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Exhibit 3. Lease Agreement <br /> ❑L'ATER LEASE AGREEIZEI\T <br /> THIS WATER LEASE AGREEMENT (`Agreement") is entered into on this 31st day of <br /> January 2021 (-Effective Date'") by and between the Ground Water -Managennent Subdistrict of <br /> the Central Colorado Water Conservancy District,whose address is 3209 W. 18111 Street,Greeley, <br /> Colorado 80634 ("Lessor") and Join-ney Ventures LLC, a Colorado Limited Liability Company <br /> whose address is at 105 Coronado Ct_Unit A-101 Fort Collins_ CO 80525 (Journey Ventures) and <br /> J-2 Contracting Company, a Colorado Corporation whose address is 105 Coronado Ct_ Unit A- <br /> 101, Fort Collins CO 80525 (J-2) (Journey Venture mid J-2 shall be collectively referred to as <br /> "Lessee''). Lessor and Lessee may undiVidually be referred to as a "Party- or collectively as <br /> "Parties. <br /> RECITALS <br /> «'HEREAS, Lessor and Lessee are parties to that Purchase and Sale Agreement ("PSA") <br /> dated March 19, 2019, by which Lessor is agreeing to purchase and Lessee is agreeing to sell <br /> certain Property, as defined in the PSA, on which Property is situated a gravel pit known as the <br /> Journey Venture Pit("Pit"); and <br /> WHEREAS_. as contemplated in the PSA,Lessor and Lessee will enter into a Mining <br /> Lease, which is included as Exhibit A to the PSA; and <br /> '%17HERE AS,pursuant to the terms of the Mining Lease, Lessor has agreed to provide <br /> Lessee with up to 50 acre-feet of augmentation water per year, or a lesser amount as required by <br /> the substitute water supply plan associated with Lessee's inMing permit for the Pit; and <br /> WHEREAS, Lessee has a need for augmentation water prior to the PSA Closing Date of <br /> May 15, 2019; and <br /> WHEREAS,Lessor agrees to lease to Lessee such augmentation water upon the terms <br /> and conditions ui this Lease Agreement. <br /> NONE-,THEREFORE, in consideration of the mutual pronuse.s and covenants, contained <br /> herein,the Parties hereby agree as follows: <br /> 1- AUGN ENTATION RATER LEASE_ Lessor hereby agrees, during the Term of <br /> this Agreement. to lease to Lessee, tip to 32.08 acre-feet of water(`-Augmentation Water'). <br /> pursuant to the monthly delivery schedule attached hereto as Exhibit 1. <br /> I TERM OF LEASE. The term of this lease is from April 1. 2022 to March 31, <br /> 2023. <br /> 10 <br />