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<br />~~ Td ~iu /(~. <br />LICENSE AGREEMENT <br />THIS LICENSE AGREEMENT ("License"), executed this ~~ay of April, 1996, by and <br />between PUBLIC SERVICE COMPANY OF COLORADO, a Colorado corporation hereinafter called <br />"Licensor" has hereby granted to PATHFINDER DEVELOPMENT, INC., a Colorado corporation, P.O. <br />Box 797, Telluride, Colorado 81435 hereinafter called "Licensee"; <br />CIT <br />A. Licensor is the owner of, or holds certain rights-of-way or easements in [he real property ("the <br />Property") more particularly described below: <br />A portion of Section 5, Township 41 North, Range 9 West and Section 32, <br />Township 42 North, Range 9 West of the New Mexico Principal Meridian, <br />County of San Miguel, State of Colorado; <br />B. Licensor has aright-of-way, easement or other interest in the Property for the operation and <br />maintenance of the Ames Penstock Water Line (the "Penstock"); and <br />C. Licensee desires to obtain permission from Licensor to do the following: <br />(i) to construct a temporary roadway ("Licensed Facility") over and across portions of the <br />Property; and <br />(ii) to move Licensee's water tap on the Penstock at its own cost and expense. <br />AGREEMENT <br />NOW THEREFORE, in consideration of the foregoing, and for other good and valuable <br />consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: <br />1. Licensor hereby grants to Licensee, its successors, lessees and assigns, witn respect to such ti[le and <br />interest as Licensor may have in the Property, and upon the terms and conditions hereinafter stated, the <br />permission and right to construct, maintain, operate, repair, inspect, remove and replace the Licensed <br />Facility across the Property. In addition, Licensor hereby grants to Licensee, its successors, lessees and <br />assigns, the permission and right to move its water tap on the Penstock water line at Pathfinder's own cost <br />and expense. Such installation and construction shall be located as shown on the Licensee's Exhibits <br />attached hereto and made a part hereof by this reference. <br />2. Licensor intends to use the Property for all purposes in connection with a water line (Penstock) and <br />that the rights herein granted to Licensee are subject to the rights of the Licensor to use the Property for <br />such purposes, which rights Licensor hereby expressly reserves. <br />C?wP W IMDOC~CLIENTS\SMITH SCNATHFTDRWUBLICSEV_ICENSE AG1 AGREEMENT -PAGE 1 OF 4 <br />