<SEC-DOCUMENT>0001102624-14-002079.txt : 20141230
<SEC-HEADER>0001102624-14-002079.hdr.sgml : 20141230
<ACCEPTANCE-DATETIME>20141230170132
ACCESSION NUMBER:		0001102624-14-002079
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141222
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141230
DATE AS OF CHANGE:		20141230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		141316560

	BUSINESS ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>PURE CYCLE CORPORATION 8-K
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<td colspan="3" width="33%" style="TEXT-ALIGN: center"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;(Exact name of registrant as specified in its charter)</font><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">This Current Report on Form 8-K is filed by Pure Cycle Corporation (the &#8220;Registrant&#8221;), a Colorado corporation, in connection with the matters described herein.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 1.01 &#8211; Entry into a Material Definitive Agreement</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 2.03 &#8211; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Effective December 22, 2014, the Registrant consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership &#8211; Water Delivery Agreement, dated December 31, 2013 (the &#8220;WISE Partnership Agreement&#8221;), among the City and County of Denver acting through its Board of Water Commissioners (&#8220;Denver Water&#8221;), the City of Aurora acting by and through its Utility Enterprise (&#8220;Aurora Water&#8221;), and the South Metro WISE Authority (&#8220;SMWA&#8221;).&#160;&#160;The SMWA was formed by the Rangeview Metropolitan District (the &#8220;District&#8221;) and nine other governmental or quasi-governmental water providers pursuant to the South Metro WISE Authority Formation and Organizational Intergovernmental Agreement, dated December 31, 2013 (the &#8220;SM IGA&#8221;), to enable the members of SMWA to participate in the regional water supply project known as the WISE Partnership (&#8220;WISE&#8221;) created by the WISE Partnership Agreement.&#160;&#160;The SM IGA specifies each member&#8217;s pro rata share of WISE and the members&#8217; rights and obligations with respect to WISE.&#160;&#160;The WISE Partnership Agreement provides for the purchase of certain infrastructure (pipelines, water storage facilities, water treatment facilities, and other appurtenant facilities) to deliver water to and among the ten members of the SMWA, Denver Water and Aurora Water.&#160;&#160;Certain infrastructure has been constructed and other infrastructure will be constructed over the next several years.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By consenting to the waiver of the contingencies set forth in the WISE Partnership Agreement, pursuant to the terms of the Rangeview/Pure Cycle WISE Project Financing Agreement (the &#8220;WISE Financing Agreement&#8221;) between the Registrant and the District, the Registrant become obligated to fund the District&#8217;s participation in WISE effective as of December 22, 2014. The Registrant&#8217;s cost of funding the District&#8217;s purchase of its share of existing infrastructure and future infrastructure for WISE is projected to be approximately $7 million over the next 6 years, which includes funding of approximately $1.2 million annually over the next 5 years and funding of the District&#8217; obligations under the Rangeview Funding Agreement described below.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The District entered into a Rangeview Funding Agreement, dated November 11, 2014 (the &#8220;Rangeview Funding Agreement&#8221;), with certain SMWA members pursuant to which Rangeview borrowed approximately $1.4 million to finance the purchase of infrastructure for WISE.&#160;&#160;The $1.4 million is repayable in equal annual installments over the next three years and accrues interest at the rate of 3%.&#160;&#160;The Registrant is required to provide the District with the funds to repay this obligation pursuant to the terms of the WISE Financing Agreement.&#160;&#160;In exchange for funding the District&#8217;s obligations in WISE, the Registrant will have the sole and exclusive right to use and reuse the WISE water and infrastructure to provide water service to the District&#8217;s customers and to receive the revenue from such service.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Registrant will also serve as the District&#8217;s voting representative in the SMWA and otherwise perform or cause to be performed the District&#8217;s obligations under the SM IGA and the WISE Partnership Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The WISE Partnership Agreement, the SM IGA, the WISE Financing Agreement, and the Rangeview Funding Agreement, are collectively referred to as the WISE Agreements.&#160;&#160;Under the WISE Agreements, the Registrant will fund a 7% interest in WISE, which will entitle the Registrant to access pipeline capacity and water on a phased basis.&#160;&#160;Upon completion in 2021, the Registrant expects to be entitled to approximately 3 million gallons per day (MGD) of transmission pipeline capacity and 500 acre feet per year of permanent water from Denver Water and Aurora Water, subject to variations and interruptions as permitted by the terms of the WISE Partnership Agreement.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Rangeview/Pure Cycle WISE Project Financing Agreement, effective as of December 22, 2014.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SIGNATURES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated:&#160;&#160;December 30, 2014</font><br>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PURE CYCLE CORPORATION</font></font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Mark W. Harding&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;By: Mark W. Harding,</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">President and Chief Financial Officer</font></font></td>
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<div style="TEXT-ALIGN: right">EXHIBIT 10.1</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RANGEVIEW/PURE CYCLE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WISE PROJECT FINANCING AND SERVICE AGREEMENT</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This RANGEVIEW/PURE CYCLE WISE PROJECT FINANCING AND SERVICE AGREEMENT (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Agreement</font>&#8221;) is entered into and effective as of the 10 day of November, 2014 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Effective Date</font>&#8221;), by and between <font style="DISPLAY: inline; FONT-WEIGHT: bold">RANGEVIEW METROPOLITAN DISTRICT</font>, a quasi-municipal corporation and political subdivision of the State of Colorado acting by and through its Water Activity Enterprise (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Rangeview</font>&#8221; or the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">District</font>&#8221;) and <font style="DISPLAY: inline; FONT-WEIGHT: bold">PURE CYCLE CORPORATION, </font>a Colorado corporation<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>(&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pure Cycle</font>&#8221;), (each a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Party</font>&#8221; and, collectively, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Parties</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RECITALS</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Capitalized terms used, but not defined, in these Recitals shall have the meanings ascribed to them in Article I of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview is a special district organized pursuant to Title 32 of the Colorado Revised Statues with the power, among other powers, to supply water.