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WATER LEASE <br />THIS WATER LIiASE ("Lease's is made and entered into this 31 s}day of October 2006 <br />and between the CITY OF LOVELAND, COLORADO, a home rule municipality, whose address is <br />S00 East Third Street, Loveland, Colorado 80537 ("City"), and JAKE KAUFFMAN & SON, INC., a <br />Colorado corporation, whose address is 808 South County Road 9E, Loveland, Colorado 80537 <br />("Lessee"). <br />WHEREAS, Lessee desires to acquire augmentation water for the purpose of augmenting <br />certain wells; ponds, or pumps along the Big Thompson River; and <br />WHEREAS, the City is the owner of certain water that may be used for the puryose of <br />augmentation; and <br />WHEREAS, the <;ity is willing to lease, on a temporary basis, a portion of its water, which <br />may include, but is not limited to, Windy Gap reuse water or water stored in the Loveland Storage <br />Reservoir (commonly known as Green Ridge Glade Reservoir) under the terms and conditions of the <br />Transfer Decree entered in Case No. 82C W202A to Lessee on the terms and conditions set forth <br />herein. <br />NOW, THEREFORE, inconsideration ofthe mutual covenants and agreements herein <br />contained, the parties agree as follows: <br />i. Term. This Lease shall be effective for a term of three (3) years commencing January <br />1, 2007 att<! ending December 3l, 2009, unless sooner terminated as provided herein. <br />2. Water. The City shall supply up to fifteen (15) acre-feet of augmentation water per <br />year to Lessee for Lessee's temporary substitute supply plan for evaporation at Wagner/Kauffman Pit <br />#3, M-99-069, or as directed by the River Commissioner or the Office of the State Engineer. <br />3. ual Lease Payment. <br />a. Regardless of water supply source, Lessee shall annually pay the City the <br />Four Hundred Dollars ($400} per acre-foot of water. <br />b. Lessee shall remit the annual lease payment to Ciry on or before April i" of <br />each year during the term of this Lease. <br />c. Tile annual lease payment due shat[ be based on Lessee's approved temporary <br />substitute supply plan or as directed by the River Commissioner or the Office of the State <br />Engineer. In the event Lessee uses more water in any year than that approved in Lessee's <br />temporary substitute supply plan or as directed by the state, the_City shall bill Lessee for such <br />excess water usage at the rate set forth in subparagraph 3.a, above. Lessee shall pay said <br />amount to the City within f fteen (15) days of receiving the City's bill. <br />4. Termination by City. In the event the City has an urgent need for water, as <br />determined in the sole discretion of the City, for reasons including, but not limited to, drought, the <br />City may terminate this Lease. The City will endeavor to give Lessee thirty (30) days notice of such <br />termination, but shall not be required to do so. In the event of such termination, Lessee shall be <br />KagQman Lease -Wagner-Kauffman Pit 2007-09.doe <br />Page ! of 3 <br />