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make its records and reports available to aid Picketwire in such applications. The <br />parties hereto understand that the Water Court could deny Picketwire's application <br />for anv or all such modifications, and this Agreement shall remain in lull force and <br />effect even if modifications are denied by the Water Court. <br />~. Implementation. NCE shall take all steps necessary to complete the <br />implementation of the Water Rights under the relevant decrees, including, to the <br />extent implementation is required pursuant to paragraph 1 herein, the decree in <br />Case No. 83CW131, and Picketwire shall have responsibility for all accounting and <br />monitoring requirements imposed by such decrees for Picketwire's use of the Water <br />Rights and the 83CW131 Water. Picketwire shall cooperate with NCE as necessary to <br />complete the implementation of all such decrees. <br />6. Right of First Refusal. NCE hereby grants a right of first refusal to <br />Picketwire for purchase of the Water Rights and the 83CW131 Water, as follows: If <br />NCE finds a bona fide purchaser or lessee for anv one or all of the Water Rights or <br />the 83CW131 Water, it shall notify Picketwire in writing. Picketwire shall have 30 <br />days from the receipt of such notice to notify NCE that Picketwire intends to meet all <br />of the terms contained in the offer made by the bona fide purchaser or lessee. If <br />Picketwire fails to respond with 30 davs, or responds negatively, NCE may go <br />forward with the sale or lease, and this Water Lease Agreement shall terminate as <br />provided in paragraph 7 below, but if Picketwire responds affirmatively within 30 <br />• days, the parties shall proceed to a closing of the transaction within 90 davs of <br />Picketwire's response. <br />7. NCE Right to Interrupt Lease. NCE has the right to terminate this <br />Water Lease Agreement if it finds a bona fide purchaser or lessee for any one or all <br />of the Water Rights of the 83CW131 Water and if Picketwire fails to respond within <br />30 davs to the notice required by the first sentence of paragraph 6 above, or if <br />Picketwire responds negatively to that notice (stating that it does not wish to exercise <br />its right to purchase or lease such water), provided that such termination shall only <br />apply to the Water Rights or the 83CW131 Water set forth in such notice and that <br />this Water Lease Agreement shall remain in full force and effect as to the Water <br />Rights or the 83CW131 Water not included in such notice. <br />8. yfaintenance. Picketwire agrees that during the term of this <br />Agreement, Picketwire shall, at its own expense, take full responsibility for repair, <br />operation and maintenance of all ditches, headgates and other structures used in <br />connection with the Water Rights. <br />9. SuoDly. Picketwire acknowledges that there is no guarantee as to the <br />physical supply of water that will be produced by the Water Rights inasmuch as the <br />physical availability of water is dependent on the Colorado priority system and <br />natural causes, both bev_ and the control of NCE. In the event and during such times <br />• <br />3 <br />