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview&#8217;s water activity enterprise was established by resolution of Rangeview adopted at a public meeting of its Board of Directors on September 11, 1995, and effective as of the date of its adoption.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview has entered into and is a Member as such term is defined in and pursuant to the provisions of the South Metro Water WISE Authority Formation and Organizational Intergovernmental Agreement Forming the WISE Authority, dated effective as of December 31, 2013 (as may be modified or amended from time to time, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">WISE Authority IGA</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The South Metro Water WISE Authority (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">WISE Authority</font>&#8221;) has entered into the WISE Agreement with the City and County of Denver acting by and through its Board of Water Commissioners (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Denver Water</font>&#8221;), the City of Aurora acting by and through its Utility Enterprise (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Aurora</font>&#8221;), dated effective as of December 31, 2013 (as may be modified or amended from time to time, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">WISE Delivery Agreement</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In its capacity as a Member, Rangeview is financially obligated to fund its obligations as set forth in the WISE Authority IGA and the WISE Delivery Agreement (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">WISE Funding Obligations</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview has entered into that certain Agreement for Purchase and Sale of Western Pipeline Capacity, dated 11/19, 2014, with Centennial Water and Sanitation District, Cottonwood Water and Sanitation District, Dominion Water and Sanitation District, and Inverness Water and Sanitation District, to purchase certain of the shares of such entities in the East Cherry Creek Valley Western Pipeline and the State Land Board Pipeline, as defined therein (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Western and SLB Pipeline PSA</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">H.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the Western and SLB Pipeline PSA, Rangeview is responsible for payment of the purchase price for the Purchased Shares, as defined therein (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Western and SLB Pipeline PSA Obligations</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Once acquired, the Purchased Shares shall be referred to herein as &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Rangeview Western and SLB Pipeline Assets</font>.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">J.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview currently does not have sufficient revenues to assure it will be able to fund its WISE Funding Obligations or the Western and SLB Pipeline PSA Obligations (collectively, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">WISE Project Funding Obligations</font>&#8221;) in a timely way.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">K.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Section 14.G of the WISE Authority IGA grants Members the absolute right to assign their respective Pro Rata Share and rights thereunder to a financing entity.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">L.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the terms set forth herein, Rangeview and Pure Cycle have agreed that Pure Cycle shall be the financing entity for Rangeview with respect to Rangeview&#8217;s WISE Project Funding Obligations and Rangeview&#8217;s representative with respect to other Member obligations under the WISE Authority IGA and the WISE Delivery Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">M.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle is the exclusive water and wastewater service provider for the area Rangeview is authorized to serve (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Service Area</font>&#8221;) and, as more specifically set forth in the Wastewater Service Agreement dated January 22, 1997, the Agreement for Sale of Export Water dated April 11, 1996, the Amended and Restated Service Agreement dated July 11, 2014, and such other contracts for service that Rangeview may enter into in the future (collectively, these agreements, as the same may be modified or amended from time to time, are referred to as the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator Agreements</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">N.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the Operator Agreements, Pure Cycle is responsible for acquiring a portfolio of water rights and developing the water delivery infrastructure necessary to provide Rangeview Customers (as defined herein) adequate and reliable water service on a permanent basis.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">O.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle, as an operator of water and wastewater systems, has the technical and financial capacity to expand its role as defined in the Operator Agreements to include becoming the financing entity and Member representative for Rangeview under the WISE Authority IGA and the WISE Delivery Agreement and the operator for providing wholesale and retail water service to Rangeview Customers.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">P.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement sets forth the respective rights and obligations of the Parties with respect to Pure Cycle&#8217;s delivery on Rangeview&#8217;s behalf of wholesale water to Rangeview Customers who enter into Wholesale Water Service Contracts (as defined herein).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Q.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As consideration for Pure Cycle&#8217;s performance of its obligations as the financing entity and operator as set forth in this Agreement, it is the intent of the Parties that the rate of fees and charges paid by Rangeview Customers for receipt of wholesale water service shall be paid to Pure Cycle as more specifically set forth herein.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">R.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The scope of services to be provided by Pure Cycle under this Agreement does not include delivery of retail water service, it being acknowledged by the Parties that delivery of retail water service by Pure Cycle to Rangeview Customers shall be as set forth in one or more separate agreements which will include, inter alia, provisions regarding the rates to be charged for retail water and amounts payable to Pure Cycle for retail water service delivery.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">S.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview has determined that the execution of this Agreement will serve a public purpose and promote the health, safety, prosperity and general welfare of current and future Rangeview Customers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW, THEREFORE, in consideration of the Recitals set forth above, all of which are fully incorporated herein and made an integral part of this Agreement, the mutual covenants and agreements contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Definitions</font>.