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MUNICIPAL WATER USER AGREEMENT <br />THIS MUNICIPAL WATER USER AGREEMENT is entered into this 1 day of <br />December 2016 by and between the City of Canon City hereinafter referred to as City <br />whose address is P O Box 1460 Canon City Colorado 81215 and South Forty Recreation <br />LLC a Colorado limited liability company hereinafter referred to as South Forty whose <br />address is 759 Apache Dr Canon City Colorado 81212 <br />RECITALS <br />WHEREAS South Forty desires to purchase and hold certain real property east of and in <br />close proximity to the City s eastern boundary commonly known as the Valco Ponds Property <br />as indicated on the map attached hereto as Exhibit A upon which is located two gravel pits upon <br />which mining has ceased Valco Ponds and <br />WHEREAS South Forty wishes to clean up and restore the Valco Ponds Property so that <br />it is more visually attractive to the public and will constitute habitat that attracts and supports <br />certain wildlife and <br />WHEREAS in order to use the property as envisioned South Forty must secure <br />replacement water to meet annual evaporative depletions from certain ponds on the property and <br />WHEREAS the City is willing to sell to South Forty pursuant to the terms and provisions <br />of this Municipal Water User Agreement from 18 up to 41 acre feet of water annually to assist <br />South Forty in meeting his water replacement obligations should South Forty acquire the <br />property <br />NOW THEREFORE for good and valuable considerations including the promises <br />herein made the parties hereto agree as follows <br />1 Sale of Water South Forty shall purchase from the City and the City shall sell to <br />South Forty a minimum of 18 and up to a maximum of 41 acre feet of fully consumable <br />augmentation water annually from the City s available supply of Fryingpan Arkansas Project <br />Water or other fully consumable replacement water that may be available to the City in the future <br />Augmentation Water South Forty s failure to take delivery of its full amount of water <br />available for sale hereunder shall not entitle South Forty to an extension of the term of this <br />Agreement but shall generate a credit against the annual payment for the following contract <br />year The amount of Augmentation Water upon the initiation of this Agreement is in a range of <br />from I8 to 4I acre feet because at this time Agreement South Forty has not yet quantified <br />through Water Court the total amount of augmentation water needed to replace the evaporative <br />depletions to the Arkansas River from the existence of the two Valco Ponds South Forty will <br />diligently proceed in Water Court with an application for a plan for augmentation that will use <br />the Augmentation Water as a source of water to replace the evaporative depletions from the <br />Valco Ponds Augmentation Plan Once a final decree for the Augmentation Plan has been <br />entered by the Water Court for the Valco Ponds the amount of this Agreement shall be for the