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JUN 2 9 2�0 11g <br /> S'TATC'�RECEIVED <br /> N1 1 .eR <br /> COLO <br /> 10. Charge. In consideration of the water leased under this Agreement, including any <br /> Option water, Lessee agrees to pay Pueblo water charge of per acre-foot o ► t+e�r for <br /> the quantity of water identified in paragraph above. The Wiesree that the water leased <br /> hereunder is on a "tale or pay" basis. Accordingly, Lessee must pay the charge for all leased <br /> water,whether or not said quantities of water are actually taken by Lessee or are required for use <br /> by Lessee. Likewise, Pueblo water agrees to make the water available for delivery throughout <br /> the term of this Agreement subject to paragraphs 13 through 16 below. The failure of Lessee to <br /> tale delivery of the full quantity of water contracted for and paid for ire any given Contract Year <br /> cues not entitle Lessee to a refund of any sums paid or to receive any portion of such unused <br /> water in an subsequent Contract Year. <br /> Payments.11. <br /> On the Effective Date of this Agreement, Lessee must pay to Pueblo Water the first <br /> . . <br /> Contract Year payment of= <br /> Additional payments in an amount equal to the Contract Year quantity of water <br /> # . <br /> described in paragraph 2 multiplied by the applicable per-acre-foot charge as determined <br /> under paragraphs 10 and 12 are due from Lessee to Pueblo Water on the first day of each <br /> Contract Year thereafter for the term of this Agreement. <br /> 11.3. On the Effective Date ofothoisA reement, Lessee will also pay to Pueblo Water a <br /> one-time non-refundable fee of in consideration of legal and administrative costs <br /> . <br /> incurred by Pueblo Water for this greement. <br /> 11.4. Delinquent balances will be subject to a late payment charge of 1.5% per month <br /> on the unpaid balance. No water will be delivered under thi's Agreement if Lessee has an <br /> npal <br /> 12. Escalation. The charge for water for the second and all subsequent Contract Years of <br /> this Agreement will be annually adjusted based upon the percentage increase, if any, over the <br /> previous calendar year 'in Pueblo Water's water rates for its general customers for treated water. <br /> For example, if the percentage increase for the second Contract Year 'is five percent, then the <br /> price for the second Contract Year will be per acre-foot, and 'if the percentage increase <br /> for the third Contract Year is also five perclen Wen the price per acre-foot for the third Contract <br /> Year will be a five percent 'increase over the second Contract Year price. Pueblo Water <br /> feWsswntten <br /> will give to <br /> pursuant to this paragraph that will take effect in the next Contract Year. <br /> 13. Pueblo City Charter Provision. This Agreement involves the use of water outside the <br /> territorial <br /> . . . . . .specifically . . provisions <br /> . . <br /> Colorado, <br /> ty of Pueblo and <br /> ty <br /> Charter governing such use. The City Charter provides, among other things, that: "The Board of <br /> Water Works shall have and exercise all powers which are granted to cities of the first class by <br /> the Cons titu tion and Laws of the State of except the power to levy and collect taxes <br /> directlyOT indirectly. Surplus water may be supplied to territories outside the City until same is <br /> needed by the inhabitants of the 1 Y'll <br /> Page 3 of 7 <br />