtaining legal and engineering analyses of the <br /> <br />5 <br />