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IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the day <br />and year first above written. <br />UPPER ARKANSAS WATER CONSERVANCY DISTRICT, by and through its <br />UPPER ARKANSAS WATER ACTIVITY ENTERPRISE <br />Robert M. Senderhauf <br />Chainnan of the Board of Directors- <br />LESSEE: <br />irectors <br />LESSEE: VAL.COINC. <br />By: <br />Title - _--i— - <br />Long-temi Lease 3 Ib: 10 <br />Valco Canon City East Pit <br />Page 5 of i <br />