2018-08-30_HYDROLOGY - M2017032 (2)

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Agreement 1. Term of Agreement. This Agreement shall commence on the date it is signed by all the Parties ("Effective Date") and continue until December 31, 2023, automatically renewing for up to two (2) additional five (5) year periods ("Term"), unless terminated by either Party pursuant to Paragraph 13, below. 2. Amount. Each calendar year of the Term, Aurora will deliver to Chris Tomky, the Meredith Reservoir Water for his full use and control, to be traded for Aurora's full use and control of the Twin Lakes Shares for the duration of the Term, subject to the terms of this Agreement. 3. Delivery Point and Transfer of Control. a. Meredith Reservoir Water. The Parties mutually agree that for each calendar year of the Tenn, Aurora will deliver the Meredith Reservoir Water to Chris Tomky for his full use and control at the Outlet of Meredith Reservoir ("Delivery Point"). Times and amounts of deliveries will be as directed by Chris Tomky or his agent, limited by the terms of this Agreement and the normal operational constraints of the Colorado Canal System. Meredith Reservoir Water agreed to be delivered pursuant to Paragraph 2, above, shall not be carried over to the next calendar year. b. Twin Lakes Shares. The Parties mutually agree that Chris Tomky will transfer full use and control of the Twin Lakes Shares to Aurora, for the duration of the Term, pursuant to paragraph 2, above, and execute any required documents effecting said transfer. Said fully -executed transfer shall be considered the time and place of delivery for the Twin Lakes Shares ("Delivery Point"). 4. Use of the Sub_lect Water. Each Party shall have the right to fully use the water that is the subject of this Agreement, provided such use is consistent with the terms of this Agreement and all applicable laws, rules and regulations. Chris Tomky shall have the right to use and reuse to extinction the Meredith Reservoir Water delivered under this Agreement, including without limitation, replacement and exchange purposes, in connection with any substitute water supply plan approved by the Colorado State Engineer's Office, augmentation and exchange purposes in accordance with any augmentation plan or appropriative right of exchange decreed by the Colorado Water Court, and any other lawful exchanges. Each Party shall be solely responsible for any administrative or judicial approvals necessary for use of the water that is the subject of this Agreement. 5. Consideration. This Agreement is for a trade of use of water rights between the Parties that will provide a mutual and valuable benefit to each of the Parties. 6. No Transfer of Water Rights or Facilities. The Parties agree that no portion of this Agreement should be construed or interpreted as a transfer of title or a transfer of ownership of any water right or any facility for the supply, storage, treatment and distribution of water that is owned by either Party.