Ordinance 2021-1804 - Laserfiche WebLink

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(i) Payment of Balance of Purchase Price. CK Ventures shall pay to the City the balance of the Purchase Price in cash, certified funds, or by wire transfer in immediately available funds to an account designated by the City. (ii) Documents. At the time of Closing, the City shall deliver to CK Ventures a Ditch Company certificate or other documents evidencing CK Ventures' ownership of the Water Stock, and a properly executed stock assignment form assigning the Water Stock to CK Ventures. CK Ventures shall deliver to the City the assignment described in paragraph 2.b. of this Agreement. 5. POST -CLOSING RIGHTS AND OBLIGATIONS a. Future Approval of Use of Water Stock. The Parties hereto acknowledge that CK Ventures intends for the Water Stock to be incorporated into an application for a change of water rights to be filed with the Water Court and, upon entry of a final decree, the Water Stock may be used for the purposes intended by CK Ventures. The City may file and pursue, at its own expense, a statement of opposition to the application, to ensure that any decree entered is consistent with this Agreement, and to ensure that no material injury occurs to the City's water rights. CK Ventures may also include the Water Stock, at the sole discretion of CK Ventures, in a Substitute Water Supply Plan ("SWSP") approved by the State Engineer pursuant to section § 37-92-308, C.R.S. It shall be the responsibility of CK Ventures to obtain an SWSP approved by the State Engineer for CK Ventures to use its interest in the Water Stock if such use is to occur before entry of a final decree from the Water Court, Water Division No. 1. (i) Cooperation. The City shall cooperate with CK Ventures in obtaining any required approvals from any entity. CK Ventures agrees that such approvals shall be consistent with this Agreement. Nothing in this Agreement nor the approval(s) sought by CK Ventures to use the Water Stock shall diminish the City's other water rights. CK Ventures will provide the City with a copy of any approvals requested and obtained from any entity for the use of the Water Stock described herein. (ii) Expenses. All expenses incurred by CK Ventures associated with such approval(s), including engineering, legal and filing fees associated with the approval(s), shall be the sole responsibility of CK Ventures. b. Assessments. CK Ventures hereby accepts and assumes and agrees to observe and perform the obligations required of a shareholder of the Ditch Company, including payment of all regular and special assessments owed to the Ditch Company for the Water Stock as of Closing. c. Rights Reserved by the City. Nothing in this Agreement, nor any subsequent Water Court Decree or Substitute Water Supply Plan obtained by CK Ventures, shall be deemed to affect or supersede the Decree entered in Case No. 80CW451 and the uses decreed therein for the Storage Water Rights associated with the Water Stock at the time the Decree was entered. The City was issued new shares of stock in the Baseline Land & Reservoir Page 7 of 13