Laserfiche WebLink
LEASE OF FULLY CCNSDMMHLE WATER <br /> THIS LEASE is made and entered into this /13 A day of <br /> 1998 , by and between the City of Loveland, Ccilcradc�, a C , �zado', <br /> home rule municipality ("City" ) , whose address is 500 East Third <br /> Street , Loveland, Colorado 80537, and Coulson Excavating Compiny, <br /> a Colorado corporation ( "Lessee") , whose address is 3609 North <br /> County Road 13 , Loveland, Colorado 80538 _ <br /> WHEREAS, the City owns certain water which, pursuant -to. ;the <br /> - <br /> water laws of the state of Colorado, may be used, re-used and <br /> successively used to extinction (the "Fully Consumable Water <br /> WHEREAS, the Lessee wishes to lease from the City the right <br /> to use a portion of the City' s Fully Consumable Water; and <br /> WHEREAS, the City is willing to lease' to Lessee a portion of <br /> its Fully Consumable Water pursuant to certain terms and <br /> conditions as set forth in this Lease, <br /> NOW, THEREFORE, in consideration of the mutual promises and <br /> covenants contained herein and other good and valuable <br /> consideration, the receipt of which is hereby acknowledged, the <br /> parties agree as follows : <br /> 1 - The City hereby leases to the Lessee the right to <br /> receive one hundred acre feet of the City' s Fully Consumable_ <br /> Water, as defined- in paragraph 4 of this Lease, on an annual <br /> basis . This Lease shall be for a term of twenty- five (2S) years, <br /> ending on December 31, 2022. However, Lessee shall have the <br /> option to renew this Lease for successive terms of twenty- Five <br /> years , which option shall terminate only if Lessee is in , defaul-t <br /> of its payment obligations under �s <br /> P YtT� g paragraphs 6 or 7 of this' ,as <br /> or if Lessee elects not to exercise its b option to renew <br /> P , y g iv i'ng <br /> notice to the City pursuant to paragraph 12 of this Lease not <br /> later than three (3) months prior to the end of any twenty,-t':"e <br /> (25) year term. In the event Lessee is not in default of its <br /> payment obligations and elects to renew the Lease for any <br /> successive twenty-five year period, Lessee shall not be regu, red" <br /> to pay any additional amounts under this Lease for the .right-M.to <br /> receive its allotted amount of the City' s Fully Con sumabl'e° Water, ' <br /> as set forth above. <br /> 2 . The one hundred acre feet of Fully Consumable Water <br /> which the Lessee shall be entitled to receive annually is <br /> hereinafter referred to as the "Leased Water. " The parties <br />