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NOW, THEREFORE, in consideration of the mutual and dependent covenants herein <br /> contained, the parties hereto agree as follows: <br /> 1. TERM OF CONTRACT <br /> (a) This contract shall be effective for 40 years from the date of execution. <br /> (b) The Contractor may terminate this contract at any time. <br /> (c) Termination as above provided shall be accomplished by written notice by the <br /> Contractor to the United States as provided in Article 8 below, at least 1 year prior to the date of <br /> such termination. <br /> (d) Upon failure of the Contractor to perform its obligations under this contract, the <br /> United States will notify the Contractor in writing of the intent to terminate this agreement. The <br /> said Notice of Termination shall specify each failure of the Contractor, and shall further provide <br /> that the Contractor may, within a 90-day period from the date of said notice, present a detailed <br /> program to correct such deficiencies, and the United States shall review and reasonably accept <br /> such corrections and thereby waive the termination notice. <br /> 2. DELIVERY OF WATER <br /> (a) The Contracting Officer, during the term of this contract shall release water, not to <br /> exceed 5.0 acre-feet at the outlet works of the Blue Mesa Dam. <br /> (b) Requests for the release of water under this contract, from Blue Mesa Reservoir shall <br /> be made by the Colorado Division of Water Resources, Water Division 4 Engineer by calling the <br /> Water Management Group at the Western Colorado Area Office of the Bureau of Reclamation at <br /> (970) 248-0652 or(970) 248-0600. <br /> (c) The Contractor shall have no holdover storage rights in Blue Mesa Reservoir from <br /> year to year. Any water purchased hereunder not called for by the end of each calendar year shall <br /> become integrated with the water supply for all purposes of the Blue Mesa Reservoir and be <br /> available for all purposes at that time. <br /> 3. RATE AND METHOD OF PAYMENT FOR WATER <br /> (a) The Contractor agrees to pay annually to the United States for the quantity of water for <br /> which it has contracted, whether or not the water is actually released from Blue Mesa Reservoir. <br /> 2 <br />