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RECEIVED <br /> MAR 2 3 Nig <br /> WATER RESOURCES <br /> AGREEMENT STArE ENGINEER <br /> cOLO <br /> NOW THEREFORE,in consideration of the mutual promises contained herein and <br /> other good and valuable consideration,the receipt and sufficiency of which is hereby <br /> acknowledged,the Parties agree as follows: <br /> 1. Fremont agrees to allow AGUA to use the Excess Credits from the Plum Creek Pipeline <br /> Water Rights for AGUA's purposes in compliance with the Decree,in return for the <br /> consideration described in paragraph 2. <br /> 2. AGUA shall credit Fremont for Excess Credits that AGUA uses to offset AGUA <br /> members'well depletions on a one for one basis,not including any amounts of Excess Credits <br /> lost to evaporation or transit. The credit will be provided to Fremont by offsetting Fremonfs <br /> payments to AGUA for replacement water pursuant to its membership in AGUA on a one-for- <br /> one basis("Fremont's Offset"). For example,if AGUA is able to use 40 acre feet of Excess <br /> Credits after evaporative and transit losses for replacement of AGUA members'well depletions, <br /> and AGUA provides to Fremont 60 acre feet of replacement water for the Pueblo East Pit and the <br /> North River Pit,then applying Fremones Offset would result in Fremont paying AGUA for only <br /> 20 acre feet of replacement water that year. Fremont's Offset will be calculated annually for the <br /> period from April 1 through March 31,and credited to Fremont's account with AGUA after the <br /> period ends within 30 days(i.e.by April 30). <br /> 3. The Parties agree to annually meet and plan for AGUA's use of the Excess Credits as <br /> necessary and in good faith. Fremont shall provide AGUA with accounting and other <br /> information necessary for AGUA to make use of the Excess Credits. <br /> 4. This Agreement does not alter Fremont's AGUA membership,and,without limitation, <br /> does not obligate or require AGUA to:(1)augment or replace any depletions for the MacKenzie <br /> Well;(2)augment or replace any depletions for the Pueblo East Pit and the North River Pit other <br /> than AGUA's obligations to Fremont as a member of AGUA;(3)maintain a storage account in <br /> Pueblo Reservoir,or store or keep in storage in AGUA's storage account in Pueblo Reservoir <br /> any Depletion Credits or Excess Credits(although AGUA may,at its discretion,use its storage <br /> account to store Depletion Credits or Excess Credits),or(4)recharge in the Excelsior Ditch <br /> system any Depletion Credits or Excess Credits. AGUA retains sole discretion as to operations <br /> of AGUA's storage account and Excelsior Ditch recharge facilities,including the recharge <br /> ponds,and AGUA's storage,management and use the Excess Credits. Fremont shall remain <br /> solely responsible for compliance with,and operations and accounting pursuant to,the Decree <br /> without limitation for the Plum Creek Pipeline and augmentation station,the Plum Creek <br /> Pipeline Water Rights and historical return flows,and the plan for augmentation for the <br /> MacKenzie Well,and for compliance with, and operations and accounting pursuant to, <br /> Fremont's replacement plans for the Pueblo East Pit and North River Pit replacement plans. <br /> S. The term of this Agreement shall be perpetual until terminated. Either party may <br /> terminate this Agreement upon 60 days notice. <br /> Page 2 of 4 <br />