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The parties agree that the necessity for such limitation is a fact to be determined by the District in <br />the exercise of its reasonable discretion from time to time, as occasion may require. The parties <br />agree that the District may adopt such reasonable restrictions on the use of this leased water or <br />priorities for curtailed use, as may be necessary to adapt to such emergency conditions, including <br />limitations on Lessee's supplies pursuant to this Lease. The District shall not be liable in tort or <br />contract for imposing such reasonable restrictions. In the event that the District is unable to deliver <br />the leased water as specified in -this Lease, then Lessee's payment for water shall be reduced or <br />refunded in propot-tion to the amount of any reduction of deliveries by the District. <br />12. Not a Permanent Supply. The parties understand and agree that this Lease is not to <br />be interpreted .as .any commitment on the part of the District to furnish water into Lessee on a <br />,permanent basis, but rather to assist Lessee in supplementing Lessee's ,own supplies by the leased <br />water from the District for a temporary period. <br />13. Right to object. The parties understand and agree that the District specifically <br />reserves its right to object and may object to any Replacement Plan filed by Lessee to protect its <br />interests in the water and this Agreement and to ensure compliance with applicable Iaw, including <br />the prevention of injury to other vested or conditional water rights, regardless of low Lessee uses <br />the water. <br />14. Time of Essence/Remedies. Time is of the essence, and if any obligation created <br />by this Lease is not performed by either party; then the nondefaulting party shall have all remedies <br />available to it in law and equity. <br />15. This Lease may be assigned by Lessee only -upon prior written consent of the <br />District and at the District's solediscretion. <br />16. This Leasedoes not give Lessee any legal or equitable title in;or to the water rights <br />from which the water is derived or any water or water rights of the District. This Lease does not <br />entitle Lessee to seek j udicial approval of a permanent commitment of or change in the water rights <br />from which the water is derived. <br />17. In the event of litigation regarding this Lease, the prevailing party shall be awarded <br />its costs, including reasonable attorneys' fees. <br />IS. This Lease shall be governed by the taws of the State of Colorado. <br />IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the day and <br />year first above written. <br />UPPER ARKANSAS WATER CONSERVANCY DISTRICT, by and through its <br />UPPER ARKANSAS WATER ACTIVITY ENTERPRISE <br />Long-term Lease 6-/1/16 <br />