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WHEREAS on January 23, 2014 the Parties, for their respective convenience, entered <br /> that certain "Second Amendment to Purchase and Sale Agreement" (the "Second Amendment"), <br /> to extend the date specified in Paragraph 2 of the First Amendment to complete the Second <br /> Closing from February 5,2014 to no later than March 15,2014; <br /> WHEREAS the Parties completed the requisites for the Second Closing with the <br /> exception of this final Lease and Operating Plan; <br /> WHEREAS even absent this final Lease and Operating Plan the Parties wished to <br /> complete the exchange of deeds and funds between them as was contemplated to occur at the <br /> Second Closing and did so complete the same at the Second Closing on March 14,2014; <br /> WHEREAS concurrent with the Second Closing completed on March 14, 2014, the <br /> Parties entered that certain "Third Amendment to Purchase and Sale Agreement" (the "Third <br /> Amendment"),and certain other subsequent Amendments, which extended the date by which this <br /> Lease and Operating Plan is to be finalized, executed and delivered between them, to no later <br /> than July 18, 2014;and <br /> WHEREAS the Parties desire to memorialize between them the terms and conditions of <br /> this Lease and Operating Plan required as a condition of the Second Closing called for in the <br /> PSA with the pricing terms called for in the First Amendment to the PSA,and where appropriate, <br /> related terms and conditions necessary to obtain final release of the Lot 1 Property and the City's <br /> Kenneth Mitchell Lakes Cell 3 property from the MLRB Permit, <br /> NOW,THEREFORE, in consideration of the mutual covenants set forth herein and for <br /> other good and valuable consideration, the receipt and sufficiency of which the Parties hereby <br /> acknowledge, the Parties agree as follows: <br /> LEASE AND OPERATING PLAN <br /> ]. Water Storage Lease, The City agrees to lease to RMCC, and RMCC agrees to <br /> lease from the City, up to 150 acre feet of water storage per year in the Ken Mitchell Lakes Cell <br /> 1 or Cell 3, or Erger's Pond, or its 124th Reservoir, or, at the City's discretion, any other lined <br /> water storage reservoir available to the City now or in the future which can lawfully receive <br /> deliveries from Section 1 or Section 2 of the Fulton Ditch (hereinafter the "Reserved Water <br /> Storage"). The Reserved Water Storage shall be used to store, at a minimum, 70 Fulton Ditch <br /> shares belonging to RMCC, 54 of which are dedicated to the NTP Decree and 16 of which <br /> RMCC utilizes for replacement water under the terms of the Bromley SWSP ("RMCC's 70 <br /> Fulton Ditch Shares,"delivery of which is referred to as,"RMCC's Fulton Ditch delivery"). <br /> 1.1 The initial term of this Water Storage Lease for the Reserved Water <br /> Storage shall be for ten(10)years from the Effective Date(the"Initial Term"). <br /> 1.2 This Water Storage Lease shall be renewable after the Initial Term, and <br /> thereafter, provided that it is then in good standing. Any such renewal may be for up to an <br /> additional ten (10) years and include the amount of Reserved Water Storage required for RMCC <br /> 2 <br />