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<br />recognize that, simultaneously with the execution of this Lease, <br />the City has leased the right to receive one hundred acre feet of <br />its Fully Consumable Water to Coulson Excavating Company and that <br />the City may, in the future, lease additional portions of its <br />Fully Consumable Water to persons other than Lessee. The <br />Lessee's right to receive two hundred acre feet of the City's <br />Fully Consumable Water pursuant to this Lease shall be equal to <br />the right of Coulson Excavating Company to receive its one <br />hundred acre feet of Fully Consumable Water such that in the <br />event less than three hundred acre feet of Fully Consumable Water <br />is available in any year, Lessee and Coulson Excavating Company <br />shall each be entitled to receive a proportionate share of the <br />available Fully Consumable Water. The right of Lessee to receive <br />two hundred acre feet of the City's Fully Consumable Water under <br />this Lease shall be deemed to be a first right relative to all <br />others, such that in the event the available Fully Consumable <br />Water in any year is in excess of three hundred acre feet but is <br />not sufficient to meet the needs of all persons holding leases of <br />Fully Consumable Water, Lessee shall receive up to its entire two <br />hundred acre feet allotment from the first three hundred acre <br />feet of Fully Consumable Water available. <br />3. In consideration of the right to receive the Leased <br />Water, Lessee shall, upon execution of this Lease; pay City the <br />sum of Four Hundred Forty Thousand and 00/100 ($ 440,000.00) <br />Dollars in certified funds. By entering into this Lease with the <br />Lessee, the City is and shall be under no obligation to file ~{CE9VED <br />application for a change of water rights or for a plan of <br />augmentation concerning the use of the Leased Water by the FEB 0 9 2007 <br />Lessee. <br />WATER RESOURCES <br />STATF. E\CIYEER <br />The City shall not be responsible for the implementation of°LO' <br />any temporary substitute supply plan or augmentation plan <br />concerning the use of the Leased Water. The cost and expense of <br />any such proceeding shall be that of the Lessee. The City agrees <br />to furnish sufficient Leased Water so that, subject to the <br />provisions of this Agreement, the net usable first use or <br />subsequent use water obtained by the Lessee shall be 200 acre <br />feet. The City shall not be obligated to deliver Leased Water to <br />Lessee unless Lessee shall have first provided written notice to <br />the City that Leased Water will be required in a given year by <br />April 1 of the preceding year. <br />The City shall deliver the Leased Water under this Lease in <br />a total a as s ecified by the Lessee and at <br />specific monthly delivery times an in specs is monthly <br />according to the evaporation to etched hereto as <br />