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WATER LEASE AGREEMENT <br /> This Water Lease Agreement is made and entered into this L day of <br /> " , 2016, by and between the Lessor Arkansas Groundwater Users Association, <br /> nd/or assigns, P.O. Box 11446 Pueblo, CO 81001 (hereinafter "AGUA") and Lessee <br /> STONEWALL SPRINGS QUARRY LLC., 20 Boulder Crescent Colorado Springs, CO <br /> 80907 (hereinafter"STONEWALL") <br /> WITNESSETH: <br /> WHEREAS, this Agreement pertains to a lease of 15 AF of fully consumable <br /> water delivered to the Arkansas River by means of recharge ponds located on the <br /> Excelsior Ditch. <br /> WHEREAS, STONEWALL may have a need to lease up to 15 acre-feet of fully <br /> consumable water for the time period starting April 1, 2016 and ending March 31, 2018. <br /> WHEREAS, STONEWALL is currently developing its own augmentation supply <br /> which may decrease its need to lease augmentation water from AGUA. <br /> NOW THEREFORE, in consideration of the mutual promises contained herein <br /> and other good and valuable consideration, the receipt and sufficiency of which is <br /> hereby acknowledged, the parties agree as follows: <br /> 1. Lease: AGUA hereby leases up to 15 AF of fully consumable water delivered to <br /> the Arkansas River by means of recharge ponds located on the Excelsior Ditch. <br /> 2. Term: The term of this lease between AGUA and STONEWALL shall commence <br /> on April 1, 2016 and shall continue in full force and effect through March 31, 2018. Any <br /> water not delivered by March 31, 2018 will revert back to AGUA. There shall be no <br /> automatic extensions of this lease or any right hereunder unless the parties enter into a <br /> written renewal or extension agreement. AGUA shall have no obligation for delivery of <br /> water either for direct use or to cover post-plan depletions after March 31, 2018 as part <br /> of this agreement. <br /> 3. Rentals: The rental payment obligation from STONEWALL to AGUA shall consist <br /> of STONEWALL paying to AGUA$325 per AF of fully consumable water. The amount <br /> actually purchased shall be determined based on records from the Colorado Division of <br /> Water Resources. All water provided by AGUA sources used to cover depletions from <br /> Evans #2 during the term of this lease shall count against this lease. The 15 acre-feet <br /> will be billed on a monthly basis if and when it is used to cover Evans#2 depletions. <br /> 1 <br />