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WATER RENTAL AGREEMENT <br /> Ir :he event the Lessor defaults m the performance of any cond�t�on or covenant to be performed <br /> by it the Lessee shall provide written natice to the Lessor of the spec�fic default alieged if the <br /> Lessor faits to cure a default w�thin fifteen (15}days after receFpt of notice from the Lessee or, if a <br /> default is not capable of being cured with�n sa�d fifteen (15)day period; if the Lessor fails to <br /> commence such cure within sa d fifteen (15) day penod and d�l�gently prosecute the same to <br /> complet�on, the Lessee may elect to terminate th�s Agreement and seek damages, or may elect to <br /> treat th�s Agreement as being in fuli farce and effect and thereby retam the nght to speaflc <br /> performance. <br /> 6 Accountinq. The Lessor agrees to cooperate with Lessee with �ssues related to accounting f�r <br /> deliveries of Leased Augmentation Supply as the same may be required by the SWSP or <br /> personnel from Colorado Division of Water Resources from time to t�me. <br /> Lessee shall be respons�ble for submitting ail monthly accounting reports ta the Colorado Q�vis�on <br /> of Water Resources Division 1 Accounting Coordinator and the Cache La Poudre River Water <br /> Commissioner as required by the SWSP. A copy of the monthly accounting will be provided to the <br /> Lessor. <br /> On or before October 15th of each year, Lessee shal! provide the Lessor with an estimate of <br /> monthly depletions for November through October of the following water year <br /> 7 Sources of Augmentation Watec In supplying the Leased Water pursuant to this Lease, the Lessor <br /> may use only water that has been decreed specifically to allow for augmentation uses or is <br /> otherwise considered fully consumable, including water from The Overland Ponds. <br /> 8. DeliverY Location: Delivery of the Leased Water shall be made at a location on the Cache La <br /> Poudre River ad�acent to The Overland Ponds, or at such other downstream or upstream <br /> IocaUon(s) as agreed to by the Lessee and the Lessor which is in accordance with the SWSP and <br /> which is acceptable to the Colorado Div�sion of Water Resources. <br /> 9 Lagqed Depletions. As requested by Lessee, delivenes of Leased Water shafl mclude <br /> replacements for lagged depletions as set fo�th and described in Lessee's SWSP Request dated <br /> February 2019 The parties acknowiedge that depleUons to the surface stream do not occur <br /> simultaneously with evaporation and consumption at the gravel mine,consequently depletions to <br /> the surface stream will extend beyond the conclusion of mining activities in 2031. However, as <br /> illustrated on the Calculation Documentation attached hereto as Exhib�t B, such depletions <br /> asymptotically approach zero. Therefore, it is expected that Lessee may be able to satisfy <br /> replacement requirements prior to Lease Expiration, if any, by mak�ng less frequent rep�acements <br /> and in amounts larger than otherwise reqwred The parties hereby acknowledge that the term of <br /> this Lease, rf not sooner termmated as herein provided, wiil expire on Lease Expiration as defined <br /> in Paragraph 1.G. above. <br /> 10 Post-Completion Date Replacement: Folfowing the closing af the purchase of each Reservoir <br /> Parcel pursuant to the terms of the Option Agreement, the Lessor shall be responsible for replacmg <br /> the dep�etions caused by Pond 1 or Pond 2 on and after the date of the closing of the Reservoir <br /> Parcel on wh�ch such Pond �s located and obtaining ali replacement water for evaporation and <br /> other losses required by any perm�ts relating to Reservoirs to be replaced to the stream system, <br /> except for the ongoing lagged depletions due to the Lessee's gravel mining and described above. <br /> Nothing stated herein shall a�ter that requirement or contemplates such replacements. <br /> 11 Assictnment of Rights to Auqmentation Water Upon thirty (30} days advance written notice, �essee <br /> may assign its interest In this Agreement to any successor for the same augmentation purposes on <br /> the same prope�ty as provided herein Similarly, upon thirty (30) days advance wntten notice, <br /> Lessor may assign and delegate all or any part of its obligations under this Agreement to one (1) or <br /> tl0il0;1`J1 f' a k � 3 ( 5 <br />