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NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of <br />which are hereby acknowledged, Louisville and Lessor agree as follows. <br />AGREEMENT <br />1. Water Lease. Lessor hereby leases to Louisville, and Louisville hereby leases from <br />Lessor, the beneficial use of the water allocated to Lessor's 4 C-BT AFUs during the term of this <br />Lease (the "Leased C-BT Water"). Because Northern Water sets its quota for the amount of water <br />per C-BT AFU on an annual basis, the amount of water yielded from Lessor's 4 C-BT AFUs may <br />vary based on the final annual quota for the water year that is set by the Northern Water Board for <br />the then -current water year. <br />2. Term of Lease. The term of this Lease begins on the January 1, 2025 and ends on <br />December 31, 2029 ("Term"). <br />3. Lease Payment. <br />3.1. Initial Lease Year. Louisville shall pay to Lessor $3,000.00 per C-BT AFU, for <br />a total lease payment of $12,000.00, for the first (2025) year of the Lease Term. The first <br />year's payment is due in full on or before January 15, 2025. <br />3.2. Subseauent Lease Years. If Northern Water approves the 5-Year Term for this <br />Lease, the lease rate and total payment shall increase 3.0% over the least rate and the total <br />lease payment for the preceding year of the 5-Year Term, rounded to the nearest whole <br />dollar. The annual inflation adjustment for subsequent lease years is set forth below: <br />Lease Year Price Per CBT AFU Total Lease <br />Payment <br />2025 $3,000.00 $12,000.00 Jan. 15, 2025 <br />2026 $3,090.00 $12,360.00 Jan. 15, 2026 <br />2027 $3,183.00 $12,732.00 Jan. 15, 2027 <br />2028 $3,279.00 $13,116.00 Jan. 15, 2028* <br />2029 $3,378.00 $13,512.00 Jan. 15, 2029** <br />* Jan. 15, 2028 falls on a Saturday and Jan. 17, 2028 is a holiday. <br />** Jan. 15, 2029 falls on a Monday which is a holiday. <br />Payment Due Date <br />3.3 Additional Charges and Fees. Louisville shall pay for any administrative fees, <br />temporary transfer costs, charges for services, Northern Water's Rule 11 charges, and any <br />periodic charges or assessments related to the Leased Water. To the extent that Northern <br />Water imposes a Rule 11 charge, special assessments, and/or any other fee or charge on <br />Lessor related to the Leased Water, Lessor shall provide a copy of the invoice(s) for such <br />fees and/or charges from Northern Water to Louisville upon receipt. Louisville shall pay <br />2 <br />