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• 8. In the event that Second Party is unable to obtain a satisfactory change of use of said water right within the period of 270 days after application and the pursuit of such change with all reasonable and diligent efforts and through no negligence on its part in the handling of said procucding then it is agreed that the escrow agent shall return said $10,000.00 deposit to said Second Party. On the other hand if said Second Party fails, refuses or neglects to proceed with said appli- cation for eta nge of use with reasonable dili- gence or abandons such application then such failure shall constitute a breach of the terms of this agreement and the initial payment of $10,000.00 shall be released by the escrow agent to the First Party as liquidated damages. D. The Second Party shall assume no control or management of said water right nor undertake to make any repairs or maintenance of the same until their application for change of use has been approved by the Water Court unless the written consent of First Party is first had and obtained. E. Within ten days following the final approval by the Water Court of water Division No. 4 of the Scare of Colorado of Second Party's appli- • cation for change of use of said water rights Second Party agrees to give written direction to too Nei,.L Agen-y to release to the Ficst Party the $10,000.00 held by it in escrow and the Second Party will thereupon pay the balance of said advance total rental in the amount of $70,000.00. Second Party agrees to accept above described water right including all ditches, reservoirs and appurtenances tlicrato in their present condition and agrees to maintain, repair and improve such appurtenances as may be required from time to time in conformity with good water usage practices and in conformity with the requirements, reg- ulations and laws of the federal, state and other govern- mental agencies. It is further agreed by and between the parties that the First Party shall have the right to receive and dis- tr3oute to its stockholders said reservoir water during th.~ pend ancy of the application for thongs of use of the sa~:~,~ and until said Second Party develops the une of the cr~c:re amount o` said stored water for its purpose and _~c. nor coat it is aq retools coat 2ruu. ye.,i ~o year that said E'i rst Party shall have the right to take and use any unused or excess portion of said stored water for delivery to its stockholders. Second Party shall have the determination as to whether or not there is or will be any unused portion from said source in any calendar year. Second Party further agrees to use and maintain said water in such a manner that the rights of the First Yarty in and to the future use of said water shall not be jeopar~ dized or lost, Each party further agrees that it will in- darir.ify, protect and save the other Party harmless from • any injury or damage that may be occasioned by its use of said reservoir water on Sts behalf during the term of this Agreement.