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CM0001136 <br /> <br />RESERVOIR PURCHASE AGREEMENT <br />this Agreement, dated as of this 21st day of July, <br />1992, is between the CLINTON DITCH & RESERVOIR COMPANY, a <br />Colorado nonprofit ditch and reservoir company (the "Company") <br />and CLIMAX MOLYBDENUM COMPANY, a Delaware corporation <br />("Climax"). <br />RECITALS <br />A. Climax is the owner of certain real property (the <br />"Land"), appurtenant access rights, decreed and appurtenant <br />water rights (the,MWater Rights")- and certain personal property <br />(the "Personalty°) comprising, associated with and necessary to o .? <br />the operation of the Clinton.Gulch Reservoir (the "Reservoir"). N N <br />The Land, Water Rights and Personalty are more particularly r. 07 <br />described in the attached Exhibit A. That portion of the Land a' <br />comprising the Reservoir (the "Reservoir Land").is more p CM <br />particularly described in the attached Exhibit B. The Land, <br />Water Rights, Personalty and Reservoir are hereinafter <br />collectively referred to herein as the °Property". <br />B. The company desires to purchase from Climax, and <br />Climax desires to.seil.to the Company, the.Property. CA <br />c <br />3 H <br />C. As a condition to the Company's acquisition of a. <br />the Property, the shareholders of the company and the City.and o c <br />County of Denver, acting by and through its Board of Water ? - <br />Commissioners ("Denver"), propose to enter into an agreement <br />(the "Denver Agreement") by which Denver agrees to operate and m D <br />subordinate certain water rights owned or acquired by Denver to 0 0 <br />produce A firm annual yield for use by the Company shareholders o <br />of 1,200 acre feet ("af") . = <br />AGREEMENT <br />For good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the parties agree <br />as follows: <br />1. Purchase and Sale. (a) Climax hereby agrees to <br />transfer,, sell and convey to the Company, and the Company <br />hereby agrees to purchase the Property on the terms and <br />conditions set forth below. <br />(b) The Land and Water Rights shall be <br />transferred at the Closing therefor (the "Closing") by general <br />^I,. <br />Exhibit 38