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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 /> <br />Creek reservoir May be completely drained. First Party <br />anrees to acouire the land described in Exhibit A as the <br />E1khead Creek Reservoir site. <br />3.2 It is estimated that the cost of E1khead Creek Reservoir <br />will be less than $ . Simultaneously with the <br />execution of this Aqreement, Second Parties agree to <br />deposit with the Denver United States National Bank, as <br />escro~1 a'1ent, the sum of $ to be used in connection <br />with the acquisition of the land and water rights and the <br />construction of the dam necessary to create the E1khead <br />Creek Reservoir. Such funds shall be held and disbursed <br />by the escrow agent in accordance with the escrow instruc- <br />tions attached hereto as Exhibit B and by reference made a <br />pa rt hereof. <br />4. SECOND PARTY STORAGE RIGHTS: <br />4.1 Upon compliance with applicable laws of the State of <br />Colorado, Second Parties shall have the perpetual ri9ht to <br />store in E1khead Creek Reservoir acre-feet of water <br />and to withdraw from said Reservoir up to acre-feet <br />of water in each and every calendar year after the construc- <br />tion of said Reservoir at such times and at such rates as in <br />the sole discretion of the Second Parties such water is <br />needed for the proper operation and maintenance of the Craig <br />Station. <br />5. RECONSTRUCTION OF DAM AT ELKHEAD CREEK RESERVOIR: <br />5.1 In the event of the failure of the aforesaid dam for any <br />reason the Parties shall attempt to agree upon their res- <br />pective contributions necessary for its reconstruction. In <br /> <br /> <br />-3- <br />