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to administer and comply with the NTP Decree and the Bromley SWSP (if any, in the case of the <br />latter),'not to exceed a total of 150 acre feet (the "Renewal Term "). <br />1.2.1 RMCC's right to renew shall extend until the NTP Decree is <br />terminated by the Water Court, Water Division 1 and the Bromley SWSP is terminated <br />by the Colorado Department of Natural Resources, Division of Water Resources. <br />1.2.2 RMCC shall provide written notice to the City of its intent to <br />renew the Initial Term (and any subsequent Renewal Term) by no later than ninety (90) <br />days prior to the expiration'of the Initial Term (or any subsequent Renewal Term). <br />. 1.3 Consistent with Paragraph 1.2 of the First Amendment, the lease rate for <br />the Reserved Water Storage shall be One Dollar ($1) per year until February 5, 2017, after which <br />date the lease rate for the Reserved Water Storage shall be Two Hundred Fifty Dollars ($250) per <br />acre foot per year, which lease rate shall remain effective for the remainder of the Initial Term, <br />after which time the lease price per acre foot of storage shall increase by 4% for every <br />subsequent 10 -year period during any subsequent Renewal Term. <br />2. Lease of Replacement Water. For so long as RMMCC is required to maintain the <br />Bromley SWSP the City shall lease to RMCC for that purpose, ,on an annual basis and on the <br />same or similar terms as the "Agreement Between the City of Brighton, acting by and through its <br />Water Activity Enterprise and Ready Mixed Concrete. Company," dated November 1, 2010 <br />(subsequently extended by the Parties effective December 17; 2013), an amount of water not to <br />exceed 250 acre feet per lease year at the rate of Three Hundred Fifty Dollars ($350) per acre <br />foot. This water shall be referred to herein as the "Lease Water ". RMCC has represented to the <br />City, assuming the current level of demand for construction aggregate materials in the markets <br />RMCC serves from the Kenneth Mitchell Lakes properties, that the mining and reclamation <br />under the MLRB Permit may be completed by as soon as December 31, 2016. <br />2.1 As provided in Paragraph 1.2 of the First Amendment, the City agreed to <br />forego receipt of payments from RMCC for the Lease =Water in 2014 until such date that the <br />Second Closing was completed. The Parties acknowledge and agree that the Second Closing <br />was completed on March 14, 2014, which date shall serve as the start date for RMCC'to make <br />lease payments to the City for replacement water for the 2014 lease year. <br />3. Operating Plan. The purpose of this Operating Plan is to address the <br />administration of the Reserved Water Storage and the Lease Water during the Initial Term and <br />during any subsequent Renewal Term. This Operating Plan shall run and be coincident with the <br />Initial Term and any Renewal Term and it shall remain effective until the NTP Decree is <br />terminated by the Water Court, Water Division 1 and the Bromley SWSP is terminated by the <br />Colorado Department of Natural Resources, Division of Water Resources. <br />3.1 The City shall take delivery of RMCC's 70 Fulton Ditch Shares and, as <br />directed by RMCC, provide all water diversions and measuring devices necessary to facilitate <br />RMCC's administration of the NTP Decree and Bromley SWSP. The following describes the <br />coordinated obligations of the Parties during the Initial Term and any Renewal Term as they <br />