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AGREEMENT <br />THIS AGREEMENT is made and entered into this 10 day of May, 2012, by and <br />between the County of Weld, a body politic of the State of Colorado, by and through the Board <br />of County Commissioners of the County of Weld, State of Colorado, whose address is 1 150 "0" <br />Street, Greeley, Colorado, 80631„ (hereafter "COUNTY ") and VARRA COMPANIES, INC. <br />(hereinafter "VARRA "). <br />WITNESSETH: <br />WHEREAS, COUNTY owns water rights in the Rural Ditch and is required to make <br />augmentation deliveries to the St. Vrain River in order to augment water which is depleted in the <br />course of COUNTY'S mining activities at the Hokestra Gravel Pit, located in a portion of the <br />NW 1/4 of Section 2, Township 2 North (T2N), Range 68 West (R68W) of the Sixth Principle <br />Meridian (6th P.M.), Weld County, Colorado (hereinafter "COUNTY PREMISES "); and <br />WHEREAS, SAND LAND, INC. AND SAND LAND PROPERTIES, LLC. owns and <br />controls, and VARRA manages and operates a portion of the S1/2 of Section 2, Township 2 <br />North, (T2N), Range 68 West (R68W) of the Sixth Principle Meridian (6th P.M.), Weld County, <br />Colorado which includes a lined gravel pit known as the "112 Pit" (hereinafter "VARRA <br />PREMISES "); and <br />WHEREAS, water is collected in VARRA'S 112 Pit in sufficient quantity to satisfy <br />COUNTY'S augmentation obligation, and <br />WHEREAS, VARRA is willing to sell to COUNTY and COUNTY is willing to purchase <br />from VARRA the water needed to meet COUNTY'S required augmentation obligation, and <br />WHEREAS, VARRA'S 112 Pit can be utilized to deliver water to the Saint Vrain River <br />on behalf of COUNTY throughout the year via an earthen ditch, which is located on the <br />VARRA PREMISES to the point where the ditch crosses under Weld County Road 24.5, at <br />which point the ditch is located on COUNTY PREMISES where it runs along the eastern edge <br />of the COUNTY PREMISES, (the precise route of the transfer of water is described on Exhibit <br />1, a copy of which is attached hereto and made a part hereof by this reference); and <br />WHEREAS, the parties desire to enter into an agreement to facilitate the use of <br />VARRA'S 112 Pit to store and deliver water for the COUNTY. <br />NOW, THEREFORE, in consideration of the mutual promises and covenants of the <br />parties hereto, IT IS HEREBY AGREED AS FOLLOWS: <br />1. VARRA agrees to store up to 155.49 acre feet of water associated with the COUNTY'S <br />shares in the Rural Ditch and to lease an additional 11.4 acre feet of VARRA'S Rural Ditch <br />water stored in the 112 Pit to the COUNTY. The water is measured via a saddle weir on <br />VARRA'S reservoir outlet works located on the VARRA PREMISES. <br />