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LEASE OF FULLY C3 S'TrtAB2, MATER <br />THIS LEASE is made and entered into th4l.s 43* day of Oz, r , <br />1998, by and between the City of Loveland, Colorado, a Cct�pYado <br />home rule municinality ( "City ") , whose address is 504 East Third <br />Street, Loveland, Colorado 80537, and Coulson Excavating Company, <br />a Colorado corporation ( "Lessee ") , whose address is 3609 North <br />County Road '!3, Loveland, Colorado 80536. <br />WHEREAS, the City owns certain water which, pursuant to the <br />water laws of the state of Colorado, may be used, reused 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 />Wi4EREAS, 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 />I- 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 />