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t 4 xi <br />LEASH OF FOLLY CONSUMABLE WATER <br />THIS LEASH is *made and entered into this /P day of , <br />1998, by and between the City of Loveland, Colorado, a Colorado <br />home rule municipality ("City"), whose address is 500 East Third• <br />Street, Loveland, Colorado 80537, and Loveland Ready Mix, a <br />Colorado corporation ("Lessee"),, whose address is 1811 West 12t" <br />Street, Loveland, Colorado 80537. <br />• WHEREAS, the City owns certain water which, pursuant to the <br />water laws of the state of* Colorado, may be used, re-used and <br />successively used to extinction (the "fully Consumable Water")1 <br />and <br />WHEREAS, the Lessee wishes to lease from the City the right <br />to use a portion of the City's Fully Consumable Watery and <br />WHEREAS, the City is willing to lease to Lessee a portion of <br />its Fully Consumable Water pursuant to certain terms and <br />conditions as set forth in this Lease, <br />NOW, THEAEFORE, in consideration of•the mutual promises and <br />covenants contained herein and other good and valuable <br />consideration, the receipt of which is.hereby acknowledged, the <br />parties agree as follows: <br />1. The City hereby leases to the Lessee the right to <br />receive two hundred acre feet of the City's Fully Consumable <br />Water, as defined in paragraph ! of this Lease, on an annual <br />.basis. This Lease shall be for a term of twenty-five (25) years, <br />ending on Uka.3ti However, Lessee. shall have the option to <br />renew-this Lease for successive terms of twenty-five years, which <br />option shall terminate only if Lessee is in default of its <br />.payment obligations under paragraphs 6 or 7 of this Lease or if.. <br />Lessee elects not -to exercise its option to renew by giving <br />notice to the City pursuant to paragraph 13 of this Lease not. <br />later than three (3) months prior to the end of any twenty-five <br />(25) year term. In the event Lessee is not in default of its <br />payment obligations and elects to renew the Lease for any <br />successive twenty-five year period, Lessee shall.not be required <br />to pay any additional amounts under this Lease for the right to <br />receive its allotted amount of the City's Fully Consumable Water <br />as set forth above. <br />2. The two hundred acre feet of Fully Consumable Water <br />which the Lessee shall be entitled to receive annually is <br />hereinafter referred to *as the "Leased Water." The. parties