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WATER LEASE <br />THIS WATER LEASE ( "Lease ") is made and entered into this day of November, <br />2012, by and between the CITY OF LOVELAND, COLORADO, a home rule municipality, <br />whose address is 500 East Third Street, Loveland, Colorado 80537 ( "City "), and JAKE <br />KAUFFMAN & SON, INC., a Colorado corporation, whose address is 808 South County Road <br />9E, Loveland, Colorado 80537 ( "Lessee "). <br />WHEREAS, Lessee desires to acquire augmentation water for the purpose of augmenting <br />certain wells, ponds, or pumps along the Big Thompson River; and <br />WHEREAS, the City is the owner of certain water that may be used for the purpose of <br />augmentation; and <br />WHEREAS, the City is willing to lease, on a temporary basis, a portion of its water, <br />which may include, but is not limited to, Windy Gap re -use water or water stored in the <br />Loveland Storage Reservoir (commonly known as Green Ridge Glade Reservoir) under the <br />terms and conditions of the Transfer Decree entered in Case No. 82CW202A to Lessee on the <br />terms and conditions set forth herein. <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements herein <br />contained, the parties agree as follows: <br />1. Term. This Lease shall be effective for a term of three (3) years eommencing <br />January 1, 2013 and ending December 31, 2015, unless sooner terminated as provided herein. <br />2. Water. The City shall supply up to sixty -five (65) acre -feet of augmentation <br />water per year to Lessee for Lessee's temporary substitute supply plan(s) for replacement of <br />depletions, including evaporation, at Kauffman #1 Pit and Wagner/Kauffman #3 Pit, M-99-069, <br />at Kauffman Pit M -78 -327 (also known as Great Western Pit #1), or as directed by the River <br />Commissioner or the Office of the State Engineer. <br />3. Annual Lease Payment. <br />a. Regardless of water supply source, Lessee shall annually pay the City <br />Four Hundred Dollars ($400) per acre -fool of water delivered under this Lease. <br />b. The Lessee's engineer shall supply to the City an anticipated schedule of <br />replacement for the calendar year, by November 1 of the previous calendar year. The <br />Lessee is responsible for notifying the City if this schedule changes. <br />c. The City shall coordinate replacement of the water to the Big Thompson <br />River with the River Commissioner or the Office of the State Engineer. Accounting of <br />such will be made available to the River Commissioner and the Office of the State <br />Engineer. <br />AGR Wntnr T.ancn Kannnnn 2017-2015 (11 -7 -17) NU' <br />