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i <br />WATER LEASE AGREEMENT <br />This agreement ("Agreement"), is entered into and effecctive as of January 1, 2008 ("Effective Date') by <br />and between Gnaenspire Metropolitan Districts No. 1, 2 and 3, all of which are Colorado quasi-municipal <br />entities (`Lessor"), and Hall Irwin Corporation, a Colorado corporation, 301 Centennial Drive, Milliken, <br />Colorado 80543 ("Lessee'). The foregoing may hereinafter be individually referred to as "party' and <br />collectively referred to as the "parties". <br />R ITAL <br />A. WHEREAS, Lessor desires to lease to Lessee 9.8 shares of Kem Reservoir Company representstd <br />by share certificate number 30 (collectively "Shares') on the terms and conditions set forth <br />hereinafter, and, <br />B. WHEREAS, Lessee desires to lease the Shares from Lessor on the terms and conditions set forllh <br />hereinafter. <br />AGREEMENT <br />NOW, THEREFORE, in consideration of the covenants and agreements contained herein and other good <br />and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the prsrties <br />hereto agree as follows: <br />1. Incorporatton Of Recitals. All Recitals hereinabove are hereby incorporated herein by referencEr and <br />made a part of this Agreement. <br />2. Tenn. The term of thfs lease shall commence on the Effectivve Date and shall terminate on Deoeimber <br />31, 2008, unless sooner terminated set forth herein or by law. <br />3. Leas. Lessor hereby leases to Lessee the Shares during the term of this Agreement <br />4. R~}j. Lessee hereby agrees to pay rent to Lessor at the rate of 5100 per acre-foot for the 1;11.80 <br />asxe-feet of water expected to be delivered by the shares during the term of this Agreement Such <br />payment shall be made upon e>fecution of this Agreement by Lessee. <br />5, f`emerianc~ with Rules and Regulations. Lessee hereby agrees to comply with all applicable haws. <br />rules, regulations and other governmental terms and conditions with respect to the Shares. Lessee <br />shall also comply with all applicable bylaws, articles of (ncorporatlon, rules and regulatbrrs of <br />companies that issued the Shares. <br />8. Assignment Lessee shall not assign any of its rights hereunder without the prior written consent of <br />Lessor. <br />7. 1 d mn" Lessee shall indemnify and hold harmless Lessor from and against all bss, cost, and <br />expense, including, without limitation, reasonable attorney fees related to this Agreement. <br />8. C n .This Agreement is expressly contingent upon consent being obtained from companiea~ that <br />issued the Shares. <br />9. D faul Should Lessee default under this Agreement and should any such default remain uncured <br />for bn calendar days after being given notice to cure such default, then Lessor may terminates this <br />Agreement. <br />10. Nom. Except as may be expressly authorized elsewhere in this Agreement, any notice, demand, <br />request, or other instrument which may be or is required to be given under this Agreement ("Notiee'~ shall <br />be in writinng and, at the option of the sender, shall be (a) personally delivered to the party or partit3s to <br />