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As listed in the above chart the acre feet for each corresponding year shall be both <br />the minimum and the maximum quantity of water to be paid for and delivered under <br />this Lease for each of the 5 contract years. Lessee's failure to take delivery of its <br />full leased. and paid for amount of water in any one lease year s1 all not entitle <br />Lessee to, more than the amount paid for as listed in the above chart in any <br />subsequent year or to an extension of the terms of this lease. Any paid for but <br />unused water in one lease year shall not entitle Lessee to carry over that unused <br />-amount to any subsequent year. <br />2. Purpose. The water delivered pursuant to this Lease may be used by Lessee only <br />to replace depletions pursuant to Lessee's replacement Pian. District will cooperate with Lessee <br />to identify the sources -of the District's Consumable Water delivered;pursuant to this Lease. Lessee <br />shall be responsible for drafting any such plan, obtaining necessary approvals for, any such plan, <br />administration and accounting for any such plan, and for all gists associated with such plan. <br />3. Rental. In cons'iderat'ion of the water to be delivered under this Lease, Lessee shall <br />pay District the following: <br />(a) a nonrefundable original application fee of due and payable upon <br />execution of this Lease; <br />(b) annual lease payments for the minimum amount acre feet of water listed in the <br />chart in section l above of $ per acre foot per year; $ as a per acre foot water <br />fee and $ per acre foot for annual storage, maintenance ana administration fee; and <br />(c) I per acre foot for each acre foot requested and delivered above the <br />minimum amount listed for each year as listed in the chart in section I above, for a total <br />annual minimum lease payment of $ for the first year. Lessee shall pay the <br />District the first total annual lease payment upon execution of this Lease. Lessee shall pay <br />District all subsequent total annual lease payments by the first Clay of each subsequent lease <br />year. <br />4. Term, This Lease shalt be effective for 5 calendar years commencing on the date <br />of full execution of this Lease. The District shall not.be responsible for delivering water to replace <br />any depletions from Lessee's Replacement Plan, including any post -plan depletions after the term <br />of this Lease. <br />5. Escalation. Beginning one year after the execution date of this lease, and continuing <br />for each year throughout the remaining term of this Agreement, the charge for water and storage <br />delivered by the District to Lessee shall be subject to an annual escalation of 3.5% over the <br />previous year's per acre foot rate. <br />Long term -Lease 6/1/16 <br />