AMENDMENT NO. 1 TO AGREEMENT FOR
WATER SERVICE
Arapahoe County Fairgrounds
THIS AMENDMENT NO. 1 TO AGREEMENT FOR WATER
SERVICE (“Amendment No. 1”) is made and entered
into this _____ day of August 2008, by and between
the RANGEVIEW METROPOLITAN DISTRICT, a quasi-municipal corporation
and political subdivision of the State of Colorado acting by and
through its water activity enterprise (“Rangeview”),
PURE CYCLE CORPORATION, a Colorado Corporation (successor by merger
to Pure Cycle Corporation, a Delaware corporation) (“Pure
Cycle”), and ARAPAHOE COUNTY, a political subdivision of the
State of Colorado (the “County”).
WHEREAS, Rangeview, Pure Cycle and County
entered into an Agreement for Water Service, dated August 3,
2005, concerning the Arapahoe County Fairgrounds (the
“Agreement”);
WHEREAS, pursuant to provisions of the
Agreement, including paragraph 4.3, the County is obligated to fund
certain Special Facilities “A” and “B” by
(i) selling groundwater to Pure Cycle, (ii) making an
initial cash payment and (iii) making monthly capital
facilities surcharge payments (“MCFS”);
WHEREAS, the County made the initial cash
payment required by the Agreement in the amount of
$397,235.00;
WHEREAS, pursuant to the provisions of the
Agreement the County made an initial conveyance of 26.95 acre feet
a year of groundwater from the Laramie-Fox Hills formation on or
about September 2, 2005;
WHEREAS, pursuant to the Agreement the County
was to pursue a modified decree with respect to additional
groundwater rights in the Laramie Fox-Hills and Denver formations,
and then make a conveyance of additional groundwater to Pure
Cycle;
WHEREAS, the County has recently obtained
additional groundwater rights as contemplated by the Agreement;
however, the amount of water which the County can convey pursuant
to the decrees is less than anticipated in the Agreement and the
decrees have taken longer to obtain than originally
anticipated;
WHEREAS, the parties have reached a mutual
understanding as to the amounts to be paid and the groundwater to
conveyed by the County for Special Facilities “A” and
“B,” in light of the developments mentioned in the
preceding paragraph, and desire to enter into this Amendment
No. 1 to
