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Term. This lease is for the period of the date hereof until August L, 2006. <br />4. Water Availability/Release. The District represents that the annual assessments on <br />the Twin Lakes shares have been paid and that 0.5 acre-feet of the water derived from the shares <br />is available in storage in North fork Reservoir pursuant to the District's decrees, and such water is <br />available for use by the Division Engineer, Water Division 2, to replace any out-of-priority <br />depletions by Calco to the Arkansas River which are to occur, for which Calco has an obligation <br />for replacement, during the terms of this Lease. The parties shall cooperate will each other in <br />supplying the necessary replacement water from North Fork Reservoir as required by the Division <br />Engineer to meet out-of-priority depletions under Calco's Arkansas River replacement plan. <br />5. Time of Essence/Remedies. Time is of tl;e essence, and if any obligation created <br />hereunder is not performed by either party, then the nondefaulting party shall have all remedies <br />available to it in law and equity. <br />1N WITNESS WFIEREOF, the parties hereto have set their hands and seals on the day <br />and year first above written. <br />LESSEE: <br />COLORADO LIME COMPANY, INC <br />d/b/a CALCO <br />ay <br /> <br />LESSOR: <br />UPPER ARKANSAS WATER ACTIVITY <br />ENTERPRISE <br />sy <br />Thomas A. Young, Chai an <br />