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WA'rER LEASE <br />THIS LEASE is entered into this JIM- ' day of tt C f( 2009, between the City of <br />Westminster ( "Westminster "), lessor, and Aggiegate Tndustrics -VCR, Inc., a Colorado corporation <br />( "AI "), lessee. <br />\VHEREAS, Westminster is the owner of 1.038 shares in the Brighton Ditch, (the "BDC <br />Shares "), identified as Stock Certificate Numbers 228 and 229: <br />WII EREAS, Westminster is a municipal corporation in the State of Colorado that provides <br />water and sewer services to individuals located within the Westminster Water Service Area; <br />'WHEREAS, Pursuant to Section 14,3 of the Westminster City Charter, the City is further <br />author ized to lease water subject to subsections (a) and (b) of said Section 14,3. In the judgment of <br />the Westminster City Council, the leans of this Water Lease, and the payments generated thereby, <br />satisfy the requirements of Section 14.3 (a) and Section 14.3 (b) of the Westminster City Charter. <br />\VIIEREAS, AI is a corporation of the State of Colorado; <br />WHEREAS, AI desires to lease the water derived from the BDC Shares, and Westminster is <br />willing to lease to AI the water derived from the BDC Shares under the specific conditions <br />hereinafter set forth. <br />WHEREAS, Westminster and AI are parties to an Agreement dated October 24, 2000, (the <br />"Storage Agreement "), as amended on -J_cf 'ttr: y its , 2009, whereby Al is mining gravel <br />deposits from certain lands located near WVattenlierg, Colorado and, upon completion of mining, is <br />constructing a water storage reservoir for Westminster on said lands. <br />NOM' THEREFORE, in consideration of the foregoing recitals, the mutual covenants and <br />agreements hereinafter set forth, the mutual covenants and agreements 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. Westminster agrees to lease the water derived from the BDC Shares to AI 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 />tern is defined under Colorado Water Law, and will take no action that would constitute an <br />abandonment of the BDC Shares or otherwise jeopardize the historical consumptive use associated <br />with the BDC Shares. AI agrees to continue to divert the water derived from the BDC Shares and <br />maintain the same level of consumptive use of the water that has occurred 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. Al hereby waives any actual <br />