2008-03-24_HYDROLOGY - M1974069

• Permit No: M1974069
• IBM Index Class Name: HYDROLOGY
• Doc Date: 3/24/2008
• Doc Name: Substitute water supply plan
• From: DWR
• To: Bishop-Brogden Associates, Inc
• Permit Index Doc Type: Hydrology Report
• Email Name: ESC
• Media Type: D
• Archive: No

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. ~.~~.>,, ' LEASE OF FiJLLY CONSUMABLE WATER
THIS LEASE is made and entered into this ~~ day of
1998, by'and between the City of Loveland,. Colorado, a Colo~~
home rule municipality ("City"), whose address is.500 East Third
Street, Loveland, Colorado 80537, and Loveland Ready Mix, a
Colorado corporation ("Lessee")., whose address is 1811 West 12`h
Street,. Loveland, Colorado 80537.
WHEREAS, the City owns certain water which, pursuant to the
water laws of the state of Colorado, may be used, re-used and
successively used to extinction (the "Fully Consumable Water");
and
WHEREAS, the Lessee wishes to lease from the City the right
to use a portion of the City's Fully Consumable Water; and .
WHEREAS, the City is willing to lease to Lessee a portion of
its Fully Consumable Water pursuant to certain terms and
conditions as set forth in this Lease,
NOW, THEREFORE, in consideration of the mutual promises and
covenants contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, the
parties agree as follows:
1. The City hereby leases to the Lessee the right to
receive two hundred acre feet of the City's Fully Consumable
Water, as defined in paragraph 4 of this Lease, on an annual
basis. This Lease shall be for a term of twenty-five (25) years,
ending on ~ .3~~ 7,D7.2.~ However, Lessee shall have the option to
-renew this Lease for successive terms of twenty-five years, which
option shall terminate only if Lessee is in default of its
payment obligations under paragraphs 6 or 7 of this Lease or if
Lessee elects not to exercise its option to renew by giving
notice to the City pursuant to paragraph 13 of this Lease not•
later than three (3`) months prior to the end of any twenty-five
(25) year term. In the event Lessee is not in default of its
payment obligations and elects to renew the Lease for any
successive twenty-five year period, Lessee shall not be required
to pay any additional amounts under this Lease for the right to
receive its allotted amount of the City's Fully Consumable Water
as set forth above.
2. The two hundred acre feet of Fully Consumable Water
which the Lessee shall be entitled to receive annually is
hereinafter referred to as the "Leased Water." The parties