2011-03-14_REVISION - M1977493 (41)

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CM0000913 referenced in Paragraphs IV.C.2 and VIII.A.3, or to continue the exchange referenced in Paragraph VIII.13.3. If contested by the Reservoir company, such determination of failure shall be made through the filing of an action_in the Denver District Court, Denver, Colorado. The dates of filing the foregoing applications under this Section V B. shall be the subject of future negotiations among the parties. CLIMAX FACILITIES. In the event the enlargement of Dam 4 is identified in phase 1 of.the study as one of the 2 most feasible alternatives, then during the Part 2 study outlined above the parties shall seek to reach an agreement with Climax regarding the enlargement of Dam .4 and the use.of water therefrom. VII. DITCH AND RESERVOIR COMPANY. Formation. In the event the parties pursue development of a joint use Water project in the Upper Eagle River basin, them Che parties will form a nonprofit mutual ditch and reservoir company pursuant to § 7-42-101 et seQ., C.R.S. (Project Company), or such other legal entity as mutually agreeable to the parties, that shall hold record title to all water rights, land, facilities, easements or any other appurtenances or personalty comprising the joint use water project. If the Project Company is formed, the Project Company will issue shares of st.oc_k which will represent the yield of the joint use water project. Shares of stock will be issued to Project Company shareholders in direct portion to the amount of such yield acquired by any shareholder. Separate.classes of stock will be created to the extent necessary to recognize Vail Associates, preferential rights to the yield of phase 1 and the rights of the Reservoir Company to the yield realized under Paragraphs IV.C.2 and 3. Moreover, separate series of stock may also be created to the extent necessary to differentiate between dry year-and average year yield. s:\1ega1\mtp\water\aur-es2.mou 13 I ItIIII IIIII ??IIIII VIII ?'?'?'I'I?' II"1 I'I II'I' III 666203 08/17/1998 03.10P 23 Sara Fisher 34 of 112 R 561.00 D 0.00 N 0.00 Eagle CO