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05/24/2010 09:10 17193365031 R M HINER CONST.CO I PAGE 03 <br />WATER LEASE AGREEMENT <br />(GRAHAM DITCH) <br />day of <br />This Water Lease Agreement CAgreement') Is ordered into this <br />?HAqy . 2010 by and between R.M. Minor construction Co., Inc., 'Lessee' and <br />DRAINAGE DITCH COMPANY CDItch Company', <br />GRAM _ <br />M MU <br />for the benefit of its shareholders, the Graham Seepage <br />A, The Ditch Company owns and operates, <br />and Drainage Canal and the water right decreed to that structure in case Na W-7818-74, Disttririf C`ou o <br />Water Division 1 . rGraham <br />Graham Ditch originates In SeatonG2of Township 7 North, Range 66 West <br />2800 f the feet per per year. The water to the Cache Le Poudre River at <br />o <br />of the 6`" P.M., Weld County. Colorado and is capable of delivering <br />two points in Section 36 of Township 6 North, Range 86 West of the e`^ P.M., Weld County, Colorado. <br />B. Lessee intends to operate and administer a Substitute Water Supply Plan ('SWSP'). Lessee <br />desires to lease water temporerily from Lessor until its permanent sources of augmentation water are in <br />place. <br />C. Lessor Is wll lin to lease to Lessee ee desires to lease such twa water, i <br />Poudre River, and in accordance with the terms and conditions of <br />this agreement. <br />AGREEM9b11 <br />Now, therefore, in consideration of the foregoing recitals, and mutual covenants and agreements herein, <br />and for other good and valuable consideration, the receipt and sufflclency of which is hereby <br />acknowledged, the parties agree as follows: <br />1. Lease, 'Lessor hereby leases and agrees to provide to Lessee up to 61.7 acre feet of fully <br />consumable water from the Graham Ditch (the "Graham Ditch Water') according to the monthly schedule <br />below, subject to the limitations, terms and conditions stated herein. <br />All volun M 90 <br />2010 <br />kpr May Jun Jul Aug Sep Oct Total <br />0 8.8 12.3 13.5 12.5 8.8 5.8 61.7 <br />2. R n . Lessee shall pay Lessor $50 for each acre foot of fully consumable Graham Ditch Water <br />that Is made 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 SWSP. <br />Within five (S) days following the and of each calendar month, Lessor shell provide Lessee with a written <br />statement Indicating the total number of acre feet of Graham Ditch Vyater made available to Lessee for <br />replacement and augmentation use during that month. Lessee's payment shall be due to nothelater than <br />in <br />twenty (20) days following submission of the bill. Lessee shall make all rental payments <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 rata share. <br />3. Menaurement and Del erv. The point of delivery for the Graham Ditch water leased pursuant to <br />this agreement shall be to the Cache La Poudre River at the point where the East Lateral of the Graham <br />Ditch is capable of delivering to the Cache La Poudre River in Section 38 of Township 8 North, Range dd <br />West of the e"' P.M., Weld County Colorado. Lessor shall make daily metered measurements of <br />deliveries of the Graham Ditch Water and shall provide reports of such deliveries to Lessee on a weekly <br />1 of 3 <br />Received Time May.24. 2010 9:14AM No.2702