Laserfiche WebLink
NOW, THEREFORE, for and in consideration of(a) the contemporaneous execution of <br /> the Access Agreement, See Exhibit A, and (b) the mutual promises and covenants, terms, <br /> conditions, restrictions, and requirements contained herein, the Parties mutually agree as follows: <br /> 1. DOW to provide some of DOW LAWMA Water. Pursuant to the terms of this <br /> Agreement, DOW shall annually provide 100 acre feet of fully consumable water to MidWestern <br /> Farms out of the DOW LAWMA Water for use to augment the evaporative losses resulting from <br /> the Gravel Pit (hereinafter the "First Augmentation Water"). <br /> 2. Option for more of DOW LAWMA Water. At any time during the term of this <br /> Agreement, MidWest.f m Farms shall have the right to annually lease up to an additional 50 acre <br /> feet of fully consumable water out of the DOW LAWMA Water for use to augment the <br /> evaporative losses resulting from the Gravel Pit (hereinafter the "Second Augmentation <br /> Water"). In order to exercise this right, MidWestern Farms shall notify LAWMA by February <br /> 1 of that year of the amount of Second Augmentation Water it intends to lease, and provide <br /> payment by February 20 of that year to LAWMA, to be credited by LAWMA to DOW, in the <br /> amount determined by LAWMA to be the fair market value per share that year required to <br /> provide the equivalent acre feet of Second Augmentation Water to be leased to MidWestern <br /> Farms. LAWMA and DOW entered into an agreement on August 2, 2000, that provides for <br /> LAWMA's management of DOW's LAWMA Water, which shall serve as the means to <br /> implement this aspect of the Agreement between DOW and MidWestem Farms. <br /> 1 Further Conditions. Any Augmentation Water delivered pursuant to this <br /> Agreement shall be delivered to the Arkansas River at a rate to be determined by MidWestern <br /> Farms, provided that LAWMA is able and willing to provide for such rate of delivery. <br /> Furthermore, the Augmentation Water shall be delivered to the Arkansas River at a place <br /> convenient for LAWMA and DOW, and any loss of augmentation water credit associated with <br /> transportation of the Augmentation Water to the required augmentation location shall be born by <br /> MidWestern Farms. This Agreement is expressly contingent upon the physical and legal <br /> availability of the DOW LAWMA Water for the purposes of this Agreement. <br /> 4. Term. The term of this Agreement shall be for five (5) years, starting on the <br /> Effective Date of this.^..7reerr_� nt. <br /> .inkage with the Access Agreement. If for any re;asoii-Mit `.Fester.Farms <br /> defaults on the terins Fthe Access Agreement,_then this Agreement shall aatomat_c;ally <br /> terminate, and DOW shall no longer be obligated to provide for the delivery of any <br /> Augmentation Water to MidWestern Farms. <br /> 6. Relinquishment at Termination. At the termination of this Agreement, the right <br /> to use and direct the use of the DOW LAWMA Water shall revert back to the State, and any use <br /> of said water for augmentation purposes for the Gravel Pit shall cease. Under no circumstances <br /> shall anything in the Agreement be construed as committing or obligating use of the DOW <br /> LAWMA Water, or any other water owned by the State, for use after termination of this <br /> Agreement to augment the Gravel Pit. <br /> Agreement to Provide Augmentation Water-Granada SWA-Midwest Farms Page 2 of 4 <br />