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treatment system, Westminster owns and generates fully consumable <br />wastewater effluent at its Big Dry Creek Wastewater Treatment Plant <br />("Big Dry Creek") and at the Metropolitan Denver Wastewater <br />Reclamation District's Sewage Disposal. Plant ("Metro") on the South <br />Platte River. <br />WHEREAS, the parties wish to effectuate a transfer of <br />�._ ownership of the camas Water Rights and the Camas Lands for certain <br />cash payments and the provision of 290 acre feet Of consumable <br />water to camas in perpetuity, (the "Camas Exchange") pursuant to <br />the terms of this Agreement. <br />WHEREAS, in the judgment of the Westminster City Council, the <br />terms of this Agreement coupled with the implementation of the <br />Camas Exchange will result in improvement in the capacity, <br />efficiency, or service of Westminster's utility system. <br />'MEREAS, pursuant to Section 14.2 of the Westminster city <br />charter, the City may otherwise dispose of property constituting <br />part of the city's utility system subject to certain findings by <br />the city Council. <br />WHEREAS, Westminster enters this Agreement to effect the <br />disposition of a portion of the City's utility system and thereby <br />facilitate the implementation of the Camas Exchangecontemplated <br />herein. <br />NOW "HEREFORE, for and in consideration of the premises, the <br />mutual promises contained herein, and other good and valuable <br />consideration, the receipt and sufficiency of, which is hereby <br />acknowledged, the parties agree as follows: <br />I. Exchange_. <br />The parties will exchange the Camas Water Rights and the Camas <br />Lands for 290 acre-feet annually of consumable water and a one time <br />payment of $288,500.00, all pursuant and subject to the further <br />terms of this Agreement. <br />2. Ecraw. <br />Upon execution of this Agreement, the parties will create an <br />interest-bearing escrow with Land Title Guarantee Company pursuant <br />to Escrow Instructions in the form attached hereto as Exhibit B <br />into which Westminster shall deposit the sum of $20,000-00 (the <br />"Escrow Funds"). The Escrow instructions shall provide that if, <br />within twenty (20) days of receipt of the Title commitment <br />described in Paragraph 3.2, below, Westminster provides camas with <br />written notice of title defects to the Caguas Water Rights or to the <br />-2- <br />