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<br />right of refusal and by paying Lessee the contract price as net <br />forth in the agreement between the Lessee and the third party. if <br />the City does not exercise its right of first refusal, the Lessee <br />may assign or transfer its rights to a third party, and the third <br />party shall be bound by all terms and conditions of this Lease,, <br />including the obligation to allow the City the first right of <br />refusal on any transfer or assignment of the Leased Watez, it <br />being the intent of this Lease that the City's right of first <br />refusal shall apply to each and every transfer of the Leased <br />Water which may arise at any time during the existence of this or <br />any subsequent Lease. The right of first refusal net forth in <br />this paragraph shall not apply in the event the Leeaee wishes to <br />assign, encumber or exchange its rights to receive all or any <br />portion of the Leased Water to a third party pursuant to an <br />exchange which is a transfer, sale or assignment of all or <br />substantially all of Lessee's assets to said third party. <br />12. ~ After the City has increased the storage capacity of <br />Green Ridge Glade Reservoir to at least five thousand (5,000) <br />acre feet, and upon sufficient advance written notice so as to <br />permit the City to place appropriate orders for replacement <br />water, the Lessee may temporarily nub-lease the Leased Water or <br />portions thereof to third parties without activating the City's <br />right of first refusal ae net forth in paragraph 11, eo long ae <br />the length of the nub-lease term and the amounts and times of <br />discharge required by the Sub-lessee are acceptable to the City. <br />Any such lease arrangement shall firat~e provided to the City <br />for its review and approval, which approval shall not be <br />unreasonably withheld. <br />~13. All notices shall be in writing and shall be deemed <br />giveq if personally delivered or mailed, certified mail, return <br />receipt requested, to the following addresses: <br />If to City, to: <br />City of Loveland Water ~ Power Department <br />Attn:~Ralph Mullinix, Director <br />200 North Wilson Avenue <br />Loveland, Colorado 80537 <br />with a copy to: <br />City of Loveland <br />Attn: City Attorney <br />500 East Third Street <br />Loveland, Colorado 80537 <br />