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<br />WATER LEASE AGREEMENT <br />(GRAHAM DITCH) <br />This War Lease Agreement ("Agreement"): Is entered `"Into this 2 day * of <br />_(F4 2010 by and between Loloff Construction, Inc., "Lessee" and GRAHAM <br />DRAINAGE GE DITCH COMPANY ("Ditch Company"), "LeSsar". <br />RECITALS ' • .... ; t <br />A. Tha 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 Ditch'). The Graham Ditch is decreed as a developed water right for up to <br />2800 acre feet per year. The Gtaham Ditch originates In Section 27'of Township 7-North, Range 66 West <br />of the a P.M., Weld County, Colorado and is capable of delivering water to the Cache La Poudre River at <br />two points in Section 36 of Township 6 North, Range 66 West of the a P.M., Weld County, Colorado. <br />B. Lessee intends to operate and. administer 'a Substitute Water Supply Plan CSWSP"). Lessee <br />desires to lease 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 accordance with the terms and conditions of <br />this agreement. <br />AGREEMENT <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 sufficiency of which Is hereby <br />acknowledged,,-the parties agree as follows:'•' <br />1. Lease. 'Lessor hereby Teases and`agree's to provide to Lessee up to 19.3 acre feet'bf 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 />Ail values In oc:ft <br />2010 <br />Apr May Jun Jul Au Se Oct <br />Total <br />1.6 2.0 2.6 3.2 3.5 3.4 3.0 19.3 <br />2. shit. 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 far consumptive use in the SWSP. <br />Within five (6) days following the end of each calendar month, Lessor shall provide Lessee with a written <br />statement Indicating the total number of acre feet of Graham Ditch Water -made available to Lessee for <br />replacement and augmentation use during that month. Lessee's payment shall be due no later than <br />twenty (20) days following submission of the bill. Lessee shall make all rental payments to the Lessorin <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. Measurement and Delivery. 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 36 of Township 6 North, Range 66 <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 />a 70111 <br />1 of 1