&#160;&#160;Capitalized terms used, but not defined, in this Agreement shall have the meanings ascribed to them in the WISE Authority IGA, such terms include, but shall not be limited to, Member(s), WISE Project, Core WISE Project Infrastructure, Local Infrastructure, Member&#8217;s Pro Rata Share, Take-or-Pay Commitment, WISE Authority, Excess Deliveries, WISE Raw Water Rate, Delivery Year, and the Colorado River Cooperative Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">C.R.S.</font> means the Colorado Revised Statutes as amended from time to time.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Construction Schedule</font> has the meaning set forth in Section 6.2.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Effective Date</font> has the meaning set forth in the first paragraph of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Facilities</font> means, collectively, Rangeview&#8217;s WISE Assets and Rangeview&#8217;s Western and SLB Pipeline PSA Assets, together with Pure Cycle WISE Delivery Infrastructure.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice of Payment</font> means the notice of payment of a WISE Project Funding Obligation that Rangeview is required to provide to Pure Cycle in accordance with Section 5.3.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Operator Agreements</font> has the meaning set forth in Recital M.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pure Cycle</font> means Pure Cycle Corporation, a Colorado corporation, and includes any successors or assigns.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pure Cycle WISE Delivery Infrastructure</font> means, for the purposes of this Agreement, all or a portion of the improvements and facilities that may be required to receive, transport, store, treat and deliver WISE Project water from the Core WISE Infrastructure to the water distribution system operated by Pure Cycle under the Operator Agreements for delivery of water from the WISE Project to Rangeview Customers.&#160;&#160;For purposes of clarification, Pure Cycle WISE Delivery Infrastructure is anticipated to be as generally depicted on <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit A</font>, attached hereto, which <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit A</font> may be amended or supplemented from time to time in accordance with actual development of the Pure Cycle WISE Delivery Infrastructure by mutual agreement of the Parties without formal amendment of this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WISE Delivery Infrastructure is anticipated to be as generally depicted on <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit A</font>, attached hereto, which <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit A</font> may be amended or supplemented from time to time in accordance with actual development of the Pure Cycle WISE Delivery Infrastructure by mutual agreement of the Parties without formal amendment of this Agreement.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rangeview</font> means Rangeview Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado, and includes any successors or assigns.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rangeview Customers</font> means entities or persons that contract with Rangeview to obtain wholesale or retail water service pursuant to an agreement for water service inclusive of, but not limited to, any Wholesale Water Service Contract as contemplated herein.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rangeview&#8217;s WISE Assets</font> means, collectively, Rangeview&#8217;s Member Pro Rata Share and allocated ownership interest in Core WISE Infrastructure and the Rangeview Western and SLB Pipeline Assets.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rangeview&#8217;s WISE Costs</font> has the meaning set forth in Section 8.2.b.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Schedule of Fees</font> means the schedule of tap fees, usage charges and service charges, including late payment charges and/or penalties imposed on Rangeview Customers as the same may be amended from time to time pursuant to Rangeview&#8217;s Rules and Regulations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">State</font> means the State of Colorado.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.16&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Wholesale Water Service Contract</font> means, for the purposes of this Agreement, the agreement (or agreements) entered into by Rangeview Customers to receive wholesale water service which may include water from the WISE Project via Pure Cycle WISE Delivery Infrastructure and/or other water supplies.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Executive Board</font> means the executive board of the WISE Authority.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Authority IGA</font> has the meaning set forth in Recital D</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Delivery Agreement</font> has the meaning set forth in Recital E.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Funding Account</font> means a segregated accounting to be established by Rangeview for the purpose of receiving deposits from Pure Cycle and making payments to the WISE Authority to satisfy Rangeview&#8217;s WISE Project Funding Obligations in accordance with Article V of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.21&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Project Funding Obligations</font> has the meaning set forth in Recital J.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.22&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Wholesale Delivery Rate</font> means the pricing for wholesale water delivery from the WISE Project to Rangeview Customers as determined in accordance with Section 8.1.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purpose of Agreement</font>.&#160;&#160;This Agreement shall be governed, in general, by the following provisions in this Section 2.1.&#160;&#160;The Parties agree that the statements of intention set forth in this Section 2.1 are essential to the proper interpretation of this Agreement and are intended to clarify the general intent of specific provisions contained herein.&#160;&#160;The following statements are illustrative of the Parties&#8217; intentions and while they are to be used to construe and govern this Agreement, they are not intended to constitute an all-inclusive statement of intentions of the Parties.&#160;&#160;References shall also be made to the Operator Agreements, the WISE Authority IGA and the WISE Delivery Agreement for purposes of construing this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview is and shall remain the owner of Rangeview&#8217;s WISE Assets.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As the exclusive water and wastewater service provider for Rangeview, Pure Cycle has and will continue to make significant investments in (i) acquiring by purchase, lease and other instruments a portfolio of water rights sufficient to provide Rangeview Customers adequate and reliable water service on a permanent basis; and (ii)&#160;financing, constructing, operating and maintaining wholesale water delivery infrastructure for the delivery of such water service.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In consideration of Pure Cycle&#8217;s performance of its obligations under and subject to the terms and conditions of this Agreement, including, without limitation, costs paid or incurred by Pure Cycle for payment of WISE Project Funding Obligations and financing, constructing and operating the Pure Cycle WISE Delivery Infrastructure as more specifically set forth herein, Pure Cycle shall have (i) exclusive use and reuse rights to the Rangeview WISE Assets; and (ii) the right to receive the fees, rates, tolls and charges established and received by Rangeview pursuant to the Schedule of Fees.