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AGREEMENT TO CONVEY WATER RIGHTS <br />IN.EXCHANGE FOR LEASE OF AUGMENTATION WATER <br />1 <br />par -ties: The parties to this agreement are Cooley Gravel <br />Compa.v ( "Cooley "), a corporation organized and existing under <br />the laws of the State of Indiana, and Centennial Water and <br />Sanitation District ( "Centennial "), a Colorado quasi - municipal <br />corporation. <br />2. Recitals and purpose: <br />A. Cooley owns 1.0 shares of the Nevada Ditch Holding <br />Company, which shares are represented by Stock <br />Certificate No. 3 G 3_ Said shares are sometimes <br />referred to in this agreement as the "subject shares ". <br />B. Coolev has current and future gravel miring operations <br />pursuant to which it has incurred and will incur <br />augmentation obligations to the South Platte River and <br />its tributaries, including Plum Creek above the Titan <br />Road gage where Centennial's Plum Creek rights are <br />measured. <br />C. Centennial owns or has the right to use sources of water <br />that are legally adequate for augmentation purposes. <br />D. Cooley desires to convey its Nevada Ditch shares to <br />Centennial in exchange for a lease of up to 30 acre -feet <br />per year of Centennial augmentation water. Centennial <br />desires to lease up to 30 acre -feet per year of its <br />augmentation water to Cooley in exchange for the <br />conveyance of Cooley's Nevada Ditch shares. <br />3. Terms In consideration of the mutual covenants and promises <br />contained in this agreement, Cooley and Centennial agree: <br />A. Cooley shall execute and deliver at closing: <br />(1) A good and sufficient special warranty deed, in the <br />form of Appendix A attached hereto, conveying its <br />Nevada Ditch shares to Centennial free and clear of <br />all liens and encumbrances; <br />(2) A general stock assignment in the form of <br />Appendix 3 attached hereto; <br />(3) Nevada Ditch holding Company Stock Certificate No. <br />3 G3 ; <br />