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i <br />,i CM0000881 <br />i s Water"). VA also acquired certain interests in and to the Eagle Park Reservoir and the firm yield <br />' to be developed therein ("VA's Existing EPR Rights"). VA's Existing EPR Rights include the <br />following: <br />.0, . <br />(1) the VA Conversion Option, as such term is defined in paragraph 3.3 of n ?._?.. <br />the 1993 Agreement, whereby VA can obtain the first 500 acre feet annually of the firm yield of N <br />' _. Eagle Park Reservoir in exchange for its interests in the AW Water Rights, all on the terms and o <br />conditions set forth therein ("VA's 500 AF"); m W- <br />' vm? <br />(2) the 600 AF Option, as such term is defined in paragraph 3.5 of the 1993 0 !O° <br />w <br />Agreement, whereby VA can acquire an additional 600 acre feet of the firm yield of the Eagle ?. <br />Park Reservoir, all on the terms and conditions set forth therein; z ?,= <br />J m t? <br />+ (3) the Storage Conversion Option, as such term is defined in paragraph 3.7 of <br />the 1993 Agreement, whereby VA can obtain storage rights in Eagle Park Reservoir in exchange r M <br />for its storage rights in other Climax reservoirs, all on terms and conditions set forth therein; and „ate <br />f o <br />(4) the Enlargement Option, as such term is defined in paragraph 3.8 of the o <br />' 1993 Agreement, whereby VA can acquire up to an additional 1,000 acre feet of any firm annual <br />r ; yield created by any enlargement of Eagle Park Reservoir, all on terms and conditions set forth .... <br />?Z therein. <br />ra <br />F. The parties agree that the firm annual yield of the Eagle Park Reservoir Project . <br />will be 1,558 acre feet if and when the performance obligations set forth in paragraphs 2 and 4 . <br />below have been fully satisfied, and will thereby constitute EPR Firm Annual Yield under <br />paragraph 3.2 (d) of the 1993 Agreement if, and only if, the Closing occurs hereunder. <br />G. If the East Fork Pumpback Facility described in paragraph 8 is constructed and <br />made operational, the firm annual yield of the Project will be increased to 2,013 acre feet. The <br />parties desire to grant Climax an option to acquire the remaining portion of the AW Priority <br />Water and the AW Water Rights not reconveyed at closing in exchange for such East Fork. <br />Pumpback Facility, on certain terms and conditions, all as set forth more fully below. <br />H. Subject to VA's Existing EPR Rights, the Reservoir Company desires to <br />purchase, and Climax desires to sell to the Reservoir Company, the Eagle Park Reservoir Project, <br />including the Eagle Park Reservoir, and all Project related permits, easements, facilities and <br />'?- agreements, on the terms and conditions "set forth herein, and to enter into certain related <br />agreements as set forth below.