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...... , <br />DELTA CDUN7Y, CO 4u^^3593 D2/15/9: t l : l0A ~`'v'`78' <br />EK0735 PC501 LELA J.McCRACKEN,RECORDEP, t OF 62 <br />WATER LEASE <br />THIS WATER LEASE is entered into this ~0~~ day of February, 199 by and between <br />Coors Brewing Company and.Coors Energy Company. (collectively "Coors"), as lessor, and <br />Bowie Resources Limited ("Bowie"), as lessee, <br />WITNESSETH: <br />RECITALS <br />A. Coors is the owner of water rights decreed to the Deer Trail Ditclt and the Fire <br />Mountain Canal through which water can be delivered to the real property and leasehold interests <br />described on Exhibit A hereto (the "Assets"). Coors' interest in those water rights (the "Subject <br />Water Rights") is more particularly described in Exhibit B hereto. <br />B. Bowie has purchased the Assets from Coors and intends to develop and operate a <br />coal mine. <br />• C. Bowie desires to (ease the Subject Water Rights for use in the development and <br />operation of the Assets, and Caors desires to lease those rights to Bowie on the terms and <br />conditions contained herein. <br />In consideration of the mutual agreements contained herein and other good and valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, Coors and Bowie <br />agree as follows: <br />I. Coors [tereby leases the Subject V~'ater Rights to Bowie for Bowie's use in <br />connection with its development and operation of the real property and other interests, including <br />the Assets owned by Bowie in Delta County during the term and under the conditions hereinafter <br />set forth. <br />2. The initial term of this lease shall be for thirty years beginning on January 1, <br />199; that term may be extended for one additional term of thirt}~ years by Bowie giving notice <br />of intent to renew to Coors one year prior to the expiration of the initial term. The initial term or <br />the extended term may be terminated by Bowie giving notice of intent to terminate to Coors one <br />year prior to the requested date of termination. Coors may terminate this lease at any time upon <br />any uncured default by Bowie in the performance of any of its obligations which are set forth in <br />Exhibit C and after January I.'?000 if Bowie shall have failed by then to have put the Assets to <br />- commercial production of coal as defined in Exhibit C. <br />//n4).l. ~. V Y) <br />