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EXHIBIT D <br />PERMITTED EXCEPTIONS <br />1. Water Tights, claims or title to water. <br />2. Takes for 2009 and subsequent years. <br />3. The effect of inclusions in any general or specific water conservancy, fire protection, soil <br />conservation or other district or inclusion in any water service or street improvement area. <br />4. Reservations or exceptions contained in U.S. Patents, or in Acts authorizing the issuance <br />thereof, recorded May 9, 1898 in Book 12 at Page 485 and recorded November 27, 1900 <br />in Boole 12 at Page 549 and recorded in Boob 71 at Page 331 as Reception No. 34667 <br />reserving 1) Rights of the proprietor of a vein or lode to extract and remove his ore <br />therefrom and 2) rights of way for ditches and canals constructed under the authority of <br />the United States. <br />5. Reservation of undivided 213 interest in and to all oil and/or gas produced from said lands <br />as reserved in the instrument recorded October 25, 1938 in Book 192 at Page 285, <br />together -with the appurtenant rights to use the surface. <br />6. Permanent Easement recorded in Book 446 at Page I 1 as Reception No. 258756. <br />7. Holy Cross Electric Association Easement and Right of Way recorded June 21, 1973 in <br />Book 446 at Page 161 as Reception No. 258840. <br />8. Right of Way Basement to Rocky Mountain Natural Gas Company as described in Decree <br />recorded June 24, 1991 in Book 806 at Page 922 as Reception No. 424696. <br />9. All matters shown on neaps of. Rocky Mountain Natural Gas Co., recorded April 30, 1991 <br />as Reception No. 423181 and recorded January 23, 1992 as Reception No. 431021. <br />10. Resolution No. 91-041 recorded May 7, 1991 in Book 803 at page 704 as Reception No. <br />423366. <br />11. Lack of each and every right or rights of access to and from any part of the right of way of <br />the Colorado State Highway No. 82 as set forth in Rule and Order recorded August 5, <br />1993 in Book 871 at Page 404 as Reception No. 450847, <br />12. Easement recorded November 10, 1993 in Book. 881 at Page 695 as Reception No. <br />454978. <br />13, Right of way for all ditches and creeks crossing subject property, including but not <br />limited to Crystal Spring Creek. <br />D-1