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NOW, THEREFORE, in consideration of the mutual and dependent covenants herein <br />contained, the parties hereto agree as follows: <br />1. TERM OF CONTRACT <br />(a) This contract shall be effective for 40 years from the date of execution. <br />(b) The Contractor may terminate this contract at any time. <br />(c) Termination as above provided shall be accomplished by written notice by the <br />Contractor to the United States as provided in Article 8 below, at least 1 year prior to the date of <br />such termination. <br />(d) Upon failure of the Contractor to perform its obligations under this contract, the <br />United States will notify the Contractor in writing of the intent to terminate this agreement. The <br />said Notice of Termination shall specify each failure of the Contractor, and shall further provide <br />that the Contractor may, within a 90 -day period from the date of said notice, present a detailed <br />program to correct such deficiencies, and the United States shall review and reasonably accept <br />such corrections and thereby waive the termination notice. <br />2. DELIVERY OF WATER <br />(a) The Contracting Officer, during the term of this contract shall release water, not to <br />exceed 5.0 acre -feet at the outlet works of the Blue Mesa Dam. <br />(b) Requests for the release of water under this contract, from Blue Mesa Reservoir shall <br />be made by the Colorado Division of Water Resources, Water Division 4 Engineer by calling the <br />Water Management Group at the Western Colorado Area Office of the Bureau of Reclamation at <br />(970) 248 -0652 or (970) 248 -0600. <br />(c) The Contractor shall have no holdover storage rights in Blue Mesa Reservoir from <br />year to year. Any water purchased hereunder not called for by the end of each calendar year shall <br />become integrated with the water supply for all purposes of the Blue Mesa Reservoir and be <br />available for all purposes at that time. <br />3. RATE AND METHOD OF PAYMENT FOR WATER <br />(a) The Contractor agrees to pay annually to the United States for the quantity of water for <br />which it has contracted, whether or not the water is actually released from Blue Mesa Reservoir. <br />2 <br />