Laserfiche WebLink
<br />LEASE OF FULLY CONSUMAHL$ PATER <br />THIS LEASE is made and entered, into this IP day of JA41 <br />1998, by and between the City of Loveland, Colorado, a Colorado <br />home rule municipality ("City"), whose address is 500 East Third <br />Street, Loveland, Colorado 80537, and Loveland Ready Mix, a <br />Colorado corporation ("Lessee")., whose address is 1811 West 12°b <br />Street, Loveland, Colorado 80537. <br />WHEREAS, the City owns certain water which, pursuant to the <br />water laws of the state of'Colorado, may be used, re-used and <br />successively used to extinction (the "Fully Consumable Water"); <br />and <br />WHEREAS, the Lessee wishes to lease from the City the right <br />to use a portion of the City's Fully Consumable Water; and <br />WHEREAS, the city is willing to lease to Lessee a portion of <br />its Fully Consi'le Water pursuant to certain terms and <br />conditions as forth in this Lease, <br />"1W. ZFOR. ,onsideration of-the mutual promises and <br />c^•- ?ntainec and other good and valuable <br />_sLa__ion, .: of which is. hereby acknowledged, the <br />.jarties agr s: <br />^t -by leases to the Lessee the right to <br />feet of the City's Fully Consumable <br />de- `.-nd in •agraph 4 of this Lease, on an annual <br />-_!s s ha a for a term of twenty-five (25) years, <br />er ';,c. °ever, Lessee. shall have the option to <br />r 'A r r suc ?live terms of twenty-five years, which <br />r ite one if Lessee is in default of its <br />": .s under p"ragraphe 6 or 7 of this Lease or if. <br />Lessee eic` iot t_i exercise its option to renew by giving <br />notice to the City pursuant to paragraph 13 of this Lease not. <br />later than three (3) months prior to the end of any twenty-five <br />('5) year term. In the event Lessee is not in default of its <br />r- yment obligations and elects to renew the Lease for any <br />successive twenty-five year period, Lessee shall.not be required <br />to pay any additional amounts under this Lease for the right to <br />receive its allotted amount of the City's Fully Consumable Water <br />as set forth above. <br />2. The two hundred acre feet of Fully Consumable Water <br />which the Lessee shall be entitled to receive annually is <br />hereinafter referred to as the "Leased Water." The parties