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WATER LEASE AGREEMENT <br /> This WATER LEASE AGREEMENT("Lease") is made and entered into effective as of the March 1, <br /> 2020, by and between the Arkansas Groundwater Users'Association("AGUA")and A&S Construction <br /> ("Lessee"); <br /> RECITALS <br /> WHEREAS,Lessee desires to lease water for Lessees use,which use is described as sand washing <br /> operations at the Caldwell/Nesselhuf and Fillmore Pits and construction water at an off-site project <br /> located near Fowler, CO; <br /> WHEREAS, AGUA is a Colorado non-profit organization established in 1995 by well users in the <br /> Arkansas River Valley to protect and develop water supplies in the Arkansas Basin for the benefit of <br /> its members(a/k/a shareholders); and <br /> WHEREAS, at times AGUA projects that replacement water will be available for lease to <br /> nonshareholders,and such water is the subject of this lease. <br /> THEREFORE, in consideration of the mutual promises herein contained and the payments to be <br /> made hereunder,the parties agree as follows: <br /> 1. Deliveries of Leased Water: <br /> a. Amount: In accordance with the terms hereof,AGUA will make available to Lessee 71 Acre- <br /> feet("leased water")for twenty-four(24) months starting on the 1st day of March, 2020. <br /> b. Point of Delivery. AGUA will deliver the leased water to the Arkansas River at or near the <br /> confluence of Fountain Creek and the Arkansas River("Point of Delivery"). Lessee will contact AGUA <br /> at least 2 days in advance to coordinate the amount and timing of deliveries,and such deliveries shall <br /> be subject to any legal or physical flow rate restrictions on the water rights to be delivered. AGUA may <br /> deliver to the Point of Delivery any source of fully consumable water decreed for augmentation that <br /> AGUA has the right to use. Lessee shall be solely responsible for the water once delivered at the Point <br /> of Delivery, including but not limited to obtaining any and all administrative approvals needed to <br /> exchange and use the leased water. The water to be delivered hereunder is raw water that has not <br /> been treated to make it suitable for any particular use.Any treatment of the water delivered hereunder <br /> to make it suitable for Lessee's use is the responsibility of Lessee. <br /> 2. Price. Lessee agrees to pay AG UA$ )er acre foot of leased wate r for a total of <br /> upon signing this Lease. AGUA will refund Lessee on a proportional basis for any amounts of leased <br /> water that AGUA is not able to deliver. The parties agree that the water is leased on a `take or pay" <br /> basis,and Lessee shall not be entitled to a refund for leased water delivered by AGUA that is not used <br /> by Lessee. <br /> 3. Approvals to utilize leased water. Lessee shall only use the water for the purpose stated on <br /> page 1, unless AGUA approves in writing a different use. Lessee will be responsible for compliance <br /> with all applicable laws and obtaining all approvals necessary for Lessee's diversion and use of the <br /> water. If Lessee requires approvals from administrative or judicial authorities to use the leased water, <br /> then AGUA will cooperate with Lessee to provide information regarding the leased water that may be <br /> needed to obtain such approvals. However, all costs of any such approvals will be bome by Lessee. <br /> Page 1 of 4 <br />