EXHIBIT 10.5
EXTENSION AGREEMENT
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WHEREAS FRICO and Eldorado Springs Artesian Water Company (the "Parties") have
previously entered into an agreement with respect to, inter alia, the
acquisition and use of one unit of the Windy Gap Project water from the Northern
Colorado Water Conservancy District now owned by the Superior Metropolitan
District; and
WHEREAS paragraph 2 of said agreement provides as follows:
This agreement is contingent upon FRICO being able to conclude its
negotiations with the Superior District, as provided in paragraph 1, above,
within ninety days from the date of this agreement unless the parties to
this agreement shall mutually agree otherwise. To the extent that any term
or condition of the FRICO/Superior Agreement affects the interests of
Eldorado under this agreement, this agreement is conditional upon
Eldorado's discretionary approval of the FRICO/Superior agreement.
WHEREAS the parties as of this date are awaiting confirmation of the transfer of
one unit of Windy Gap Project water from the Superior District; and
WHEREAS the parties desire to confirm that the aforementioned Agreement remains
in full force and effect; and
WHEREAS, it is in the mutual interest of the Parties to extend the period of
time in which the confirmation of the transfer of one unit of Windy Gap Project
Water is to be afforded by Superior Metropolitan District.
NOW THEREFORE it is agreed as follows:
1. Said agreement remains in full force and effect as of this date;
2. Paragraph 2 of the Agreement is extended for an additional ninety (90) days
from the date of this Extension Agreement.
Dated this 19th day of May, 1999.
The Farmers Reservoir and Irrigation Company
By: /s/ Xxxx Xxxxxx
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Its President
Attest: /s/ Xxxx X. Xxxxxxx
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Secretary
Eldorado Springs Artesian Water Co.
By: /s/ Xxxxxxx X. Xxxxxx
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Its President
Attest: /s/ Xxxxx Xxxxxx
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Secretary
