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WATER LEASE AGREEMENT <br />(One year lease) <br />THIS AGREEMENT is entered into this Qay of October 2014 by and between <br />SCOTT PELINO, d!b /a PELINO EXCAVATION, INC. (hereinafter referred to as "Lessee "), whose <br />address is 33551 County Road 361, P.O. Box 5049, Buena Vista, Colorado, 81211, and the Upper <br />Arkansas Water Conservancy District through its water activity enterprise, known as Upper Arkansas <br />Water Activity Enterprise (hereinafter referred to as "District "), whose address is P.O. Box 1090, <br />Salida, Colorado, 8.1201. <br />RECITALS <br />A. Lessee needs a temporary supply of replacement Seater to meet out -of- priority <br />depletions. Lessee desires tier this water to be made available in the Arkansas River basin from the <br />District's water supplies in Twin Lakes Reservoir, Pueblo Reservoir or from other District owned or <br />controlled sources in order to meet the requirements of a court or administratively approved <br />substitute supply plan, replacement plan, or similar plan for the replacement of out -of- priority <br />depletions ("Lessee's Replacement Plan''). <br />The location of the Lessee's operations is ("Place of Need'): Jesse Lee Pit M- 84 -043, located in the <br />SE -1/4 of Section 33, Township 14 South, Range 78 West, 6`h P.M., 2 miles south of Buena Vista. <br />Colorado on the west bank of the Arkansas River. <br />B. The District owns, leases, or controls fully consumable neater supplies from various <br />sources; including but not limited to water attributable to shares of stock in T,,vin Lakes Reservoir <br />and Canal Company (collectively "District Consumable Water "). <br />C. Lessee desires to lease a portion of such water from the District for use in Lessee's <br />Replacement Plan_ and the District is willing to tease such water to Lessee under the terms and <br />conditions hereof. <br />NOW, THEREFORE, in consideration of the mutual promises contained herein, and other <br />good and valuable consideration. the receipt and sufficiency of which is hereby acknowledged, the <br />parties agree as follows: <br />I . Lease of Water. Lessee shall lease from District, and District shall lease to Lessee, <br />232 acre -feet of District Consumable Water. This amount shall be both the minimum and the <br />maximum quantity of water to be paid for and delivered under this Lease. Lessee's failure to take <br />delivery of its full leased amount of water shall not entitle Lessee to an extension of the terms of this <br />lease. <br />2. EpMose_ The water delivered pursuant to this Lease may be used by Lessee only to <br />replace depletions pursuant to Lessee's Replacement Plan. District will cooperate with Lessee to <br />Pane ; oi'4 <br />One Year Lease S] 910 <br />