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WATER LEASE <br />THIS WATER LEASE ( "Lease ") is made and entered into this, SM day of July, 2013, <br />nunc pro tunc January 1, 2013, by and between the City of Loveland, Colorado, a home rule <br />municipality, whose address is 500 East Third Street, Loveland, Colorado 80537 ( "City "), and <br />Coulson Excavating Company, a Colorado corporation, whose address is 3609 North County <br />Road 13, Loveland, Colorado 80538 ( "Lessee "). <br />WHEREAS, Lessee desires to acquire augmentation water for the purpose of augmenting <br />certain wells, ponds, or pumps along the Big Thompson River; and <br />WHEREAS, the City is the owner of certain water that may be used for the purpose of <br />augmentation; and <br />WHEREAS, the City is willing to lease, on a temporary basis, a portion of its water, <br />which may include, but is not limited to, Windy Gap re -use water or water stored in the <br />Loveland Storage Reservoir (commonly known as Green Ridge Glade Reservoir) under the <br />terms and conditions of the Transfer Decree entered in Case No. 82CW202A to Lessee on the <br />terms and conditions set forth herein. <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br />contained, the parties agree as follows: <br />1. Term. This Lease shall be effective for a term of three (3) years commencing <br />January 1, 2013 and ending December 31, 2015, unless sooner terminated as provided herein. <br />2. Water. The City shall supply up to nineteen (19) acre -feet of augmentation water <br />per year to Lessee for Lessee's temporary substitute supply plan(s) for replacement of depletions, <br />including evaporation, at Kauffman #1 Pit and Wagner/Kauffman #3 Pit, or as directed by the <br />River Commissioner or the Office of the State Engineer. <br />3. Annual Lease Pavment. <br />a. Regardless of water supply source, Lessee shall annually pay the City <br />Four Hundred Dollars ($400) per acre -foot of water delivered under this Lease. <br />b. The Lessee's engineer shall supply to the City an anticipated schedule of <br />replacement for the calendar year, by November 1 of the previous calendar year. The <br />Lessee is responsible for notifying the City if this schedule changes. <br />C. The City shall coordinate replacement of the water to the Big Thompson <br />River with the River Commissioner or the Office of the State Engineer. Accounting of <br />such will be made available to the River Commissioner and the Office of the State <br />Engineer. <br />AGR_Water Lease_Coulson_2013 <br />Page I of 3 <br />