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I <br /> LEASE OF FULLY CONSUMABLE WATER <br /> THIS LEASE is made and entered into this day of <br /> 1997, by and between the City of Loveland, COIoTrado, a Colorado <br /> home rule municipality ("City") , whose address is 500 East Third <br /> Street, Loveland, Colorado 80537, and Coulson Excavating Company, <br /> a Colorado corporation ("Lessee" ) , whose address i 3609 North <br /> County Road 13 , Loveland, Colorado 80538 . <br /> WHEREAS, the City owns certain water which, purpuant to the <br /> water laws of the state of Colorado, may be used, re--used and <br /> successively used to extinction (the "Fully Consu le Water") ; <br /> and <br /> WHEREAS, the Lessee wishes to lease from the ity the right <br /> to use a portion of the City' s Fully Consumable Wa er; and <br /> WHEREAS, the City is willing to lease to Lessee a portion of <br /> its Fully Consumable Water pursuant to certain texins and <br /> conditions as set forth in this Lease, <br /> NOW, THEREFORE, in consideration of the mutual promises and <br /> covenants contained herein and other good . and valuable <br /> consideration, the receipt of which is hereby acknowledged, the <br /> parties agree as follows: <br /> 1. The City hereby leases to the Lessee the right to <br /> receive up to one hundred acre feet of the City's Fully <br /> Consumable Water, as defined in paragraph 4 of thiE Lease, on an <br /> annual basis. This Lease shall be for a term of tw my-five (25) <br /> years, ending on However, Lessee shalJ have the <br /> option to renew this Lease for successive terms of twenty-five <br /> years, which option shall terminate only if Lessee is in default <br /> of its payment obligations under paragraphs 6 or 7 of this Lease <br /> or if Lessee elects not to exercise its option to renew, by giving <br /> notice to the City pursuant to paragraph 12 of thif Lease not <br /> later than three (3) months prior to the end of anj twenty-five <br /> (25) year term. In the event Lessee is not in defa It of its <br /> payment obligations and elects to renew the Lease for any <br /> successive twenty-five year period, Lessee shall n t be required <br /> to pay any additional amounts under this Lease for the right to <br /> receive its allotted amount of the City' s Fully Co sumable Water <br /> as set forth above. <br /> 2 . The one hundred acre feet of Fully Consumable Water <br /> which the Lessee shall be entitled to receive annually is .• <br /> hereinafter referred to as the "Leased Water. " The partie <br />