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WATER LEASE AGREEMENT <br />(GRAHAM DITCH) <br />This Water Lease Agreement ( "Agreement ") is entered into this 8 day of <br />/J6V6wf0€, 2012 by and between Loloff Construction, Inc., "Lessee" and GRAHAM <br />DRAINAGE DITCH COMPANY ( "Ditch Company"), "Lessor". <br />RECITALS <br />A. The Ditch Company owns and operates, for the benefit of its shareholders, the Graham Seepage <br />and Drainage Canal and the water right decreed to that Structure in case Na W- 7818 -74, District Court, <br />Water Division No. 1 ( "Graham Ditch "). The Graham Ditch is decreed as a developed water right for up to <br />2800 acre feet per year. The Graham Ditch originates in Section 27 of Township 7 North, Range 66 West <br />of the 6`h P.M., Weld County, Colorado and is capable of delivering water to the Cache La Poudre River at <br />two points in Section 36 of Township 6 North, Range 66 West of the 61h P.M., Weld County, Colorado. <br />B. Lessee intends to operate and administer a Substitute Water Supply Plan (' SWSPI. Lessee <br />desires to lease water temporarily from Lessor until its permanent sources of augmentation water are in <br />place. <br />C. Lessor is willing to lease to Lessee water delivered from the Graham Ditchl to the Cache La <br />Poudre River, and Lessee desires to lease such water, in accordance with the terms and conditions of <br />this agreement. <br />AGREEMENT <br />Now, therefore, in consideration of the foregoing recitals, and mutual covenants and agreements herein, <br />and for other good and valuable consideration, the receipt and sufficiency of which is h�reby <br />acknowledged, the parties agree as follows: <br />1. Lease. Lessor hereby leases and agrees to provide to Lessee up to 41.91 acre feet of fully <br />consumable water from the Graham Ditch (the "Graham Ditch Water ") according to the monthly schedule <br />below, subject to the limitations, terms and conditions stated herein. <br />All values in cc -ft <br />2013 <br />Apr May Jun Jul Aug Sep Oct <br />Total <br />19 3.9 5.5 7.0 7.8 7.8 7.0 <br />41.9 <br />2. Rent. Lessee shall a Y Lessor $ 50 for each acre foot of full consumable Graham Ditch Water <br />p Y <br />that is made available to Lessee in accordance with the measurement and delivery terms set forth In <br />Paragraph 3 of this Agreement and approved by the State Engineer for consumptive use in the SWSP. <br />Within five (5) days following the end of each calendar month, Lessor shall provide Lessee with a written <br />statement indicating the total number of acre feet of Graham Ditch Water made available to Lessee for <br />replacement and augmentation use during that month. Lessee's payment shall be due no later than <br />twenty (20) days following submission of the bill. Lessee shall make all rental payments to the Lessor in <br />care of the Ditch Company, and the Ditch Company shall be responsible for distributing such payments <br />amongst its shareholders according to their pro rata share. <br />3. Measurement and Delivery. The point of delivery for the Graham Ditch water leased pursuant to <br />this agreement shall be to the Cache La Poudre River at the point where the East Lateral of the Graham <br />Ditch is capable of delivering to the Cache La Poudre River in Section 36 of Township 6 North, Range 66 <br />West of the 6`h P.M., Weld County Colorado. Lessor shall make daily metered measurements of <br />deliveries of the Graham Ditch Water and shall provide reports of such deliveries to Lessee on a weekly <br />1 -of3 <br />