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right of refusal and by paying Lessee the contract price as set <br /> forth in the agreement between the Lessee and the third party. If <br /> the City does not exercise its right of first refusal, the Lessee <br /> may assign or transfer its rights to a third party, and the third <br /> party shall be bound by all terms and conditions of this Lease, <br /> including the obligation to allow the City the first, right of <br /> refusal on any transfer or assignment of the Leased 'Water, it <br /> being the intent of this Lease that the City' s right of first <br /> eefus,iV -shall apply to each 'and every transfer of the Leased <br /> water- which may arise at any time during the existence of this or <br /> any subsequent Lease . The right of first refusal set forth in <br /> this paragr--aph shall not apply in the event the Lesiee wishes to <br /> assign, encu'mber 'or exchange its rights to receive all or any <br /> portion of the Leased water to a third party pursuant to an <br /> exchange which is a transfer, sale or assignment of all or <br /> substantially all of Lessee' s assets to said third party. <br /> 12 . After the City has increased - the storage capacity of <br /> Green Ridge Glade Reservoir to at least five thousa`izd (5, 000) <br /> acre feet, and upon sufficient advance written notice -so as to <br /> a° <br /> permit the City to place appropriate orders for replacement <br /> water, the Lessee may temporarily sub-lease the Leased Water or <br /> potions thereof to third parties without activating the City' s <br /> right of first refusal as set forth in paragraph 11, so long as <br /> the length of the sub-lease term and the amounts and times of <br /> discharge' required by the Sub-lessee are acceptable to the City. <br /> Ariy stdh lease arrangement shall first_be provided to the City <br /> forr:. its review and approval , which approval shall not be <br /> unreasonably withheld. <br /> 13 . All notices shall be in writing and shall be deemed` <br /> given, if _per-sonally- delivered or mailed, certified mail, return <br /> receipt requested, to the following addresses : <br /> If to City, to : <br /> City of Loveland Water & Power Department <br /> Attn: Ralph Mullinix, Director <br /> s 200 North Wilson Avenue <br /> Loveland, Colorado 80537 <br /> with a copy to: <br /> City of Loveland <br /> At City Attorney <br /> 500 East Third Street <br /> Loveland, Colorado 80537 <br /> i� <br />