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treatment system, Westminster owns and generates fully consumable <br />wastewater effluent at its Big Dry Creek Wastewater Treatment Plant <br />( "Big Dry Creek ") and at the Metropolitan Denver Wastewater <br />Reclamation District's Sewage Disposal Plant ( "Metro ") on the South <br />Platte River. <br />WHEREAS, the parties wish to effectuate a transfer of <br />� <br />� ownership of the Camas Water Rights and the Camas Lands for certain <br />' j cash payments and the provision of 290 acre feet of consumable <br />water to Camas in perpetuity, (the "Camas Exchange ") pursuant to <br />the terms of this Agreement. <br />WHEREAS, in the judgment of the Westminster City Council, the <br />terms of this Agreement coupled with the implementation of the <br />Camas Exchange will result in improvement in the capacity, <br />efficiency, or service of Westminster's utility system. <br />WHEREAS, pursuant to Section 14.2 of the Westminster City <br />Charter, the City may otherwise dispose of property constituting <br />part of the City's utility system subject to certain findings by <br />the City Council. <br />WHEREAS, Westminster enters this Agreement to effect the <br />disposition of a portion of the City's utility system and thereby <br />facilitate the implementation of the Camas Exchange. contemplated <br />herein. <br />1 <br />NOW THEREFORE, for and in consideration of the premises, the <br />mutual promises contained herein, and other good and valuable <br />consideration, the receipt and sufficiency of. which is hereby <br />acknowledged, the parties agree as follows: <br />1. Exchange. <br />The parties will exchange the Camas water Rights and the Camas <br />Lands for 290 acre -feet annually of consumable water and a one time <br />payment of $288,500.00, all pursuant and subject to the further <br />terms of this Agreement. <br />2. Escrow. <br />Upon execution of this Agreement, the parties will create an <br />interest- bearing escrow with Land Title Guarantee Company pursuant <br />to Escrow Instructions in the form attached hereto as Exhibit B <br />into which Westminster shall deposit the sum of $20,000.00 (the <br />"Escrow Funds "). The Escrow Instructions shall provide that if, <br />within twenty (20) days of receipt of the Title Commitment <br />described in Paragraph 3.2, below, Westminster provides Camas with <br />written notice of title defects to the Camas Water Rights or to the <br />-2- <br />