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Apr <br />May <br />Jun <br />2012 <br />Jul <br />Aug <br />Sep <br />Oct <br />Total <br />■tY4- <br />-fr.$ <br />"AS <br />a.J <br />'6-- <br />.939- <br />•75r <br />-54 <br />WATER LEASE AGREEMENT <br />(GRAHAM DiTCH) <br />This Water Lease Agreement ('Agreement') is entered into this �. day of <br />O cr , 2011 by and between Loloff Construction, Inc., "Lessee" and GRAHAM <br />DRAINAGE DITCH COMPANY ( "Ditch Company'), "Lessor". <br />RECITALS <br />A. The Ditch Company owns and operates, for the benefit of its shareholders, the Graham Seepage <br />and Drainage Canal and the water right decreed to that Structure in case Na W- 7818 -74, District Court, <br />Water Division No. 1 ('Graham Ditch`). The Graham Ditch is decreed as a developed water right for up to <br />2800 acre feet per year. The Graham Ditch originates in Section 27 of Township 7 North, Range 66 West <br />of the 6°i P.M., Wetd County, Colorado and Is capable of delivering water to the Cache La Poudre River at <br />two points In Section 38 of Township 8 North, Range 66 West of the 6 P.M., Weld County, Colorado. <br />B. Lessee intends to operate and administer a Substitute Water Supply Plan ("SWSP "). Lessee <br />desires to lease water temporarily from Lessor until its permanent sources of augmentation water are in <br />place. <br />C. Lessor is willing to lease to Lessee water delivered from the Graham Ditch to the Cache La <br />Poudre River, and Lessee desires to lease such water, In accordance with the terms and conditions of <br />this agreement. <br />AGREEMENT <br />Now, therefore, in consideration of the foregoing recitals, and mutual covenants and agreements herein, <br />and for other good and valuable consideration, the receipt and sufficiency of which Is hereby <br />acknowledged, the parties agree as follows: <br />1, Leasa. Lessor hereby teases and agrees to provide to Lessee up to 38.3 acre feet of fully <br />consumable water from the Graham Ditch (the "Graham Ditch Water") according to the monthly schedule <br />below, subject to the limitations, terms and conditions stated herein. <br />All valves in ac-fr <br />3.2 4.1 5.7 7.2 8.0 8.0 7.2 43. <br />Date <br />Initia <br />Initia <br />2 Rent. Lessee shall pay Lessor $50 for each acre foot of fully consumable Graham Ditch Water <br />that is made available to Lessee in accordance with the measurement and delivery terms set forth in <br />Paragraph 3 of this Agreement and approved by the State Engineer for consumptive use to the SWSP. <br />Within five (5) days following the end of each calendar month, Lessor shall provide Lessee with a written <br />statement indlcating the total number of acre feet of Graham Ditch Water made available to Lessee for <br />replacement and augmentation use during that month. Lessee's payment shall be due no later than <br />twenty (20) days following submission of the bill. Lessee shall make all rental payments to the Lessor in <br />care of the Ditch Company, and the Ditch Company shall be responsible for distributing such payments <br />amongst its shareholders according to their pro rata share. <br />3. Measurement and Delivery. The point of delivery for the Graham Ditch water leased pursuant to <br />this agreement shall be to the Cache La Poudre River at the point where the East Lateral of the Graham <br />Ditch is capable of delivering to the Cache Le Poudre River in Section 36 of Township 6 North, Range 66 <br />West of the eh P.M., Weld County Colorado. Lessor shall make daily metered measurements of <br />deliveries of the Graham Ditch Water and shall provide reports of such deliveries to Lessee on a weekly <br />1 of 3 <br />