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DocuSign Envelope ID: F700D728-OD39-4E4C-A66E-3DD2166F8FDC <br /> WATER LEASE AGREEMENT <br /> THIS WATER LEASE AGREEMENT ("Lease") is made and entered into as of the <br /> 5th day of December 2023,by and between the Town of Erie ("Lessor") and <br /> Asphalt Specialties CO., Inc. ("ASCI" or "Lessee"). Lessor and Lessee are referred to <br /> collectively herein as the "Parties." <br /> , RECITALS <br /> A. Lessor is the owner of Units in the Windy Gap ("WG") Project, as such <br /> Units are defined in the Allotment Contract between the Northern Colorado Water <br /> Conservancy District ("NCWCD") and Lessor. <br /> B. Lessee desires to lease effluent derived from first use of Lessor's WG Units <br /> under Lessor's 2024 water allotment("WG Reuse Water") for use as <br /> augmentation/replacement water. From time to time, varying amounts of the WG Reuse <br /> Water may be surplus to the needs and obligations of the Lessor ("Surplus Water"). <br /> C. Lessor anticipates having Surplus Water available periodically during <br /> 2024. <br /> D. Lessee desires to lease a certain portion of the Surplus Water from the <br /> Lessor in accordance with the terms and conditions of this Lease for use as an <br /> augmentation source for gravel pit mining and reclamation purposes. <br /> AGREEMENT <br /> For good and valuable consideration, the receipt and sufficiency of which is <br /> hereby acknowledged, the Parties agree as follows: <br /> 1. Lease of Water; Term. Lessor hereby leases to Lessee up to a total of 39.15 <br /> acre-feet of Surplus Water to be delivered during the Initial Lease Term of January 1, <br /> 2024 through December 31, 2024. Lessor, in its sole discretion, determines when and to <br /> what extent any Surplus Water is available under this Lease. This Lease does not grant <br /> to Lessee the right to use facilities owned or operated by Lessor. Lessee shall be <br /> responsible for all necessary agreements for the use of Surplus Water by a third party, if <br /> any. <br /> 1.1. Lease of Water; Renewal. The Initial Lease Term may be extended for <br /> additional one-year terms until December 31, 2028. Lessee shall request one- <br /> year extension(s) of the lease term on or before November 1 of each year, and <br />