HYDRO25948

• Permit No: M2001022
• IBM Index Class Name: Hydrology
• Doc Date: 1/22/2007
• Doc Name: Substitute Water Supply Plan
• From: OSE
• To: Martin and Wood Water Consultants, Inc.
• Media Type: D
• Archive: No

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LEA9S OF FQLLY CONSIIMA8LS WATBR
THIS LfiASfi is made and entered. into this /~ day of ~/1,t/ ,
1998, by and between the City of Loveland, Colorado, a Colorado
home rule municipality (^City"), whose address is 500 Sast Third•
Street, Loveland, Colorado 80537, and Loveland Ready Mix, a
Colorado corporation ("Lessee^)., whose address is 1811 West 12t°
Street, Loveland, Colorado 80537.
WHEREAS, the City owns certain water which, pursuant to the
water laws of the state of'Colorado, may be used, re-used and
successively used to extinction (the "Fully Consumable Water");
and
WHEREAS, the Leeaee wishes to lease from the City the right
to use a portion of the City's Fully Consumable Water; and
WHfiAEAS, the City is willing to lease to Lessee a portion of
its Fully Consumable Water pursuant to certain terms and
conditions as set forth in this Lease,
NOW, THEREFORE, in consideration of the mutual promises and
aovenanta contained herein and other good and valuable
consideration, the receipt of which ia.hereby acknowledged, the
'parties agree ae follows:
1. The City hereby leases to the Leeaee the right to
receive two hundred acre feet of the City's Fully Consumable
Water, as defined in paragraph 4 of this Lease, on an annual
.basis. This Lease shall be for a term of twenty-five (25) yearn,
ending on $4 3~,2D~2., However, Leasee.ahall have the option to
renew this Lease for successive terms of twenty-five years, which
option shall terminate only if Leeaee ie in default of its
payment obligations under paragraphs 6 or 7 of this Lease or if~.
Lessee elects not to exercise its option to renew by giving
notice to the City pursuant to paragraph 13 of this Lease not.
later than three (3) months prior to the end of any twenty-five
(25) year term. In the event Leeaee is not in default of its
payment obligations and elects to renew the Lease for any
successive twenty-five year period, Leeaee ahall.not be required
to pay any additional amounts under this Lease for the right to
receive.ita allotted amount of the City's Fully Consumable Water
as set forth above.
2. The two hundred acre feet of Fully Consumable Water
which the Lessee shall be entitled to receive annually is
hereinafter referred to 'as the "Leased Water." The parties