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Best C <br />py parla <br />WATER LEASE AGREEMENT <br />Longer than one year <br />No <br />THIS AGREEMENT is entered into this day of February 2017 by and between <br />SOUTH FORTY RECREATION LLC a Colorado limited liability company hereinafter <br />referred to as Lessee whose address is 759 Apache Dr Canon City Colorado 81212 and the <br />Upper Arkansas Water Conservancy District through its water activity enterprise known as <br />Upper Arkansas Water Activity Enterprise hereinafter referred to as District whose address <br />is P O Box 1090 Salida Colorado 81201 <br />RECITALS <br />A Lessee needs a temporary supply of replacement water to meet out of prioritydepletionsLesseedesiresforthiswatertobemadeavailableintheArkansasRiverbasinfrom <br />the District s water supplies in Twin Lakes Reservoir Pueblo Reservoir or from other District <br />owned or controlled sources in order to meet the requirements of a court or administratively <br />approved substitute supply plan replacement plan augmentation plan or similar plan for the <br />replacement of out of priority depletions Lessee s Replacement Plan <br />The location of the Lessee s operations is Place of Need Canon City East Pit located in <br />Section 1 T19S R70W Fremont County Colorado <br />B The District owns leases or controls fully consumable water supplies from <br />various sources including but not limited to water attributable to shares of stock in Twin Lakes <br />Reservoir and Canal Company collectively District Consumable Water <br />C Lessee desires to lease a portion of the District Consumable Water from the <br />District for use in Lessee s Replacement Plan and the District is willing to lease such water to <br />Lessee under the terms and conditions hereof <br />NOW THEREFORE in consideration of the mutual promises contained herein and other <br />good and valuable consideration the receipt and sufficiency of which is hereby acknowledgedthepartiesagreeasfollows <br />1 Lease of Water Lessee shall lease from District and District shall lease to <br />Lessee 5 to 10 acre feet of District Consumable Water for a period of one 1 year and thereafter <br />five 5 acre feet per year for a period of 4 years Five to ten 5 10 acre feet for the first year <br />and thereafter five 5 acre feet for the remaining 4 years shall be both the minimum and the <br />maximum quantity of water to be paid for and delivered under this Lease for each of the contract <br />years Lessee s failure to take delivery of its full leased amount of water in any one lease year <br />shall not entitle Lessee to more than five 5 acre feet in any subsequent year or to an extension <br />Long term Lease 2 S 2017 <br />Page 1 of 5