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during the term of the Agreement at the request of Lessee. Lessee must notify Pueblo Water's <br /> Water Resources Division by an exchange of emails or some other form of written <br /> communication by the parties at least two business days in advance of when any requested <br /> delivery of water needs to be released. Such notice will include the desired rate of delivery and <br /> the date and time such delivery should begin and end. Once released by Pueblo Water, it is the <br /> Lessee's responsibility to ensure that the state water officials cause the water released to be <br /> delivered to the Lessee's place of use. Pueblo Water will cooperate with Lessee and the state <br /> water officials to provide them with the necessary information concerning the source, location, <br /> rate, and duration of the release of the [eased water, <br /> 10. Charge. In consideration of the water leased under this Agreement Lessee agrees to pay <br /> Pueblo Water a charge of$775.51 per acre-foot of water for the quantities of water identified in <br /> paragraph 2 above. The parties agree that the water leased hereunder is on a "take or pay" basis, <br /> Accordingly, Lessee must pay the charge for all leased water, whether or not said quantities of <br /> water are actually taken by Lessee or are required for use by Lessee. Likewise, Pueblo Water <br /> agrees to make the water available for delivery throughout the term of this Agreement subject to <br /> paragraphs 13 through 16 below, Except as provided in paragraph 11.5, the failure of Lessee to <br /> take delivery of the full quantity of water contracted for and paid for in any given Contract Year <br /> does not entitle Lessee to a refund of any sums paid or to receive any portion Of Such unused <br /> water in a subsequent Contract Year. <br /> 11. Payments, <br /> 11,1. On the Effective Date of this Agreement, Lessee must pay to Pueblo Water the First <br /> Contract Year payment of$38,775.50. <br /> 11.2. Upon the Effective Date of this Agreement, Lessee will also pay to Pueblo Water a <br /> non-refundable fee of$1,000 in consideration of legal and administrative costs incurred by <br /> Pueblo Water for this Agreement. <br /> 11.3. An additional payment in an amount equal to the Contract Year quantity of water <br /> described in paragraph 2 multiplied by the applicable per acre-foot charge as determined <br /> under paragraphs 10 and 12 is due from Lessee to Pueblo Water on the first day of the <br /> second Contract Year and each Contract Year thereafter. <br /> 11.4. Delinquent balances by either party will be Subject to a late payment charge of <br /> 1.5%per month on the unpaid balance, No water will be delivered under this Agreement <br /> if Lessee has an unpaid balance. <br /> 11.5 If Pueblo Water does not make available for delivery the full quantity of water as <br /> provided in paragraph 2 during any Contract Year pursuant to paragraphs 13 through 16, <br /> Pueblo Water will notify Lessee of the quantity of water available for the Contract Year. <br /> Said notice will include reimbursement to Lessee of the amount paid by Lessee, per acre- <br /> foot, for the difference between the quantity of water provided in paragraph 2 and the <br /> quantity of water specified as available for delivery in said notice. <br /> Page 3 of 7 <br />