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ATTACHMENT 2 <br />WATER LEASE AGREEMENT <br />This Water Lease Agreement is made and entered into this 3J day of <br />` 2011, by and between the Lessor Arkansas Groundwater Users Association, <br />and /or assigns, P.O. Box 11446 Pueblo, CO 81001 (hereinafter 'AGUA') and Lessee <br />ALL -RITE Paving Inc., P.O. Box 165, Cation City, Colorado 81215 (hereinafter ALL - <br />RITE") <br />WITNESSETH: <br />WHEREAS, this Agreement pertains to a lease of 40 AF of fully consumable <br />water delivered to the Arkansas River at a point in Section 36, T23S, R55W. <br />WHEREAS, ALL -RITE has a need to lease 40 of fully consumable water for the <br />time period starting April 1, 2011 and ending March 31, 2012. <br />NOW THEREFORE, in consideration of the mutual promises contained herein <br />and other good and valuable consideration, the receipt and sufficiency of which is <br />hereby acknowledged, the parties agree as follows: <br />1. Lease: AGUA hereby leases 40 AF of fully consumable water delivered to the <br />Arkansas River at a point In Section 36, T23S, R55W and ALL -RITE hereby leases said <br />water pursuant to the terms of this Agreement. <br />2. Term: The term of this lease between AGUA and ALL -RITE shall commence on <br />April 1, 2011 and shall continue In full force and effect through March 31, 2012. Any <br />water not delivered by March 31, 2012 may revert back to AGUA. There shall be no <br />automatic extensions of this lease or any tight hereunder unless the parties enter into a <br />written renewal or extension agreement. Water shall be delivered according to the <br />schedule in Attachment A of this agreement. <br />3. Rentals: The rental payment obligation from ALL -RITE to AGUA shall consist of <br />ALL -RITE paying to AGUA $75 per AF of fully consumable water purchased. Total <br />payment shall be due no later than March 31, 2011. <br />4. Use of subiect water rights: The water delivered to ALL -RITE may be used for all <br />lawful purposes. <br />5. If ALL -RITE, Its agents, or employees responsible for discharging the obligations <br />under this lease have not properly satisfied such obligations, AGUA may declare an <br />event of default and choose among the remedies set forth In Paragraph 5 below. <br />1 <br />