2008-11-24_PERMIT FILE - C1996083A (12)

Home Browse Search

Volume III, Tab 2 p LEASE OF RESERVOIR COIv1PAI~Y 'SHARES TH1S LEASE OF RESERVOIR COMPANY SHARES is made and entered irYto by and between Bowie Resources, LLC, whose address is P.O. Box 1485, IPaonia, CO 8142$ (hereinafter referred to as "Bowie"} and Overland Water Ranchers LLC, whose address for Purposes of this Agreement is 27497 Bu#falo Road, Hotchkiss, CO 81414 {hereinafter collectively referred to as "Lesser"). The e#~ective da#e of thss Lease is Mazch 19, 2045. RECITALS A. Lessor owns er controls a total of 1104 shares of the ~eapital stock of The Overland Ditch and Reservoir Company {#he "Reservoir Company'"}, represented by.Overland Water Ranchers LLC operating document. These shares shall be referred to herein as the "Overland Shares " B. Bowie desires to lease the Overland Shazes from Lessor, and Lessor desire to lease the Overland Shares to Bowie, on the terms and conditions set forth in this Lease. NOW, THEREFORE, the parties agree as follows: 1 _ Lease of Ouerland Shares. Lessor hereby tease the Overland Shares and all water available under er attributable to the Overland Shares to Bowie, subject to the remaining terms and conditions of this Lease. 2. Use of Water Under Overland Shares. A. The Lessor shall have the right to use the waber~attributabte to the Overland Shares except during Bowie's Exclusive Control Periods, as such periods are defined in Paragraph 2.B., belav~~. B. If Bowie needs to have water under the Overland Shares released for its use or benefit as set forth in 2C, it shall give the Lessor two (2) days' written notice thereof ~"Two Day Notice Period") and Lessor shall notify the Overland Secretary of the change of point of release for the next box setting prior to the end of the Two Day Notice Period. After the expiration of the Twa Day Notice Period, Bowie shall have exclusive control aver the @verland Shares and the exclusive use of all wafer attributable to those Shares, and Bowie shall be entitled to have water released under the Overland Shares for its use ar benefit far irrigation. When Bowie no longer needs the water, it shall give written notice of such fact to Lesser, and after .such notice is given, Lessor shall once again have the right to use the water attributable to the Overland Shares. The period of time during which Bowie has exclusive control aver the Overland Shares, which extends from the • expiration of the Two Day Notice Period until the date Bowie gives notice that it no longer needs the water, shall be lfnown as the "1lxclosive Control Period." Bowie shall be entitled to utilise the P.~-i ~ fl fFRovEQ / l /~ y/b S