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\YA1 1:I LLASL <br />THIS LEASE is cineled into this clay of 2009, 'oety een the. City of <br />Westminster ("\Vestininstei" ), lcssol, and Ag iegoie Industries- \VCR, Inc., a Colorado coil;0nation <br />WHEREAS, \'Vesnninslei is the owner of' 1,038 shares in the Brighton Ditch, (the "B1)C <br />Sham';"), identified as Stoek Cei tificate Numbers 228 and 229: <br />WII t REFS, \Vesiminstel is a municipal corporation in the. State of Colorado that provides <br />wale] and s: wet set vices to individuals located within the \Vcsllninsie1 Water Set vice Aiea; <br />WI -1 EltEAi ,Pursuant to Section 1 of the Westinilrstei City (;Hat ter, the City is further <br />audio] iced to lease water subject to subsections (a) and (0) of said Section 111.3. in the judgment of <br />the Westminster City Council, the terms of this V'atei Lease, and the payments generated thereby, <br />satisfy the leduirenlents of Section 14.3 (a) and Section 14,3 (b) of the Westminster City Charier. <br />WHEREAS, Al is a cotpoiation of the State of Colorado; <br />WI] LR1;AS, Al desires to lease the water derived from the 131 Shines, and Westlilinsiel is <br />willing to lease to /id the water derived from the BDC Shares under the specific conditions <br />het einaftei set forth. <br />WHEREAS, Westminster - 111d Id ale pan ties to 1111 Agreement dated October 24, 2000, (the <br />"Storage Agreement "), as amended on % <v '? %:,;i ic7 , 2009, whereby Al is mining gravel <br />deposits from certain lands located neat \Vatielcbierg, Colorado and, upon completion of mining, is <br />constl acting a water storage reservoir for Westminster 00 said lands. <br />NOW' THEREFORE, in consideration attic foregoing 1 eeitals, the mutual covenants and <br />agi cements hereinafter set forth, the mutual covenants and agi cements set forth in the Agreement, <br />and other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, Westminster and Al agree as follows: <br />1. Wesiminstet agrees to lease the water derived floral the BDC: Shales to Al subject to <br />the terms of this Lease. <br />2. AI agrees to put the water derived from the BDC Shares to "beneficial use" as that <br />terns is defined under Colorado Water Law, and will take no action that would constitute an <br />abandonment of the 1-3DC Shares or other wise jeopardize the historical consumptive use associated <br />with the BDC Shales. Al agrees to continue to divert the water derived from tilt I3DC Shares and <br />maintain the same level of consumptive use of the water that has oceuried historically. <br />3. The parties expressly acknowledge and agree that Westminster has made no <br />representation or warranties regarding the quality of or fitness for any use of the water derived from <br />the BDC Shares and provided to AI pursuant to the, terms of this lease. AI hereby waives any actual <br />