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WATER LEASE AGREEMENT <br /> This Water Lease Agreement is made and entered into this 28th day of October, <br /> 2020, by and between the Lessor Arkansas Groundwater Users Association, and/or <br /> assigns, P.O. Box 11446 Pueblo, CO 81001 (hereinafter"AGUA") and Lessee Fremont <br /> Paving & Redi-Mix Inc.30783 East Hwy 50 La Junta, CO 81050 (hereinafter"Fremont <br /> Paving") <br /> WITNESSETH: <br /> WHEREAS, Fremont Paving intends to divert water directly from the Arkansas <br /> River for use at the Penrose Pit. <br /> WHEREAS, Fremont Paving may have a need to lease up to 20 acre-feet of fully <br /> consumable water for the time period starting November 1, 2020 and ending October <br /> 31, 2021. <br /> WHEREAS, Fremont Paving is currently developing its own augmentation supply <br /> which may decrease its need to lease augmentation water from AGUA. <br /> NOW THEREFORE, in consideration of the mutual promises contained herein <br /> and other good and valuable consideration, the receipt and sufficiency of which is <br /> hereby acknowledged, the parties agree as follows: <br /> 1. Lease: AGUA hereby leases up to 20 AF of fully consumable water delivered to <br /> the Arkansas River by means including, but not limited to Union Ditch or excess Plum <br /> Creek pipeline consumptive use credits available at the Penrose Pit point of diversion or <br /> consumable water delivered by exchange up from Pueblo Reservoir. <br /> 2. Term: The term of this lease between AGUA and Fremont Paving shall <br /> commence on November 1, 2020 and shall continue in full force and effect through <br /> October 31, 2021. Any water not delivered by October 31, 2021 will revert to AGUA. <br /> There shall be no automatic extensions of this lease or any right hereunder unless the <br /> parties enter into a written renewal or extension agreement. AGUA shall have no <br /> obligation for delivery of water either for direct use or to cover post-plan depletions after <br /> October 31, 2021 as part of this agreement. <br /> 3. Rentals: The rental payment obligation from Fremont Paving to AGUA shall <br /> consist of Fremont Paving paying to AGUA per AF of fully consumable water. The <br /> amount purchased shall be determined based on records from the Colorado Division of <br /> Water Resources. All water provided by AGUA sources used to cover diversions from <br /> the Arkansas River for use at the Penrose Pit during the term of this lease shall count <br /> against this lease. The 20 acre-feet will be billed on a monthly basis if and when it is <br /> used to cover Penrose Pit diversions. <br /> 1 <br />