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09/14/2069 11:30 9703921999 STAR READY MIX PAGE 02/04 <br />WATER LEASE AGREEMENT <br />. (GRAHAM DITCH) <br />This Water Leese Agreement CAgreemewl is entered Into this [Al day of <br />t'ip`' G_g 1T 2009 by and between Star Ready Mix, Inc., a Limited Liability Company <br />organ tamed under the awe of the State of Colorado, "Lessee" and GRAHAM DRAINAGE DITCH <br />COMPANY ("Ditch Company"), LLessor". <br />RECITALS <br />A. The Ditch Company owns and operates, for the benefit of its shareholders, the Graham Seepage <br />and Drainage Canal and the water right decreed to that structure in case Na W-7818-74, District Court, <br />Water Division No.1 ('Graham Ditohl. The Graham Ditch Is decreed as a developed water right for up to <br />2800 acs feet per year. The Graham pitch originates in Section 27 of Township 7 North, Range 66 West <br />ofthe 6h P.M., Weld County, Colorado and Is capable of delivering water to the Cache Le Poudre River at <br />two points In $eotfon 38 of Township 8 North, Range 66 West of the 80P.M.,'Weld County, Colorado. <br />e. Louses Intends to operate and administer a Substitute Water Supply plan ("SWSPI. Lessee <br />desires to lasso water temporarily from Lessor until Its permanent sources of augmentation water are In <br />place. <br />C. Lessor is willing to lease to Lessee water delivered from the Graham Ditch to the Cache La <br />Poudre River, and Lessee desires to lease such water, in ecoordance with the terms and conditions of <br />this agreement. <br />AGREEMENT <br />Now, therefore, in considerdon of the foregoing recitals, and mutual covenants and agreements heroin, <br />and for other good and valuable oonslderetion, the receipt and suMolency of which Is hereby <br />aoknowiedged, the parties agree as foilows: <br />1, a e. Lessor hereby looses and agrees to provide to Lessee up to 02.94 core feet of fully <br />consumable water from the Graham Ditch (tho "Graham Ditoh Watery according to the monthly schedule <br />below, subject to the gmitations, terms and conditions stated herein. <br />Al! valves In oaf t <br />2010 <br />Apr May Jun Jul Aug Sep Oct <br />Total <br />7.72 10.27 14.27 16.05 15.26 11.43 7.94 M94 <br />2 fmt Lessee shall pay Lessor $50 for each acre foot of fully consumable Graham Ditch Water <br />that is trade available to Lessee in accordance with the measurement and delivery terms set forth in <br />Paragraph 3 of this Agreement and approved by the State Engineer for consumptive use In the SW-SP. <br />Within live (S) days following the end of each calendar month, Lessor shall provide Leases with a written <br />statement Indicating the total number of acre feet of Graham Ditch Water made available to Lessee for <br />replacement and sugmentatfon use during that month. Lessee's payment shall be due no later then <br />twenty (20) days following submission of the bill. Lessee shalt make all rental payments to the Lessor in <br />care of the Ditch Company, and the Ditch Company shall be responsible for distributing such payments <br />amongst Its shareholders according to their pro rate share. <br />3. Measurement epd Deft0j. The point of delivery for the Graham Ditch water leased pursuant to <br />this agreement shag be to the Cache Le Poudre River at the point where the East Lateral of the Graham <br />Ditch Is capable of deivering to the Cache La Poudre River in Section 36 of Township 0 North, Range 86 <br />Week of the & PM., Weld Cocr* C _ Leaeor shelf-make, -chills--metwed- memmewi of <br />1 of 3 <br />Received Time Sep.14. 2009 11:28AM No. 1818