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<br />• setoff against any such payment (except to the extent water <br />allocated to the Corporation is abated pursuant to paragraph 1.3 <br />above), nor shall the Corporation be permitted to withhold any <br />payment required hereunder, for any reason whatsoever. <br />3. TERM OF AGREEMENT: <br />3.1 The term of this Agreement shall be for a period of 30 <br />years, commencing on July 15th of the first year that the <br />District notifies the Corporation that water has been placed in <br />storage in Stagecoach Reservoir for allocation to the <br />Corporation. <br />4. OPERATION AND MAINTENANCE OF STAGECOACH RESERVOIR: <br />4.1 It is hereby expressly acknocoledged that the District <br />shall be solely responsible for constructing, operating, <br />repairing and maintaining Stagecoach Reservoir, and that the <br />District shall be the sole owner of the dam and all facilities <br />used in connection caith the construction, operation, repair and <br />maintenance of said Reservoir, and the water rights adjudicated <br />thereto. Nothing herein contained shall be deemed to create a <br />partnership, a joint venture, or joint ownership or joint <br />responsibility in any way between the parties hereto. <br />• 5. DEFAULT: <br />5.1 Except as provided for in subparagraph 2.2 where no <br />notice of late payment is required, if any obligation required <br />hereunder is not made or performed in accordance with this <br />Agreement, the non-defaulting party shall give written notice to <br />the other party in default specifying such failure in <br />performance. The party in default shall have a period of 15 days <br />after receipt of such notice in which to perform the obligation <br />then in default, or if such default is of such a nature that it <br />cannot be completely cured within such 15 day period, to commence <br />such curing within 15 days and thereafter proceed with reasonable <br />diligence and in good faith to cure such default. If the party <br />in default shall fail to do so within such period, then the <br />non-defaulting party may seek specific performance of this <br />Agreement, provided, however that nothing herein shall preclude <br />the termination of this Agreement by the District in the event of <br />non-payment by the Corporation following 45 days written notice <br />to the Corporation. Except as otherwise set forth, the parties <br />expressly agree that this Agreement shall be specifically <br />enforceable, which is 'intended to be the exclusive remedy <br />available to the parties in the event of default. Except as <br />otherwise set forth, the parties expressly waive rescission or <br />termination of this Agreement as remedies in the event of a <br />default. <br />6. GOVERNING LAW: <br />3 <br />16-1-41 <br />