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503635 B-607 P-553 04128193 13:44 cmD%mbS OF 99 <br />0 <br />(d) Any substitute storage shall be in Eagle Park <br />Reservoir; <br />4... (e) Any water delivered from such substitute storage <br />(whether AW Priority Water or substitute water), meets all of <br />the foregoing requirements in Section 1.4(a)-(d) above; <br />i <br />(f) The substitute storage, on an acre-foot per <br />acre-foot basis, is of an amount greater than or equal to Chalk <br />Mountain Storage and Buffehr's Storage and does not result in <br />any greater seepage or evaporation losses; <br />(g) The substitute water and/or storage results in <br />no additional costs to VA; <br />(h) The substitute water and/or storage does not <br />otherwise affect VA's right, title or interest in.and to the AW <br />Water Rights or any augmentation or exchange plans related <br />thereto; <br />(i) The substitute water and/or storage complies <br />with any applicable VA augmentation or exchange plan, or other <br />decrees concerning the AW Water Rights, or otherwise meets <br />O state engineer approval pursuant to C.R.S. §§ 37-80-120 and <br />37-83-104(1990) and any amendments thereto; and <br />(j) Climax shall keep records of the diversion, <br />delivery and storage made pursuant to any substitution and <br />shall annually provide VA with copies of such records. <br />1.5 Purchase Price. In consideration for the AW Water <br />Rights, the various options granted herein, and the other <br />obligations of Climax hereunder, VA shall grant to Climax the <br />Climax Conversion Option (as defined herein) and shall pay to <br />Climax the purchase price of $3,000,000 (the "Purchase Price"), <br />payable as follows: <br />(a) $1,800,000, payable in cash or certified funds <br />at Closing;' <br />(b) $1,200,000, payable by execution and delivery to <br />Climax at the Closing of a promissory note in the principal <br />amount of $1,200,000 in the form attached hereto as Exhibit F <br />(the "Note"). The Note shall bear no interest, and shall be <br />payable by VA to the order of Climax in two equal annual <br />installments of $600,000 each, with a final maturity date of <br />two years from the date of Closing. Payment of the Note shall <br />be secured by a deed of trust on 200 acre feet of the AW <br />PKPD:b09 <br />-5- <br />ry