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WATER LEASE AGREEMENT <br />THIS AGREEMENT is made and entered into this 9th day of December, 2009 by <br />and between, the Town of Milliken, hereinafter referred to as Lessor, and Hall <br />Irwin Corporation, hereinafter referred to as Lessee. <br />WITNESSETH: <br />WHEREAS: Lessor is the owner of excess augmentation credits, specifically the <br />credits generated from the Substitute Water Supply Plan (SWSP) filed with State <br />Engineer pursuant to 37-92-308 (4) C.R.S. and the Application in the Water <br />Court, Case No. 02CW339 and 05CW059; and <br />WHEREAS, Lessor desires to lease to Lessee the credits and Lessee desires to <br />lease the same, <br />NOW THEREFORE, in consideration of the mutual covenants and promises of <br />the parties hereto, it is agreed as follows: <br />1. Lessor shall lease credits with the right to use the same to cover <br />out-of-priority depletions from Lessee's aggregate mine. <br />2. The credits total re ?eet for January 1, 2010 through <br />December 31, 2010 as" own in Table 1, Lessor will make every <br />attempt to provide to the Lessee the monthly volumes contained in <br />Table 1. Lessor anticipates that excess credits from its 02CW339 <br />and 05CW059 SWSP will be sufficient to meet the monthly values <br />in Table 1. However, Lessor does not guarantee that excess <br />credits will be available in a volume sufficient to meet the values in <br />Table 1. Credits are leased on an as available basis and if any <br />month is short, Lessee will be refunded monies. <br />Table 1 <br />Bernhardt Pit 2010 Excess Credit Lease <br />All values in acre feet <br />2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total <br />Lease to •91 .74 1. %1 1 - 5V 2.O 2•cd2- 3•%S 3•`s -L.( .q 2•ZQ t S$ 1.055 <br />Bernhardt 1-.82- 1•-.-0§• -2-8 4:1-- 5-4-? q-2-& 4-92- B-" -684 4-64 4-& .3-65 <br />Pit iAF-3 -L 3 - ?-s ?-? k •41 zL.16 <br />3. Lessee shall pay to Lessor the sum of $225.00 per consumptive <br />use acre foot credit that the State Engineer approves for use in the <br />Lessee's SWSP or that are sublease for use in a SWSP or <br />augmentation plan. Payment shall be due on or before March 1, <br />2010. <br />4. The term of this lease shall be from the date of adoption until <br />December 31, 2010. <br />5. Lessee may sublease the credits leased herein.