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CM0000928 <br />AGREEMENTS <br />1. Termination of Rights. VA hereby terminates and relinquishes the following: (a) <br />the Storage Conversion Option, and (b) the Storage Rights. VA warrants that it is the owner of <br />the Storage Conversion Option and the Storage Rights terminated herein, and that it has the full <br />right, power and authority to terminate such rights as set forth herein. <br />2. Deed. VA hereby sells and conveys to Climax 45 acre feet of the 500 acre feet <br />per year of the AW Priority Water, reserving to itself and its successor and assigns the remaining <br />455 acre feet per year of the AW Priority Water (the "Retained AW Priority Water"). VA <br />warrants that it is the owner of such 45 acre feet per year.of AW Priority Water and warrants title <br />to the same against all persons claiming by, through or under VA, together with any after <br />acquired title thereto. VA warrants that it has full right, power and authority to convey such <br />rights as set forth herein. <br />3. Delivea Rights. VA, and its successors and assigns, retains, and reserves the <br />perpetual rights to the delivery of the Retained AW Priority Water as set forth in Article 2 of the <br />1993 Agreement, subject to the terms of such Article 2. In accordance with paragraph 2.6(h) of <br />the 1993 Agreement, Climax agrees to execute and deliver to VA or its successor or assigns such <br />other and further documents as may be reasonably requested by VA, or its successors or assigns, <br />to evidence the specific Climax property burdened by the diversion and delivery easements <br />retained, and reserved herein. Climax warrants that it is the owner of property sufficient to <br />effectively provide the easement for the diversion and delivery of the Retained AW Priority <br />Water described in paragraph 2 above. <br />Executed as of the date first set forth above. <br />VAIL ASSOCIATES, INC., a Colorado corporation <br />By: <br />CLIMAX MOLYBDENUM COMPANY, a Delaware <br />corporation <br />By: <br />Title: <br />MB1857 I illlll IIIII1111111 IN 1111111111111 HE 111111111III IN <br />666203 08/17/1998 03:10P 23 Sara Fisher <br />49 of 112 R 961.00 D 0.00 N 0.00 Eagle CO <br />4h w= <br />&? <br />N Oho <br />cn ? <br />ba W <br />C9 °P.. <br />v tea ?? <br />®w <br />maw <br />a Wm- <br />? a= <br />0, <br />O <br />7 <br />A ? <br />"o