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement governs the relationship between the Parties with respect solely to the Rangeview WISE Assets and the utilization of same as component elements, but not the only elements, of the water rights and delivery system to be financed, constructed, owned and maintained by Pure Cycle for the purpose of serving Rangeview Customers, and nothing herein shall be interpreted or construed as preventing or otherwise limiting the rights of the Parties to enter into other agreements with one another and/or other entities as each, in its sole discretion, may determine are necessary or appropriate to provide adequate and reliable water service on a permanent basis to Rangeview Customers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Parties acknowledge that Rangeview Customers may enter into Wholesale Water Service Contracts in reliance upon the performance of Pure Cycle and Rangeview of their respective obligations under this Agreement, and it is the intent of the Parties hereto that Rangeview Customers will receive reliable, uninterrupted water service.&#160;&#160;Notwithstanding any provision to the contrary in this Agreement, the Parties agree that any Wholesale Water Service Contract shall authorize such Rangeview Customer to cure any default by Rangeview and/or Pure Cycle under the WISE Authority IGA or WISE Delivery Agreement to the extent necessary to avoid suspension or termination of delivery of the WISE Project water which it is entitled to receive.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the extent, if any, that the terms of this Agreement are in conflict with or contrary to the terms of the WISE Authority IGA, the provisions of the WISE Authority IGA shall control and govern the conduct of the Parties hereto.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Assignment and Assumption of WISE Authority IGA</font>.&#160;&#160;Rangeview hereby assigns, and Pure Cycle, in its capacity as Rangeview&#8217;s financing entity, hereby assumes all rights and obligations of Rangeview as a Member under the WISE Authority IGA as authorized in the last paragraph of Section 14.G therein.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Appointment to WISE Authority; WISE Executive Board</font>.&#160;&#160;Rangeview hereby appoints Pure Cycle&#8217;s chief executive officer (or such other person as may be designated by Pure Cycle&#8217;s chief executive officer) as Rangeview&#8217;s representative to the WISE Authority with the authority to vote on Rangeview&#8217;s behalf on all matters that come before the WISE Authority and, to the extent authorized under the WISE Authority IGA, serve on the WISE Executive Board; provided, however, the written approval of the Rangeview board of directors shall be required prior to any vote of Rangeview&#8217;s representative on any matter which would increase or otherwise modify the financial or legal obligations or adversely affect the rights of Rangeview under the WISE Authority IGA and/or the WISE Delivery Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Grant of Rangeview WISE Assets Use Rights</font>.&#160;&#160;In accordance with the provisions of this Agreement, Rangeview hereby grants to Pure Cycle the sole and exclusive rights to use Rangeview&#8217;s WISE Assets as Rangeview&#8217;s agent for the providing of water service to Rangeview Customers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Agreements</font>.&#160;&#160;By execution of this Agreement, Pure Cycle, as the financing entity and service provider to Rangeview, consents and agrees to be bound by the provisions of the WISE Authority IGA and, as applicable, the WISE Delivery Agreement.&#160;&#160;Pure Cycle shall perform or cause to be performed all of Rangeview&#8217;s obligations as a Member under the WISE Authority IGA and WISE Delivery Agreement, including, but not limited to:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Participate in meetings of the WISE Authority as the voting representative of Rangeview;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In Pure Cycle&#8217;s capacity as the financing entity for Rangeview and in accordance with Section 5.2 of this Agreement, advance funds to Rangeview for payment of Rangeview&#8217;s WISE Project Funding Obligations in the amounts and by the due dates as more specifically set forth in the WISE Authority IGA and the WISE Delivery Agreement, including any Late Fees, as defined in Section 9 of the WISE Authority IGA, or other fees, additional costs or charges imposed as a result of any default by Pure Cycle in the performance of any obligation of Rangeview under the WISE Authority IGA;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Represent Rangeview in any dispute resolution procedure affecting the rights or obligations of Rangeview pursuant to the procedures set forth in Section 10 of the WISE Authority IGA; provided, however, that Pure Cycle shall notify Rangeview regarding the commencement of any dispute resolution procedure and opportunity for input and/or participation with respect to same, and, Rangeview&#8217;s written consent shall be required prior to Pure Cycle&#8217;s agreement to resolution of any dispute that would have the effect of diminishing Rangeview&#8217;s rights or expanding Rangeview&#8217;s obligations under the WISE Authority IGA and WISE Delivery Agreement without Rangeview&#8217;s prior written consent;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Comply with the terms of the WISE Delivery Agreement as required by Section 18 of the WISE Authority IGA; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Perform such other obligations and exercise such other rights of Rangeview for the benefit of Rangeview Customers as are set forth in the WISE Authority IGA not specifically enumerated herein.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitation on Pure Cycle&#8217;s Obligations</font>.&#160;&#160;The Parties acknowledge that the amount of Rangeview&#8217;s WISE Project Funding Obligations may change from time to time in accordance with the provisions of the WISE Authority IGA and the WISE Delivery Agreement and, notwithstanding any provision herein to the contrary, nothing in this Agreement shall be interpreted or construed as obligating Pure Cycle to pay WISE Project Funding Obligations that are more expansive in scope and/or require payment of amounts greater than those expressly described in the WISE Authority IGA, the WISE Delivery Agreement, and the Western and SLB Pipeline PSA as of the Effective Date unless Pure Cycle has provided its written consent to such expanded scope and/or increased payment amounts.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Establishment of WISE Funding Account</font>.&#160;&#160;On or before the Effective Date, Rangeview shall establish the WISE Funding Account for the sole purpose of receiving deposits from Pure Cycle and making payments to the WISE Authority to satisfy Rangeview&#8217;s WISE Project Funding Obligations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance of Funds by Pure Cycle</font>.&#160;&#160;Not later than five (5) business days prior to the date on which the payment of any WISE Project Funding Obligation is due, Pure Cycle shall deposit into the WISE Funding Account an amount of good funds equal to the applicable WISE Project Funding Obligation by wire transfer or such other method as may reasonably be required by Rangeview.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Payment by Rangeview</font>.&#160;&#160;On or before the date on which any WISE Project Funding Obligation is due and payable, Rangeview shall transfer to the WISE Authority the required payment amount from the WISE Funding Account and, concurrently with each transfer, provide a notice to Pure Cycle evidencing the date, amount and nature of the payment so made (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notice of Payment</font>&#8221;).