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<br />WATER LEASE AGREEMENT <br />Thfa agreement ('Agreement"), is entered into and eibc>ive as of January 1, 2008 ('Effective Dates") by <br />and between Groenspiro Metropolitan Districts No. 1, 2 and 3, all of which are Cobredo quasi-municipal <br />entities (`Lessor', and Hap Irwin Corporation, a Colorado corporation, 301 Centennial Drive, MNliken, <br />Colorado 80543 ("Lessee'). The foregoing may hereinafter be individually referrod to as "party" and <br />cdlectlvely referred to as the "parties". <br />~tECITALS <br />A. WHERt?AS, lessor desires to lease to Lessee 9.6 shares of lCem Reservoir Company represented <br />by sham certificate number 30 (collecWely "Shams') 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 forth <br />hereinafter. <br />AGREEMENT <br />NOW. THEREFORE, in consideration of the covenants and agreements contained herein and other good <br />and valuable consideretion, the receipt and adequacy of which aro hereby acknowledged, the p+ar5es <br />hereto agree as folbws: <br />1. Incorporation Of Recitals. All Recitals heroinabove aro hereby incorporated herein by referenar and <br />made a part of this Agreement. <br />2. T, er .The term of this lease shall commence on the Effectivve Date and shall terminate on December <br />31, 2008, unless sooner terminated set forth herein or by law. <br />3. Lead. Lessor hereby leases to Lessee the Shams during the term of this Agreemerrt. <br />4. $~. Lessee hereby agrees 'to pay rent to Lessor at the rate of 6100 per acre-foot for the 1;11.80 <br />acre-feet of water expected to be delivered by the shares during the term of this Agreement Such <br />payment shay be made upon e,rtecution of this Agreement by Lessee. <br />S. Compliance with Rules and Rc~ulations. Leases hereby agrees to comply with all applicable Ilaws, <br />rules, regulations and other gavemmental teens and conditions with respect to the Shares. Lessee <br />shag also comply with ap applk~aibie bylaws, articles of Incorporatbn, rules and regulations 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. I n' Lessee shag indemnihr and hold harmless Lessor from and against ap bas, cost, and <br />expense, including, without limitation, reasonable attorney bee related to this Agreement. <br />8. Consent. This Agreement is expressly contingent upon consent being obtained from companies that <br />issued the Shares. <br />9. Defau t. Should Lessee default under this Agreement and should any such default remain uncured <br />for ten cabndar days after being given notice to taro such default, then Lessor may terminate this <br />Agreement <br />10. f~ .Except as may be expressly authorized etsewhero in this Agreement, any notice, demand, <br />request, or other instrument which may bs or fa roquirod to be given under this Agreement ('Noticed :rha8 <br />be in writing and, at the option of the sender, shall be (a) personally delivered to the party or parties to <br />