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WATER LEASE AGREEMENT <br /> THIS WATER LEASE AGREEMENT ("Agreement") is entered into on this lst day of <br /> February 2023 ("Effective Date") by and between the Ground Water Management Subdistrict of <br /> the Central Colorado Water Conservancy District, whose address is 3209 W. 28th Street, Greeley, <br /> Colorado 80634 ("Lessor") and Journey 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 and J-2 shall be collectively referred to as <br /> "Lessee"). Lessor and Lessee may individually be referred to as a "Party" or collectively as <br /> "Parties." <br /> RECITALS <br /> WHEREAS, 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 /> WHEREAS, 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 mining 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 in this Lease Agreement. <br /> NOW, THEREFORE, in consideration of the mutual promises and covenants contained <br /> herein, the Parties hereby agree as follows: <br /> 1. AUGMENTATION WATER LEASE. Lessor hereby agrees, during the Term of <br /> this Agreement, to lease to Lessee, up to 32.08 acre-feet of water ("Augmentation Water"), <br /> pursuant to the monthly delivery schedule attached hereto as Exhibit 1. <br /> 2. TERM OF LEASE. The term of this lease is from April 1, 2023 to March 31, <br /> 2024. <br /> Page 1 of 4 <br />