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WATER RENTAL AGREEMENT <br /> , j* <br /> THIS WATER RENTAL AGREEMENT ("Lease"or"Agreement") is made and entered into th�s �-� day <br /> of 1G�,fl,'�'Y; , 20� ("Effect�ve Date"), by and between NORTH WELD COUNTY WATER <br /> DISTRICT, acting by and through the North Weld County Water District Enterprise ("Lessor"), and <br /> LOVELAND READY-MIX CONCRETE, INC , a Colorado corporation ("Lessee"}, whose address Is 644 N <br /> Namaqua Ave Loveland, Coiorado 80537 The Lessor and the Lessee are collectively referred to herein <br /> as the"Partes". <br /> WHEREAS, the Lessee is the owner of approximately one hundred twenty-five (125)acres of real <br /> property legally descnbed on Exhibit A attached hereto and has granted to North Weld County Water <br /> D�str�ct an opbon�o purchase a�ort�on of said real property pursuant to an Opt+on Agreement dated <br /> effective as of �I,�`;'�'� �'�> iC�1 2019 ("Opbon AgreemenY'). As set forth �n the Option Agreement, <br /> the Lessee wiH mine portions of the 125-acre parcel to remove sand, gravel and other aggregate products <br /> pursuant ta Division of Reclamation M;n�ng and Safety Permit No. M20t7-036; and <br /> WHEREAS, for convenience of reference, capitalized terms used but not defined herein shall have <br /> the meanings ascribed to such terms in the Option Agreement; and <br /> WHEREAS, Lessee wishes to lease from the Lessor upon the terms set forth below, certain water <br /> rights that may lawfully be used for augmentation purposes, including the replacement of all out-of-priority <br /> depletion to the Poudre River resulbng from mming operations, includmg depletions occurnng subsequent <br /> to the conclusion of mining ("lagged depletions"); all as necessary and sufficient to fulfill its Substitute Water <br /> Supply Plan ("SWSP") obligaUons w�th the Colorado Div�sion of Water Resources, and <br /> WHEREAS, the Lessor owns certain water rights which may lawfully be used for such <br /> augmentation purposes; and <br /> WHEREAS, the Lessor Is willing to lease to Lessee a portion of such water rights, pursuant to <br /> certain terms and conditions as set forth in th�s Lease. <br /> NOW, THEREFORE, m consideration of the mutual promises and covenants contained herein and <br /> other good and valuable cons�deratoon, the receipt of which is hereby acknowledged, the Parties agree as <br /> follows: <br /> 1 Defin�tions For purposes of this Lease the foilowing terms shali have the following meanings: <br /> A. "Augmentation Suppiy" shall mean and refer to certain water rights owned by the Lessor which <br /> may lawfully be used for augmentation purposes. <br /> B "Pond 1 Augmentat�on Supply" shall mean and refer to the Augmentation Supply leased by the <br /> Lessor to the Lessee pursuant to the terms of this Lease with respect to P�nd 1. <br /> C. "Pond 2 Augmentation Supply" shall mean and refer to the Augmentation Supply leased by the <br /> Lessor to the Lessee pursuant to the terms of this Lease w�th respect to Pond 2. <br /> D. "Leased Augmentation Supply"shall mean and refer to the Pond 1 Augmentation Supply and/or <br /> the Pond 2 Augmentation Supply, as applicable <br /> E. "Pond 1 AugmentaUon Suppiy Period" shall mean and refer to the penod of Ume during whlch <br /> the Lessor wili be obligated to lease the Pond 1 Augmentation Supply to the Lessee,which period <br /> of time shall commence thirty days after Lessee provides notice to tessor that it has started <br /> tl��lu�i�>> <br />