2011-03-14_REVISION - M1977493 (41)

Home Browse Search

s CM0000880 PURCHASE AND SALE AGREEMENT (EAGLE PARK RESERVOIR PROJECT) P W- i?= 0 ow ? This Purchase and Sale Agreement, dated this 17th day of June, 1998, is among sas. --- CLIMAX MOLYBDENUM COMPANY, a Delaware corporation ("Climax"), VAIL (Bob ASSOCIATES, a Colorado corporation ("VA"), and EAGLE PARK RESERVOIR COMPANY, "gam a Colorado mutual ditch and reservoir company (the "Reservoir Company'). C9 = v m ses. RECITALS - a ? m . m a- A. Climax is the owner of the Climax Mine and Mill, and ancillary facilities which z oo= w , cover approximately 22.6 square miles in Summit, Eagle, and Lake Counties, Colorado, and m which encompass portions of the headwaters of Ten Mile Creek, the East Fork of the Eagle ?- m River, and the East Fork of the Arkansas River (the "Climax Property'). a sss! B. Climax is the owner of a reservoir known as Eagle Park Reservoir (a/k/a Dam No. ? 5 4), which is located on the Climax Property in portions of the N1/2 of Section 33, T. 7 S., R. 79 .? sees W. of the 6th P.M. The legal description of Eagle Park Reservoir, including the dam and a 0 EM- buffer area surrounding the high water line of the reservoir which is included in this purchase and 2, sale, is more fully set forth in Exhibit A attached hereto. The existing storage capacity of the reservoir is 3,148 acre feet. C. Eagle Park Reservoir was historically used to store waste material from a milling process used by Climax during the 1960's. Climax began reclaiming Eagle Park Reservoir in the summer of 1994, with the ultimate goal of transforming the reservoir into a fresh water storage facility. D. It is the desire of the parties that upon completion of reclamation Eagle Park Reservoir will be used to store fresh water for water supply- purposes, and that water released therefrom will be delivered to the East Fork -of the Eagle River. Climax and the Reservoir Company are working cooperatively to develop firm annual yield in Eagle Park Reservoir which would help meet the water supply needs of the Reservoir Company. and its shareholders. The . reclamation and development of Eagle Park Reservoir as 'a water storage facility and the . development of firm annual yield for the reservoir are collectively referred to herein as the "Eagle Park Reservoir Project" or the "Project." E. Pursuant to the terms of a Purchase Agreement between VA.- and Climax dated April 9, 1993, and recorded in the real property records of Eagle County in Book 504 at Pages 347A-445 (the "1993 Agreement"), VA acquired rights to the "AW Water Rights" as that term is defined in paragraph 1.1 of the 1993 Agreement, including the first 500 acre feet of the Arkansas Well Water, as that term is defined in Recital R of the-1993 Agreement (the "AW Priority =669 I IIIIII IIIII I?IIIiC illi Iflll 111111 HE 111 1111111 IN IN 666203 08/17/1998 03o10P 23 Sara Fisher 1 of 112 R 361.00 D 0.00 N 0.00 Eagle CO Exhibit 18