Price for Water. The price for the Water leased by Lessee as of the effective date of this Agreement is a Delivered Base Rate of $2,500.00 per acre-foot of water per Water Year (“Delivered Base Rate”). The Delivered Base Rate automatically will change to Clear Creek’s then-current water rate every fifth Water Year during the term of this Agreement. Except in the years the Delivered Base Rate is adjusted in accordance with the immediately preceding paragraph, the Delivered Base Rate will be adjusted annually for inflation in accordance with the Denver-Aurora-Lakewood metropolitan area Consumer Price index for All Items, All Urban Consumers (CPI-U) published by the United States Department of Commerce (or, if that is unavailable, the most nearly applicable index selected at the discretion of Clear Creek). The adjustment will be made in the manner illustrated in Exhibit 3 hereto. The base rate for Water made available to Lessee under this Agreement but not delivered because Lessee does not request delivery of that amount in its Projected Monthly Water Augmentation Notice will be one-half the then-current Delivered Base Rate – that is, $1,250 per acre-foot for the current Water Year, based on the current Delivered Base Rate (“Water Reservation Rate”). The Water Reservation Rate will increase commensurate with future increases in the Delivered Base Rate.
Price for Water. The price for the Water leased by Lessee pursuant to this Agreement is a Delivered Base Rate of $2,500.00 per acre foot of water per Water Year (“Delivered Base Rate”). During the term of this Agreement, whenever Clear Creek adopts a new water rate schedule, the Delivered Base Rate automatically will change to Clear Creek’s then-current water rate. For each year in which the Lessee leases Water under this Agreement, beginning in the 2025 Water Year, the Delivered Base Rate will be adjusted annually for inflation in accordance with the Denver-Aurora-Lakewood metropolitan area Consumer Price index for All Items, All Urban Consumers (CPI-U) published by the United States Department of Commerce (or, if that is unavailable, the most nearly applicable index selected at the discretion of Clear Creek). The adjustment will be made in the manner illustrated in Exhibit 3 hereto, except in the years that the Delivered Base Rate automatically changes. The base rate for water made available to Lessee under this Agreement but not delivered because Lessee does not request delivery in its Projected Monthly Water Augmentation Notice will be one-half the Delivered Base Rate – that is, $1,250 per acre- foot today, based on the current Delivered Base Rate (“Water Reservation Rate”). The Water Reservation Rate will increase commensurate with future increases in the Delivered Base Rate.
Price for Water. The price for the Water leased by Lessee is a Delivered Base Rate of $2,500.00 per acre foot of water per Water Year (“Delivered Base Rate”). Under this Agreement, the Delivered Base Rate will be adjusted at the start of each Water Year beginning in 2021 for inflation in accordance with the Denver-Aurora- Lakewood metropolitan area Consumer Price index for All Items, All Urban Consumers (CPI-U) published by the United States Department of Commerce (or, if that is unavailable, the most nearly applicable index selected at the discretion of Clear Creek). The adjustment will be made in the manner illustrated in Exhibit 3 hereto.
