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f!�lII tNli 1111II III 11111111111 ,.11ll !ff !illi Iffl (nil <br />� �t ta�a� 61:W am <br />0 !.M N G." Prowrs County, Co. <br />9. DOW acknowledges that because some of the DOW designated uses are not irnmediately <br />implementable, a period of time will pass before the DOW would use the full amount of water <br />for its augmemation and wildlife habitat needs. During this time, DOW agrees to allow <br />LAWMA to use any water excess to its needs on an annual basis. LAIXMA agrees to <br />maintain records of such use as provided for in paragraph 4 above. <br />10. It is recognized that LAWMA may, but is not required to, purchase water from other entities, <br />such as Southeastern Colorado Water Conservancy District, The City of Colorado Springs, or <br />The City of Pueblo, to fulfill or help fulfill its obligations to DOW under this agreement. <br />11. Both parties to this Agreement recognize and acknowledge that the terms of this Agreement <br />rely on the best assessment of the parties as to future events such as water court litigation, and <br />future conditions regarding value and availability of water. Both parties acknowledge that this <br />Agreement is intended to be equitable and to the mutual advantage and benefit of both panties. <br />Both parties further acknowledge that an important element of this Agreement is that it shell <br />operate in perpetuity. Therefore. the parties agree that at any time in the futura, should one <br />party believe the equities of this agreement arc no longer reasonably balanced, that parry may <br />make a substantiated showing to the other party as to the reasons the terms of this agreement <br />are no longer equitable and the changes to this agreement that such parry contends should be <br />made. The parties then agree to make a good faith reassessment of the terms of this <br />Agreement and, if reasonable, to amend this Agreement to rebalance the equities. Should the <br />parties fail to come to an agreement as to reasonable amendments to this Agreement, then <br />both parties hereby agree to submit the dispute to binding, non -appealable arbitration as <br />follows. <br />A_ Each party shall select a representative knowledgeable in both water rights administration <br />and management and water rights valuation. The two party arbitrators shall then select a <br />third neutral arbitrator. Should the party arbitrators be unable to agree on a neutral <br />arbitrator within thirty days of their appointment, then either party may give a written <br />notice to the American Arbitration Association asking it to appoint a neutral arbitrator <br />with appropriate credentials. <br />B. The party arbitrators and the neutral arbitrator shall serve as a panel to determine the <br />issues presented to them by majority vote. If the three arbitrators cannot reach a majority <br />position with respect to any issue presented to them, the neutral arbitrator shall determine <br />that issue. <br />C. The arbitrators shall reach and announce a decision within sixty days of the appointment of <br />the neutral arbitrator. Subject to the limitations of this period, the arbitrators may conduct <br />one or more brief hearings and take testimony from the Pasties and/or others. <br />D. Each of the Parties shall bear the expenses of presenting its case and shall pay the fees and <br />expenses of its party arbitrator. The Parties shall equally bear the fees and expenses of the <br />-5- <br />