Examples of Water Rights in a sentence
In the event the Town Contract is terminated during the term of this Re-Sale Contract, Developer shall have the right to a refund of any amounts paid under this Re-Sale Contract for Uncommitted Purchased Water Rights, without interest.
The Parties acknowledge that once ADWR issues a CAWS based on any portion of the Purchased Water Rights, ADWR considers such CAWS irrevocable absent extraordinary circumstances.
Developer expressly acknowledges that (i) the Purchased Water Rights are neither real or personal property nor a service, but rather a sole and exclusive contractual right that may be relied upon to support one or more CAWSs for subdivision development on the Property, and (ii) the Purchased Water Rights do not entitle Developer to the transfer or physical delivery of any water which must be effectuated through a separate application process by the end user to the Town’s Utility Department.
Developer hereby agrees to purchase acre- feet of Water Rights from WPI (“Purchased Water Rights”).
Thus, within 10 days of issuance of a CAWS, Developer shall (i) pay WPI in full the remaining balance due on the Total Purchase Price for the Purchased Water Rights pledged to such CAWS, or (ii) post a bond, irrevocable letter of credit or other mutually-acceptable form of security that secures the full balance due on the Total Purchase Price for the Purchased Water Rights pledged to such CAWS.