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<br />CM0001004 <br />SPECIAL WARRANTY DEED AND PARTIAL TERMINATION AGREEMENT <br /> <br />This Special Warranty Deed and Partial Termination Agreement, dated this/ day of <br />199 is between Vail Associates, Inc., a Colorado corporation ("VA's and Climax <br />Molybdenum Company, a Delaware corporation ("Climax"). <br />RECITALS <br /> <br />A. By and pursuant to that certain Purchase and Sale Agreement between VA and <br />Climax dated April 9, 1993, and recorded in the real property records of Eagle County in Book <br />504 at Page 347, in the real property records of Lake County in Book 607 at Page 553, and in the <br />real property records of Summit County at Reception No. 503635, as amended by Amendment <br />dated May 18, 1993, and recorded in the real property records of Eagle County in Book 609 at <br />Page 161, in the real property records of Lake County in Book 504 at Page 726, and in the real <br />property records of Summit County at Reception No. 443264 (collectively, the "1993 <br />Agreement"), VA acquired various rights from Climax. Among those rights was the Storage <br />Conversion Option which is described and defined in paragraph 3.7 of the 1993 Agreement (the <br />"Storage Conversion Option!). <br />B. By virtue of the 1993 Agreement and Special Warranty Deed dated May 18, 1993, <br />from Climax to VA, which deed is recorded in the real property records of Eagle County in Book <br />609 at Page 159, in the real property records of Lake County in Book 504 at Page 717, and in the <br />real property records of Summit County at Reception No. 443261, Climax conveyed to VA the <br />first 500 acre feet per year of historic transbasin diversions from certain water rights described <br />therein (the "AW Priority Water"). <br />C. By virtue of the 1993 Agreement, Climax granted VA the right to store the AW <br />Priority Water in Chalk Mountain Reservoir and Buffehr's Reservoir (the "Storage Rights'. <br />D. VA has agreed to relinquish and terminate its rights to the Storage Conversion <br />Option, 45 of the 500 acre feet per year of the AW Priority Water, and the Storage Rights, <br />reserving and retaining the right to divert and obtain the delivery of the remaining 455 acre feet <br />of the AW Priority Water pursuant to the terms of the 1993 Agreement. <br />THEREFORE, in consideration of the foregoing and other good and valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as <br />follows: <br />11111111111111111111111 11111111111111111111111111111111 <br />669742 09/17/1998 04:29P 388 Sara Fisher <br />1 of 3 R 16.00 D 0.00 N 0.00 Eagle CO <br />NM 1857 J <br /> <br />Exhibit 24 <br />x <br />i