2012-02-28_REVISION - M1980244 (79)

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4. Storage of Water. In order to make deliveries to CC &V at a time when the water furnished hereunder is needed and efficient, Cripple Creek shall make available 200 acre feet annually of water stored in Cripple Creek Reservoir No. 2 and Cripple Creek Reservoir No. 3. Deliveries from storage shall be to the West Fork of West Beaver Creek as it passes under Teller County Road 81 and measurement of deliveries shall be at the Point of Delivery. All storage water shall be delivered by December 31 of each year. A. The parties acknowledge that Cripple Creek must make repairs to the valving and water release mechanism in Cripple Creek Reservoir No. 2 that will require draining of the reservoir, anticipated in the Summer of 2010 or Spring of 2011. CC &V shall have a right of first refusal for the purchase of the water released for the purpose of making the repairs, at the lease rate set forth in Paragraph 3B. If CC &V exercises the right of first refusal and takes delivery of said water, then CC &V will request no further releases from storage until such time as Cripple Creek Reservoir No. 2 has recovered its storage to historic March 15 levels. Releases will be made to the West Fork of West Beaver Creek at the drain between April 15 and July 15 of the year in which such construction is commenced. Cripple Creek shall provide CC &V with specific advance notice, to the extent reasonably practicable of its anticipated drainage schedules so that CC &V may take such efforts as it deems necessary for the exchange and storage of such drainage releases into other vessels owned or controlled by CC &V or the City of Victor, or to advise Cripple Creek that it will not be purchasing such releases. 5. Procedure for Delivery of Water. The parties agree that the lease of Cripple Creek Water to CC &V will take place within the supply limitations of the Cripple Creek water system, and that those limitations vary by season. The Parties will develop an annual delivery schedule based on hydrologic conditions and consultation with the Parties' engineers, all as constrained by Paragraph 12 hereof, and Cripple Creek shall provide delivery of the water subject of this agreement at the time and in the amount requested by CC &V subject to the limitations of the Cripple Creek water system and Paragraph 12. 6. Points of Delivery. The Cripple Creek Water to be delivered to CC &V will be primarily from Cripple Creek's municipal water transmission line from Reservoir No. 2 at or near the intersection of such transmission line with the West Fork of West Beaver Creek ( "Point of Delivery "). The Parties agree to develop a plan for utilization of the Point of Delivery that is reasonably satisfactory to both Cripple Creek and CC &V, and CC &V agrees to accept water delivered at an alternate point of delivery to the extent practicable, including but not limited to Gillette Well No. 5, as may be necessary for the maximum beneficial use of Cripple Creek's water system and water rights, upon reasonable advance notice by Cripple Creek. Any decision to deliver water out of Gillette Well No. 5 must be approved, in advance, by CC &V, which approval will not be unreasonably withheld. 7. Measurement of Deliveries and Title Thereto. All of the Cripple Creek Water delivered shall be measured at the Point of Delivery. CC &V agrees to ensure that measurement devices at the Point of Delivery accurately measure the amounts of water delivered. Title to the Cripple Creek Water delivered under this Agreement shall pass to CC &V when it is released at the Point of Delivery, and CC &V shall be solely responsible for any and all transit losses or other reductions in water supply as delivered to the Point of Delivery prior to CC &V's pumping 4