&#160;&#160;A failure of Rangeview to provide Notice of Payment to Pure Cycle shall not constitute an event of default under Article XI of this Agreement if (i) payment by Rangeview is made when due; and (ii) within five (5) business days of receiving a written demand for Notice of Payment from Pure Cycle, Rangeview provides to Pure Cycle the applicable Notice of Payment.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Accounting</font>.&#160;&#160;At least quarterly or, upon Pure Cycle&#8217;s request, on a periodic basis not more frequently than monthly, Rangeview shall provide Pure Cycle an accounting of the WISE Funding Account showing all amounts deposited therein by Pure Cycle, amounts paid to the WISE Authority and the Sellers under the Western and SLB Pipeline PSA by Rangeview and amounts remaining on deposit.&#160;&#160;Rangeview shall comply with State law regarding the preparation of audited financial statements or an application for exemption from audit, as the case may be, and shall provide to Pure Cycle a copy of each audit or application for exemption from audit, as the case may be, at the time the applicable document is filed with the State.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Escrow Upon Monetary Default by Rangeview</font>.&#160;&#160;Upon the occurrence of a monetary default by Rangeview as set forth in Section 11.4, all funds then on deposit in the WISE Funding Account shall be transferred and advances of funds made by Pure Cycle thereafter shall be deposited into an escrow account for the purpose of ensuring the continued payment of Rangeview&#8217;s WISE Project Funding Obligations.&#160;&#160;The transfer of funds into and distribution of funds from the escrow account shall be in accordance with the terms and conditions of an escrow agreement, the form of which will be prepared and approved by the Parties within ninety (90) days of the Effective Date.&#160;&#160;The form of escrow agreement shall (i) require that, upon any monetary default by Rangeview, the transfer of funds on deposit in the WISE Funding Account will be effected automatically and without additional agreement or action by the Parties; and (ii) set forth procedures for selection of an escrow agent.&#160;&#160;Notwithstanding any provision herein to the contrary, if the Parties have not agreed upon a form of escrow agreement within the ninety (90) days of the Effective Date, this Agreement shall terminate automatically and be of no force and effect, unless the time period for preparation and approval of an escrow agreement is extended by written agreement of the Parties.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">General Provisions</font>.&#160;&#160;Pure Cycle shall have the right, in its sole discretion, to finance, construct, own, operate and maintain such Pure Cycle WISE Delivery Infrastructure as may be necessary to deliver and utilize WISE Project water to provide wholesale water service to Rangeview Customers, subject to applicable terms and limitations set forth in the WISE Authority IGA, WISE Delivery Agreement and this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Construction Schedule/Contracts</font>. Pure Cycle shall cause construction of Pure Cycle WISE Delivery Infrastructure to provide wholesale water service to meet the demand for water of the Rangeview Customers and shall do so in a commercially reasonable time and manner consistent with prudent water service practice in Colorado, subject to the receipt of all necessary governmental approvals. Upon receiving a written request for water service from a Rangeview Customer, Rangeview shall give Pure Cycle written notice of such request. Within thirty (30) days after receipt of all information necessary to establish the service needs of the Rangeview Customer, Rangeview and Pure Cycle shall establish a schedule identifying the scope of Pure Cycle WISE Delivery Infrastructure and the timing of construction (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Construction Schedule</font>&#8221;) for such Pure Cycle WISE Delivery Infrastructure. Upon execution of a Wholesale Water Service Contract or other agreement which secures the Rangeview Customer&#8217;s commitment to purchase water taps and/or receive service and which indicates that Rangeview&#8217;s commitment to provide service is subject to completion of the Pure Cycle WISE Delivery Infrastructure identified in the Construction Schedule, Pure Cycle shall cause the construction of the identified Pure Cycle WISE Delivery Infrastructure pursuant to the time frame set forth in the Construction Schedule. Not less than twenty-one (21) days prior to execution of any construction contract in excess of Sixty Thousand Dollars ($60,000) related to the Pure Cycle WISE Delivery Infrastructure, Pure Cycle shall provide Rangeview with a copy of the contract in final or substantially final form and information regarding how the improvements will be financed. Rangeview shall review such information for the sole purpose of determining whether such contract is commercially reasonable and in compliance with prudent water provider practice in Colorado and whether the project is fiscally viable. Rangeview shall be deemed to have consented to the contract unless, within fourteen (14) days of the date of delivery of the contract, it delivers to Pure Cycle a notice specifically stating the reasons for its determination that the proposed contract is not commercially reasonable, is not in compliance with prudent water provider practice in Colorado, or the project is not fiscally viable.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Public Bidding/Verification of Costs</font>.&#160;&#160;The Parties acknowledge that the costs of constructing Pure Cycle WISE Delivery Infrastructure shall be a factor in determining the rates and fees Rangeview may impose upon Rangeview Customers in accordance with Section 8.1 of this Agreement.&#160;&#160;Pure Cycle agrees that it shall provide to Rangeview either (i)&#160;evidence to the reasonable satisfaction of Rangeview that the subject Pure Cycle WISE Delivery Infrastructure was constructed pursuant to a competitively bid contract in accordance with State statutes governing construction contracts for public projects, including, but not limited to, the applicable provisions of Articles 91 and 92 of Title 24, C.R.S., and Section 32-1-1001(1)(d), C.R.S.; or (ii) if Pure Cycle, in its sole discretion, determines to construct all or any portion of the Pure Cycle WISE Delivery Infrastructure without competitively bidding the contract(s), certification by an engineer selected by Rangeview independent from Pure Cycle that the construction related expenses for the subject infrastructure are reasonable and comparable for similar projects as constructed in the Denver Metropolitan Area (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Verified Costs</font>&#8221;) based on copies of the invoices, bills, and requests for payment provided to Rangeview.&#160;&#160;Pure Cycle shall provide Rangeview with written evidence of the date that payment was made by Pure Cycle for all Verified Costs.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Periodic Reports</font>.&#160;&#160;If Rangeview so requests, Pure Cycle will provide periodic reports on the status of completion of the Pure Cycle WISE Delivery Infrastructure and/or accounting of construction related expenses.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Standards of Construction</font>.&#160;&#160;Pure Cycle shall construct Pure Cycle WISE Delivery Infrastructure in full conformance with the design standards and specifications established and in use by Rangeview and the Rangeview Metropolitan District Rules and Regulations, as adopted from time to time (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Rules and Regulations</font>&#8221;), as well as applicable laws, rules and regulations and policies of State, federal or other governmental entities with jurisdiction.