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AGREEMENT AND AMENDMENT TO DEED
<br />This AGREEMENT AND AMENDMENT TO DEED ("Agreement"), made this P day of
<br />August, 2009 among THE PLATTE TRUST whose legal address is 1540 Turner Road, Colorado
<br />Springs, Colorado 80921, THOMAS SHARKEY, whose legal address is 2320 Twylby Road,
<br />Larkspur, CO 80118, their successors and assigns (The Platte Trust and Thomas Sharkey are
<br />collectively referred to hereafter as "Platte"), GILCREST RESERVOIR, L.L.C., a Colorado
<br />limited liability company ("Gilcrest"), the mailing address of which, for purposes of this
<br />Agreement, is c/o The Bromley Companies, L.L.C., 5460 South Quebec Street, Suite 110,
<br />Greenwood Village, CO 80111, and the WESTERN MUTUAL DITCH COMPANY, a
<br />Colorado corporation, ("Westem"), whose legal address is 21454 WCR 33, LaSalle, CO 80645.
<br />Platte, Gilcrest, and Western may be collectively referred to hereafter as the "Parties".
<br />RECITALS
<br />A. Platte represents that it owns water rights on the real property legally described on
<br />EXHIBIT A attached hereto (the ".Property"), including (a) 24 shares of stock in the Western
<br />Mutual Ditch Company represented by Stock Certificate No. 691 (the "Western Shares"), (b) a
<br />1/11`h of 1/4`h interest in the Hewes and Cook Ditch with priorities 13 and 23, less 2 cfs
<br />previously conveyed in Book 642, Reception No. 1564312 (the "0.24 cfs Right") and, (c) 7 cfs
<br />from the Western Ditch as described in and subject to the conditions in the deed to Lars
<br />Sorenson dated January 2, 1920, and recorded in Book 559, Page 128, in the Weld County
<br />records (the "7 cfs Right").
<br />B. The 7 cfs Right has been used in connection with the Property. Western has not
<br />previously given approval of the transfer of the 7 cfs Right for use on any other lands.
<br />C. Platte is under contract to convey the Property, the Western Shares, the 0.24 cfs Right,
<br />and the 7 cfs Right to Gilcrest. In connection with that anticipated conveyance, the Parties desire
<br />to clarify and modify certain agreements relating to the 7 cfs Right and related matters, subject to
<br />the terms and conditions of this Agreement.
<br />NOW THEREFORE, in consideration of the mutual promises and representations contained
<br />herein, the Parties agree as follows:
<br />1. Amendment to Sorenson Deed. As to the 7 cfs Right held by Platte, the Parties
<br />agree as follows:
<br />1.1 Western conveyed the 7 cfs Right to Lars Sorenson (a predecessor in title to
<br />Platte), by a warranty deed recorded in Book 559, at page 128, of the Weld County real property
<br />records (the "Sorenson Deed"). The Sorenson Deed provides that "[t]he use of said water is
<br />limited to the land above conveyed and shall be used on no other land except upon the written
<br />consent of the first party first had and obtained."
<br />Please return to Paula Taylor
<br />Rothgerber Johnson & Lyons LLP
<br />1200 17th Street, Suite 3000
<br />Denver, CO 80202-5855
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