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LEASE OF FULLY CO S; SUMABL = WATER <br />THIS LEASE is made and entere3. into this 43* day! of <br />1998, by and between the City of Loveland, Colorado a CqArado <br />home rule municipality ( "City "), whose address is 500 East Third <br />Street, Loveland, Colorado 80537, and Coulson Excavating Company, <br />a Colorado corporation ( "Lessee "), whose address is 3609 North <br />County Road 13, Loveland, Colorado 80538. <br />WHEREAS, the City owns certain water which, pursuant to the <br />water laws of the state of Colorado, may be used, re -used and <br />successively used to extinction (the "Fully Consumable Water "); <br />and <br />WHEREAS, the Lessee wishes to lease from the City the right <br />to use a portion of the City's Fully Consumable Water; and <br />WHEREAS, the City is willing to lease to Lessee a portion of <br />its Fully Consumable Water pursuant to certain terms and <br />conditions as set forth in this Lease, <br />NOW, THEREFORE, in consideration of the mutual promises and <br />covenants contained herein and other good and valuable <br />consideration, the receipt of which is hereby acknowledged, the <br />parties agree as follows: <br />1 The City hereby leases to the Lessee the right to <br />receive one hundred acre feet of the City's Fully Consumable <br />Water, as defined in paragraph 4 of this Lease, on an annual <br />basis. This Lease shall be for a term of twenty -five (25) years, <br />ending on December 31, 2022. However, Lessee shall have the <br />option to renew this Lease for successive terms of twenty -five <br />years, which option shall terminate only if Lessee is in default <br />of its payment obligations under paragraphs 6 or 7 of this Lease <br />or if Lessee elects not to exercise its option to renew by giving <br />notice to the City pursuant to paragraph 12 of this Lease not <br />later than three (3) months prior to the end of any twenty -five <br />(25) year term. In the event Lessee is not in default of its <br />payment obligations and elects to renew the Lease for any <br />successive twenty -five year period, Lessee shall not be required <br />to pay any additional amounts under this Lease for the right to <br />receive its allotted amount of the City's Fully Consumable Water <br />as set forth above. <br />2. The one hundred acre feet of Fully Consumable Water <br />which the Lessee shall be entitled to receive annually is <br />hereinafter referred to as the "Leased Water." The parties <br />