Common use of Ownership of Dam Facilities Clause in Contracts

Ownership of Dam Facilities. GBRA shall be the owner of the Dam Facilities including all related appurtenances, sites, rights-of-way, easements and all enlargements, extensions or improvements thereto. Notwithstanding the foregoing, to the extent that it is determined that the WCID must have an ownership interest or contract rights in the Initial Improvements in order to lawfully fund any payments for which it is responsible hereunder, GBRA agrees to convey to the WCID such undivided ownership interest or contract rights in the facilities constructed. Any such conveyance shall not alter GBRA’s right and authority to operate and maintain the Dam Facilities in its sole and absolute discretion within the limits of this Contract and subject to the terms of Article VII of this Contract. At such time as: (i) the WCID measures required to be adopted by the voters of the WCID fail to pass within the timeframe allowed hereunder or (ii) this Contract terminates pursuant to Sections 10.1 or 10.2, whichever occurs earliest, any undivided ownership interest or contract rights in the Initial Improvements that GBRA previously conveyed to the WCID under this Section 2.4, shall automatically revert to GBRA in all respects. The WCID agrees to execute and deliver to GBRA an instrument reflecting such reversion if GBRA determines it needs to retain an instrument for its records or if GBRA determines it needs to file such an instrument in the public records as proof of the reversion.

Ownership of Dam Facilities. GBRA shall be the owner of the Dam Facilities including all related appurtenances, sites, rights-of-way, easements and all enlargements, extensions or improvements thereto. Notwithstanding the foregoing, to the extent that it is determined that the WCID must have an ownership interest or contract rights in the Initial Improvements in order to lawfully fund any payments for which it is responsible hereunder, GBRA agrees to convey to the WCID such undivided ownership interest or contract rights in the facilities constructed. Any such conveyance shall not alter GBRA’s right and authority to operate and maintain the Dam Facilities in its sole and absolute discretion within the limits of this Contract and subject to the terms of Article VII of this Contract. At such time as: (i) the WCID measures required to be adopted by the voters of the WCID fail to pass within the timeframe allowed hereunder or (ii) this Contract terminates pursuant to Sections 10.1 or 10.2, whichever occurs earliest, any undivided ownership interest or contract rights in the Initial Improvements that GBRA previously conveyed to the WCID under this Section 2.4, shall automatically revert to GBRA in all respects. The WCID agrees to execute and deliver to GBRA an instrument reflecting such reversion if GBRA determines it needs to retain an instrument for its records or if GBRA determines it needs to file such an instrument in the public records as proof of the reversion.