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maximum amount of annual evaporation from the Valco Ponds required to be replaced under the <br />Augmentation Plan as finally decreed <br />2 P ose The water delivered pursuant to this Agreement may be used by South <br />Forty only to replace water lost to evaporation at the Valco Ponds Property pursuant to South <br />Forty s approved Augmentation Plan South Forty shall be responsible for drafting any such <br />plan obtaining necessary approvals for any such plan administration and accounting for any <br />such plan and for all costs associated with such plan <br />3 Hydraulic Ditch Shares In consideration of the City s willingness to enter into <br />this Agreement South Forty shall assign and deliver to the City ten 10 full shares of Canon <br />City Hydraulic and Irrigating Ditch Company stock no later than on the execution date hereof <br />Once delivered such stock shall be the sole and separate property of the City without regard to <br />the amount of water actually purchased by South Forty during the term of this Agreement <br />4 Additional Consideration to the City Including a Lease of the South Valco <br />Property As additional consideration for the City s willingness to enter into this Agreement <br />South Forty hereby a leases to the City for the term of this Agreement that portion of the Vasco <br />Ponds Property which is situated south of the Arkansas River as described in Exhibit B South <br />Valco Property only for the purpose of public access to the Arkansas River and use as a boat <br />put in and or take out facility to the Arkansas River and b commits to clean up the Valco <br />Ponds Property north of the Arkansas River North Valco Property so that it becomes and <br />remains more visually attractive to the general public at all times during the term of this <br />Agreement There will be no public access to the North Valco Property The City shall have the <br />right to make improvements to the South Valco Property for the leased purposes and it will be <br />responsible for the construction and payment of any such improvements to the South Valco <br />Property leased access site that it desires South Forty shall have a right of reasonable review <br />and approval of any construction and improvements that the City will conduct upon the leased <br />property The City will include all leased activities at such site within its general liability <br />insurance coverage for the amount of insurance held upon its other public properties and the <br />City will name South Forty as an additional insured party under the City s liability insurance <br />coverage The City shall 1 properly care for maintain and operate the leased South Valco <br />Property 2 construct all leasehold improvements in a workmanlike manner 3 shall not allow <br />any waste or damage to occur on the leased South Valco Property and 4 be solely responsible <br />and liable for all claims damages and costs relating to the leased use of the leased South Valco <br />Property except for any negligent or intentional wrongful acts of South Forty South Forty shall <br />not have any responsibility or liability for the operation or use of the leased property by the City <br />unless such liability is the result of the negligent or intentional wrongful acts of South Forty <br />The City shall have the right to sublease or assign this lease to a division of Colorado state <br />government that will construct use and or operate the leased access site provided that said <br />sublessee or assignee shall agree in writing to be bound and comply with the terms and <br />provisions of this lease including without limitation the insurance and liability provisions set <br />forth above <br />5 Contract Year A contract year shall begin on the date of the acquisition of the <br />Valco Pond Property by South Forty and end at 11 59 p m on the day before each anniversary of <br />such execution date during the term of this Agreement