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<br />.eNI ~T:~MH. <br /> <br />;ll-~U-~l ~:~~~M <br /> <br />~U~~~~~U4U" <br /> <br />~u~ 0== 44.f4,~ ~ <br /> <br />. <br /> <br />. <br /> <br />AOREEMENT <br />NOW, THEREFORE, in consideration of the premises and of the mutual eovenllllts <br />hereinafter set forth, the parties agree as set forth herein. <br /> <br />I. Denosit. In accordance with and subject to the terms and conditions of the Purohase <br />and Sale Asrccment, upon c1using under the purch811e and Sale Agreement, HCWUA and the Box <br />Springs Sellers shall deliver to Escrow Agent the following, at which time Escrow Agent shall <br />acknowledge receipt by written notice to HCWUA and BOl< Spring.: <br /> <br />(II) By HCWUA. the sum of $520,000 provided by CWCB purSUllIlt to the <br />IlCWUAlCWCB Loan Contract, less the amount of any rental payments theretofore made by <br />HCWUA under the Water Lease (U !layment ofS16,Ooo made earlier In 1997), In wire transfer or <br />certified funds, to be held in escrow as describetl below in accordance with the tenns oflhis Escrow <br />Agreement. <br /> <br />(b) By the Rnx Springs Sellers, a deed or deeds and an assignment or assignments <br />to HCWUA of 35 cubic reet!ler second out of the following water right (the "HCWUA Box Springs <br />Water Right"): 60 cuhic feet of water per second of time decreed to Box Springs Canal No. I, with <br />an appropriatinn date of October 24, 1899, and an adjudication date of August 30, 1922, as <br />acljudicated in the District Court for the CountY of Bent and the Statc of Colorado. The deed or <br />deeds and 8.4signment or assignments to the HCWUA Box Springs Water Right &hall be held by <br />Escrow Agent in accordance with the tenns of this Escrow Agreement. The amount of cubic feet <br />per second tn be conveyed ill subject to adjusnnent, either before or after disbursement of funds llnd <br />documents under Section 3 hereunder, pursuant to the teons of the Purehase and Sale Ag!~clllclll and <br />the Settlement Agreement, both as amended, <br /> <br />(e) lithe amount of the HCWUA Box Springs Water Right that HCWUA may <br />acquire has not been fully netermined because such amount may be modified thereafter, pursuant <br />to paragraphs 3.1 and/or 7.2 ofthe Senlement Agreement, then the Box Springs SellilfS shall dcliver <br />e. COVenant to convey additional cubic teetl'er seCond out of the HCWUA Box Springs Water Right <br /> <br />.2- <br />