&#160;&#160;Additionally, all Pure Cycle WISE Delivery Infrastructure shall be constructed in accordance with the provisions of this Agreement and, if applicable, the WISE Authority IGA and the WISE Delivery Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">OWNERSHIP, OPERATION AND MAINTENANCE</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Ownership of Improvements</font>.&#160;&#160;The Parties intend that upon completion, Pure Cycle WISE Delivery Infrastructure constructed pursuant to this Agreement shall be owned by Pure Cycle unless conveyed to another appropriate entity for ownership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Operation and Maintenance of Improvements</font>.&#160;&#160;Pure Cycle shall operate, maintain and administer the Pure Cycle WISE Delivery Infrastructure, including billing all charges for water services on behalf of Rangeview in accordance with Section 8.1 and issuing taps on behalf of Rangeview.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Records</font>.&#160;&#160;Pure Cycle shall keep and maintain accurate files of all contracts concerning the Pure Cycle WISE Delivery Infrastructure and all other records necessary to the orderly administration and operation of the Pure Cycle WISE Delivery Infrastructure which are required to be kept by local, State or federal statutes, ordinances or regulations or which are necessary to comply with the WISE Authority IGA and the WISE Delivery Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Services</font>.&#160;&#160;Pure Cycle shall employ or contract with such engineers, qualified operators and other consultants as it deems appropriate, to perform the duties of operating the Pure Cycle WISE Delivery Infrastructure, including the following:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cooperating with Rangeview and other State, county, local and federal authorities in providing such tests as are necessary to maintain compliance with appropriate governmental standards;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preparing and implementing a program for water conservation in accordance with the requirements of the WISE Delivery Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Supervising connection of lines to those of Rangeview Customers and recording such connections for billing purposes in accordance with Section 8.2;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Coordinating construction with various utility companies to ensure minimum interference with the Pure Cycle WISE Delivery Infrastructure;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Performing all maintenance and repairs necessary to continue the efficient operation of the Pure Cycle WISE Delivery Infrastructure; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Providing for emergency preparedness to provide response to emergencies, including, but not limited to, interruption of services because of line breaks, freeze-up or other mechanical problems.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Taxes</font>.&#160;&#160;Pure Cycle shall be solely responsible for and shall pay all taxes, fees, charges and assessments, if any, in connection with the work or the materials to be utilized in accomplishing the activities of Pure Cycle pursuant to this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reporting</font>.&#160;&#160;In addition to other reports required by this Agreement, if requested by Rangeview, Pure Cycle shall provide Rangeview with annual budgets and business plans with respect to the Pure Cycle WISE Delivery Infrastructure and such other information as Rangeview may reasonably request in order to assure itself that the demands of the Rangeview Customers are being adequately provided for and to assist Rangeview in its long-term planning efforts.&#160;&#160;Pure Cycle shall also supply Rangeview with such information as Rangeview may reasonably require to comply with its obligations to State, county, local and federal authorities, including, but not limited to, the results of water quality tests and information concerning compliance with health and safety regulations.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rates</font>.&#160;&#160;Prior to the commencement of water service to any Rangeview Customer, Rangeview shall adopt by resolution the Schedule of Fees which shall include the WISE Wholesale Delivery Rate established in accordance with the principles of cost-of-service utility rate setting established by mutual agreement of Rangeview and Pure Cycle, as the same may be modified from time to time by mutual written agreement of the Parties to respond to specific wholesale water demands of Rangeview Customers, the status of development of the Pure Cycle WISE Delivery Infrastructure and other relevant circumstances.&#160;&#160;Rangeview&#8217;s adoption of the Schedule of Fees, including the WISE Wholesale Delivery Rate, shall be subject, without limitation, to the procedural requirements set forth in Section 10.3 and the following:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By no later than August 15 of each year, the Parties shall review the Schedule of Fees and mutually determine whether modifications, amendments or adjustments of the fees, charges and rates on the Schedule of Fees are necessary based on factors that include:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Modifications, if any, to the rate setting methodology set forth in <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit B</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By no later than September 15 of each year, Rangeview shall provide its preliminary budget for the following year to Pure Cycle for review.&#160;&#160;Pure Cycle shall have thirty (30) days to review the preliminary budget.&#160;&#160;If Pure Cycle does not object in writing to the preliminary budget within the thirty (30) day review period, Pure Cycle&#8217;s consent shall be deemed given.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Billing</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On behalf of Rangeview and in accordance with the Rules and Regulations, Pure Cycle shall read the meters, bill the Rangeview Customers for wholesale water services provided hereunder, including all tap fees, usage charges and service charges, and implement collection efforts on delinquent accounts.&#160;&#160;The bills shall provide that payment shall be made by Rangeview Customers to Rangeview at an address designated by Rangeview.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview shall receive payment of fees and charges from Rangeview Customers.&#160;&#160;On or before the fifteenth (15th) day of each month, Rangeview shall pay Pure Cycle all amounts received from Rangeview Customers in the previous month net of costs incurred by Rangeview relating to its obligations under this Agreement with respect to the WISE Project and the provision of water service to Rangeview Customers, including Rangeview&#8217;s reasonable general, legal and administrative costs associated therewith (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Rangeview&#8217;s WISE Costs</font>&#8221;) in consideration of Pure Cycle&#8217;s performance of its obligations under this Agreement which include, but are not limited to:&#160;&#160;(i) serving as Rangeview&#8217;s financing entity with respect to paying Rangeview&#8217;s WISE Project Funding Obligations; (ii) serving as Rangeview&#8217;s Member representative on the WISE Authority; (iii) constructing, operating and maintaining Pure Cycle WISE Delivery Infrastructure; and (iv) otherwise ensuring the continued provision of water service to Rangeview Customers.