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3. CONSIDERATION. Lessee agrees to pay Lessor Three Hundred and 00/00 Dollars ($300.00)per acre-foot of Augmentation Water delivered pursuant to Exhibit 1, to be paid by Lessee pursuant to the terms of the PSA and Mining Lease. Payment to be provided at the Lessor address in paragraph 5 below. 4. FURTHER APPROVAL. Lessee shall be responsible for obtaining such approvals as are necessary for Lessee to use the Augmentation Water in its or substitute water supply plans and shall be responsible for accounting for its use of the Augmentation Water to the appropriate State water administration officials, water court and/or other parties who may be entitled to that information. Lessee shall provide Lessor with copies of its accounting which illustrate Lessee's use of the Excess Augmentation Credits as reasonably requested by Lessor. 5. NOTICES. Any notices, demands or other communications required or desired to be given under provision of this Agreement shall be given in writing, delivered personally, or sent by certified or registered mail, return receipt requested, postage prepaid, address as follows: To Lessor: Ground Water Management Subdistrict of the Central Colorado Water Conservancy District 3209 W. 28th Street Greeley, CO 80634 To Lessee: J-2 Contracting Co. 105 Coronado Ct. Unit A-101 Fort Collins, CO 80525 6. AMENDMENT. This Agreement may be modified, amended, changed or terminated in whole or in any part only by an agreement in writing duly authorized and executed by all the Parties with the same formality as this Agreement. 7. WAIVER. The waiver of any breach or any of the provisions of this Agreement by any Party shall not constitute a continuing waiver of any subsequent breach by said Party,by either of the same or any other provision of this Agreement. 8. HEADINGS FOR CONVENIENCE ONLY. Paragraph headings and titles contained herein are intended for convenience and reference only and are not intended to define or limit the scope or intent of any provision of this Agreement. 9. NON-SEVERABILITY. Each paragraph of this Agreement is related with the other and is not severable unless by mutual consent of the Parties hereto. 10. BINDING EFFECT. This Agreement and rights and obligations created hereby shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and assigns; however, this Agreement shall not be assigned except with the prior written approval of the non-assigning party which approval shall not be unreasonably withheld. Page 2 of 4