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• B. In the even[ that Second Party is unable to obtain a satisfactory change of use of said eater right within the period of 270 days after application end the purcuii of such change with all reasonable and diligent efforts and through no negligence on its part in the handling of said procucding then Si is agreed that the escrow agent shall return acid $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 et~aage 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 De released by the escrow agent to [he First Party es 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 ease until their application for change of use has been approvafl Dy [he water Court unless the written consent of Firer Party is liner had and obtained. E. Within trn days following the final approval by the Water Court of Water Division No. 4 of the State of Colorado of 9e toad Party's appli- cation for change of use of said water rights Second Party agrees to give written direction to !hu Nei.l Agen^y to release to the First • 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 thereto 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 anfl laws of the federal, elate and other govern- mental agencies. It is further agreed by and between the parties that the Pirst Party shall have the right to receive and dis- trtoute to its stockholders said reservoir water during th.~ pendency of the application for change of use of the sa•:~.~ and until said Second Party develops the une of the c,.c:re amount o! said stored water for its purpose and _~r.nt: roar tc is vgreeaote cant tru.,, ye.,~ <o year that •aid First Party shall have the right to take and use any unused or excess portion of said atoned 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 end maintain said water in such a manner that the rights of the First Party in and to the future use of said water shell not be jeopar~ dized or lost. Each party further agrees that it will in- dv~r.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 its behalf during the term of this Agreement.