&#160;&#160;Such payment to Pure Cycle will be accompanied by a report from Rangeview specifying (i) the amount of all payments received from each Rangeview Customer; and (ii) the amount of Rangeview&#8217;s WISE Costs retained by Rangeview, together with such supporting documentation as Pure Cycle may reasonably require.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ADDITIONAL COVENANTS OF PURE CYCLE</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent Contractor</font>.&#160;&#160;Pure Cycle is an independent contractor, as provided in Section 8-40-202(2)(b)(I)-(IV), C.R.S., as amended, and nothing herein contained shall constitute or designate Pure Cycle or any of its employees, agents, subcontractors or suppliers as employees of Rangeview.&#160;&#160;The performance of Pure Cycle of its obligations under this Agreement shall be at its sole cost, risk and expense, and no part of the cost thereof shall be charged to Rangeview, except the payments to be made by Rangeview to Pure Cycle for the services performed as provided herein.&#160;&#160;Rangeview shall not be responsible for Pure Cycle&#8217;s means, methods, techniques, sequences or procedures of work or for safety precautions incident thereto.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Illegal Alien Statute</font>.&#160;&#160;By its execution hereof, Pure Cycle confirms and ratifies all of the certifications, Statements, representations and warranties set forth in <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit C</font> attached hereto and made a part hereof by this reference.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Insurance Requirements</font>.&#160;&#160;Pure Cycle shall procure the insurance coverages set forth below, which insurance shall be placed with insurance companies rated at least &#8220;A:XIII&#8221; by A.M. Best Company.&#160;&#160;Pure Cycle shall give notice to Rangeview at least thirty (30) days prior to the cancellation or nonrenewal of such policies.&#160;&#160;Pure Cycle shall give notice to Rangeview within five (5) business days, or as soon as practicable, of any modification of any such policies.&#160;&#160;Pure Cycle shall, upon request, promptly furnish Rangeview with copies of policies obtained pursuant to this Section&#160;9.3.&#160;&#160;Pure Cycle shall furnish Rangeview with certificates evidencing such insurance and provided further, however, with respect to the Workers&#8217; Compensation Insurance required below, Pure Cycle must furnish to Rangeview duly executed and validated forms as prescribed by the State authority having jurisdiction evidencing that such insurance is in full force and effect.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Liability Insurance Coverage.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Workers&#8217; Compensation Insurance.&#160;&#160;A Workers&#8217; Compensation Insurance Policy in form and substance reasonably acceptable to Rangeview and in an amount not less than the statutory benefits, including Employer&#8217;s Liability Insurance with limits of liability of not less than (i) $500,000 for bodily injury by accident, each accident; (ii) $500,000 for bodily injury by disease, each employee; and (iii) $500,000 aggregate liability for disease.&#160;&#160;The Workers&#8217; Compensation Insurance Policy, or an endorsement to such policy, must include a waiver of subrogation in favor of Rangeview.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commercial General Liability Insurance.&#160;&#160;A Commercial General Liability Insurance Policy written on an occurrence basis, in form and substance reasonably acceptable to Rangeview, which policy shall include, without limitation, Rangeview as an additional insured, a waiver of subrogation endorsement in favor of Rangeview, cross liability and severability of interest endorsements, endorsements providing that the coverage afforded by the insurance policy or policies is primary and non-contributing with any other insurance maintained by or available to Rangeview, and appropriate language providing the following coverages:&#160;&#160;Premises and Operations Liability; Personal Injury Liability; Broad Form Property Damage Liability; Contractual Liability supporting Pure Cycle&#8217;s indemnification agreements in favor of Rangeview; Completed Operations and Products Liability; and Independent Contractor&#8217;s Protective Liability.&#160;&#160;The Commercial General Liability Insurance Policy must be written with a combined single limit of liability of not less than $1,000,000 for each occurrence of bodily injury and/or property damage and an annual aggregate of liability of not less than $2,000,000 for bodily injury and/or property damage, and an annual aggregate of liability of not less than $2,000,000 for Completed Operations and Products Liability.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Automobile Liability Insurance.&#160;&#160;An Automobile Liability Insurance Policy written on a per accident basis, in form and substance reasonably acceptable to Rangeview.&#160;&#160;The Automobile Liability Insurance Policy must provide coverage for all owned, hired, rented and nonowned automobiles, and must include uninsured motorist coverages.&#160;&#160;The Automobile Liability Insurance Policy must be written with a combined single limit of liability of not less than $1,000,000 for each accident for bodily injury and/or property damage.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Excess Liability Insurance.&#160;&#160;An Excess Liability Insurance Policy written in excess of the coverages provided by the insurance policies described in the preceding Subsections 9.3(a)(i) - (iii), in form and substance reasonably acceptable to Rangeview, which policy will include Rangeview as additional insured.&#160;&#160;The Excess Liability Insurance Policy must be written with a combined single limit of not less than $1,000,000 for each occurrence of bodily injury/or property damage and annual aggregate.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Professional Liability Insurance Coverage.&#160;&#160;Pure Cycle shall obtain and, continuously thereafter for eight (8) years from the date of substantial completion of the design of Pure Cycle WISE Delivery Infrastructure, if any, maintain in full force and effect a claims made policy covering errors, omissions and negligent acts in the performance of its obligations hereunder, in an amount of $1,000,000 per claim and annual aggregate.&#160;&#160;Pure Cycle shall be solely responsible for the payment of all deductibles.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as otherwise expressly provided herein, all insurance policies required by the terms of this Section 9.3 shall be kept in full force and effect so long as this Agreement is in effect.&#160;&#160;Notwithstanding anything to the contrary contained in this Agreement, the foregoing insurance requirements are in no way intended to, and will not in any manner, limit or qualify the liabilities and/or indemnities assumed by Pure Cycle under or pursuant to this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview&#8217;s acceptance and/or approval of any or all of the insurances required hereunder does not and shall not be construed to relieve Pure Cycle from any obligations, responsibilities or liabilities under this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement Amendments Affecting Pure Cycle</font>.&#160;&#160;Rangeview shall not enter into any amendments of the WISE Authority IGA or the WISE Delivery Agreement nor any additional agreements with the parties thereto that affect or could affect Pure Cycle&#8217;s rights and/or obligations under this Agreement without Pure Cycle&#8217;s prior written approval.