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course of the Water Court proceedings that allows the continuance of the Valco Ponds If South <br />Forty cannot or does not obtain a final decree for the Augmentation Plan or does not acquire the <br />Valco Pond Property from Valco Inc then South Forty shall have the option to terminate this <br />Lease by providing the City with 30 days advance notice <br />15 Time of Essence Remedies Time is of the essence and if any obligation created <br />by this Agreement is not performed by either party then the non defaulting party shall have all <br />remedies available to it in law and equity <br />16 Assignment This Agreement may be assigned by South Forty only upon prior <br />written consent of the City and at the City s sole discretion The City agrees to consent to an <br />assignment of this Agreement to members of the Lindner family including Vernon Lindner and <br />his issue and descendants who hold an ownership interest in the Valco Ponds Property <br />17 Title to Water Rights This Agreement does not give South Forty any legal or <br />equitable title in or to the water rights from which the water is derived or any water or water <br />rights of the City This Agreement does not entitle South Forty to seek judicial approval of <br />permanent commitment of or a change in the water rights from which the water is derived <br />I8 Attorney s Fees and Costs In the event of litigation regarding this agreement <br />the prevailing party shall be awarded its costs including reasonable attorneys fees <br />19 Governing Law This Agreement is co authored by the parties hereto and <br />shall be governed by the laws of the State of Colorado <br />IN WITNESS WHEREOF the parties hereto have set their hands and seals on the day <br />and year first above written <br />South Forty Recreation LLC a Colorado limited liability company <br />By <br />Steve Lindn r Member <br />CITY OF CANON CITY <br />By <br />Anthony H O ourke <br />City Administrator