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WATER LEASE ACR:EETMENT <br />(Longer than one year) <br />THIS AGREEMENT is entered into thin I st day of August, 20.7 by and between VALCO. <br />INC. (hereinafter referred- to as "Lessee"), whose address is 9296 Windhaven Drive, Parker, CO <br />80134, and the Upper Arkansas Water Conservancy District (ID No. 1975) thtough its water <br />activity enterprise, known as Upper Arkansas Water Activity Enterprise (hereinafter referred to as <br />"District"), whose address is-P:,O. Box 1090, Salida; Colorado, 81201. <br />RECITALS <br />A. Lessee needs a temporary supply of replacement water -to meet out -of -.priority <br />depletions. Lessee desires for this water to be made available in the Arkansas River basin from <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, or similar plan for the replacement of out-of- <br />priority <br />ut-ofpriority depletions ("Lessee's Replacement Plan"). <br />The location of the Lessee's operations is ("Place of Need"): Valeo Rocky Ford Pit located in the <br />N'/2, Section 22 and the NE '/4, Section 21, Township 23 South, Range 56 West of the 6th P.M. <br />B. The District owns, leases, or controls fully consumable water supplies from various <br />sources, including but not limited to water attributable to shares of stock in Twin Lakes Reservoir <br />and Canal Company (collectively "District Consumable Water"). <br />C. Lessee desires to lease a.portion of such water from the District forruse in Lessee's <br />Replacement Plan; and the District is willing to lease such water to Lessee under the terms and <br />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 acknowledged, the <br />parties agree as follows: <br />Lease of Water. Lessee shall lease from District, and District shall; lease to Lessee <br />District Consumable Water for a period of 5 years, the minimum and the maximum <br />amounts for each year as listed in the following chart: <br />Period <br />Min <br />Max <br />August 2017 - July 2018 <br />75 <br />82 <br />August 2018 - July 2019 <br />42 <br />80 <br />August 2019 - July 2020 <br />15 <br />79 <br />August 2020 - July 2021 <br />6 <br />79 <br />August 2021- July 2022 <br />3 <br />79 <br />Long-term Lease 611116 <br />