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WATER LEASE AGREEMENT <br /> (GRAHAM DITCH) <br /> This ....Vatgr Lease Agreement ("Agreement") is entered into this _ day of <br /> C , 2013 by and between Loloff Construction, Inc., "Lessee" and GRAHAM <br /> DRAINAGE DITCH COMPANY("Ditch Company"),"Lessor". <br /> RECITALS <br /> A. The Ditch Company owns and operates,for the benefit of its shareholders,the Graham Seepage <br /> and Drainage Canal and the water right decreed to that Structure in Case No.W-7818-74,District Court, <br /> Water Division No. 1 ("Graham Ditch"). The Graham Ditch is decreed as a developed water right for up to <br /> 2800 acre feet per year. The Graham Ditch originates in Section 27 of Township 7 North,Range 66 West <br /> of the 6th P.M., Weld County, Colorado and is capable of delivering water to the Cache La Poudre River <br /> at two points In Section 36 of Township 6 North,Range 66 West of the 6th P.M.,Weld County,Colorado. <br /> B. Lessee intends to operate and administer a Substitute Water Supply Plan ("SWSP"). Lessee <br /> desires to lease water temporarily from Lessor until its permanent sources of augmentation water are in <br /> place. <br /> C. Lessor is willing to lease to Lessee water delivered from the Graham Ditch to the Cache La <br /> Poudre River, and Lessee desires to lease such water, in accordance with the terms and conditions of <br /> this agreement. <br /> AGREEMENT <br /> Now,therefore,in consideration of the foregoing recitals,and mutual covenants and agreements <br /> herein,and for other good and valuable consideration,the receipt and sufficiency of which is hereby <br /> acknowledged,the parties agree as follows: <br /> 1. Lease. Lessor hereby leases and agrees to provide to Lessee up to 13.4 acre feet of fully <br /> consumable water from the Graham Ditch(the"Graham Ditch Water")according to the monthly schedule <br /> below,subject to the limitations,terms and conditions stated herein. <br /> All values in arft <br /> 2014 <br /> Apr May Jun Jul Aug Sep _Oct Total <br /> 1.7 1.8 1.9 2.0 2.1 2.0 1.9 13.4 <br /> 2. BadI. Lessee shall pay Lessor$50 for each acre foot of fully consumable Graham Ditch Water <br /> that Is made available to Lessee in accordance with the measurement and delivery terms set forth in <br /> Paragraph 3 of this Agreement and approved by the State Engineer for consumptive use in the SWSP. <br /> Within five (5)days following the end of each calendar month, Lessor shall provide Lessee with a written <br /> statement indicating the total number of acre feet of Graham Ditch Water made available to Lessee for <br /> replacement and augmentation use during that month. Lessee's payment shall be due no later than <br /> twenty(20)days following submission of the bill. Lessee shall make all rental payments to the Lessor In <br /> care of the Ditch Company, and the Ditch Company shall be responsible for distributing such payments <br /> amongst its shareholders according to their pro rata share. <br /> 3. JvAaasurement and Delivery. The point of delivery for the Graham Ditch water leased pursuant to <br /> this agreement shall be to the Cache La Poudre River at the point where the East Lateral of the Graham <br /> Ditch Is capable of delivering to the Cache La Poudre River in Section 36 of Township 6 North, Range 66 <br /> West of the 6th P.M., Weld County Colorado. Lessor shall make daily metered measurements of <br /> deliveries of the Graham Ditch Water and shall provide reports of such deliveries to Lessee on a weekly <br /> 1 of 3 <br />