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">WISE Authority Operation of Retail Delivery System</font>.&#160;&#160;Rangeview shall not consent to any proposed operation by the WISE Authority of a retail delivery system within all or any portion of the Rangeview Service Area, pursuant to Section 5.A.13 of the WISE Authority IGA, without obtaining the prior written consent of Pure Cycle.&#160;&#160;Nor shall Rangeview consent to the imposition by the WISE Authority to any tap fee or service charge on any retail customers within Rangeview&#8217;s Service Area, pursuant to Section 5.A.18 of the WISE Authority IGA, without obtaining the prior written consent of Pure Cycle.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rules; Regulations</font>.&#160;&#160;Rangeview shall adopt such Rules and Regulations as are necessary and appropriate for the performance by the Parties of their obligations hereunder, including, without limitation, establishing the Schedule of Fees as set forth in Section 8.1 and in accordance with <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit B</font> of this Agreement, subject to the following:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not less than forty-five (45) days prior to the public hearing at which the Rangeview Board of Directors will consider adoption of any rules, regulations, policies or amendments thereto, related to or affecting Pure Cycle&#8217;s rights or obligations under this Agreement, Rangeview shall submit drafts of same to Pure Cycle for Pure Cycle&#8217;s review and consent, which consent shall not be unreasonably withheld.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If Pure Cycle fails to submit a written objection or its consent within such forty-five (45) day period, Pure Cycle&#8217;s consent shall be deemed to be given.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice of Default/Cure Period</font>.&#160;&#160;Any default in the observance or performance of any material term, covenant or condition of this Agreement, including a failure to make any payment when due, shall constitute an event of default only if the default continues and is not cured for a period of thirty (30) days after written notice specifically setting forth the nature of the default has been given by the non-defaulting Party to the defaulting Party, or if more than thirty (30) days are reasonably required to cure such default and the defaulting Party has failed to commence to correct same within such thirty (30) day period and thereafter fails to prosecute the same to completion with reasonable diligence.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Monetary Default by Pure Cycle</font>.&#160;&#160;In its capacity as Rangeview&#8217;s financing entity, Pure Cycle&#8217;s failure to deposit funds in the WISE Funding Account for payment of any WISE Project Funding Obligation in the required amount when due in accordance with Section 5.2 herein shall constitute a default under this Agreement.&#160;&#160;In addition to and without limiting or forgoing the remedies available to Rangeview set forth in Section 11.8 below, Rangeview shall have the additional right prior to the expiration of the cure period set forth in Section 11.1to retain that portion of revenues derived from WISE Wholesale Delivery Rate received by Rangeview comprising Pure Cycle&#8217;s Rate of Return except for that portion of Pure Cycle&#8217;s &#8220;Rate of Return&#8221; (as defined in <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit B</font>) attributable in the calculation of the WISE Wholesale Delivery Rate to Pure Cycle&#8217;s &#8220;Capital Costs&#8221; (as defined in <font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit B</font>), until Rangeview has recovered the amount required to be deposited in accordance with Section 5.2.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Immediately exercise the right of access and license hereby granted to Rangeview by Pure Cycle for operation and maintenance and, if applicable, completion of the Pure Cycle WISE Delivery Infrastructure, whether completed or under construction; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Retain all revenues derived from WISE Wholesale Delivery Rate received by Rangeview except the portion attributable in the calculation of the WISE Wholesale Delivery Rate to Pure Cycle&#8217;s Capital Costs, together with the portion of Pure Cycle&#8217;s Rate of Return thereon, it being the intent that amounts retained by Rangeview will be applied to pay or reimburse costs incurred by Rangeview in the performance of service and operations functions.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Monetary Default by Rangeview</font>.&#160;&#160;It shall be an event of default under this Agreement, to the extent that there is no monetary default by Pure Cycle pursuant to Section 11.2 above, if Rangeview (i) fails to pay all or any portion of a WISE Project Funding Obligation when due; (ii) utilizes amounts deposited in the WISE Funding Account for any purpose not specified in this Agreement; or (ii) otherwise misappropriates or misuses monies deposited into the WISE Funding Account.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pure Cycle Remedies for Rangeview Default</font>.&#160;&#160;In the event of a default by Rangeview, in addition to and without forgoing any of the other remedies set forth in Section 11.8, Pure Cycle shall have the right to (i)&#160;receive all revenue from tap fees, usage charges and service charges, including late payment charges and/or penalties, collected and then on deposit, including any amounts otherwise payable to Rangeview hereunder; and (ii) enter onto and take possession of any Rangeview property necessary to cure such default and/or ensure continued delivery of water to Rangeview Customers.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Defaults</font>.&#160;&#160;The following events shall constitute events of default under this Agreement:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The filing by a Party of a petition in bankruptcy, insolvency or for reorganization under the bankruptcy laws of the United States or under any State, the dissolution of a party, or a party making an assignment for the benefit of creditors; or</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The institution against a Party of involuntary proceedings under any such bankruptcy law or insolvency act or for dissolution, or the appointment of a receiver or trustee for substantially all of the property of a Party, which proceeding is not dismissed or receivership or trusteeship is not vacated within sixty (60) days after such institution or appointment.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Customer Protection</font>.&#160;&#160;Notwithstanding any provision in this Agreement to the contrary, including, without limitation, the notice and cure provisions set forth in Section 11.1, the Parties expressly agree that during the cure period and thereafter the non-defaulting Party shall have the immediate right to take such actions as are reasonably necessary to maintain uninterrupted delivery of water to Rangeview Customers and recover the costs incurred therewith from amounts otherwise payable to the defaulting Party under this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitations on Remedies</font>.&#160;&#160;In the event of a breach or default of this Agreement by either Party, the non-defaulting Party shall be entitled to exercise all remedies in equity which may include, but are not limited to, appointment of a receiver to administer monies payable by or to either Party under this Agreement and specific performance.&#160;&#160;Each Party hereby waives its right to bring a suit for damages against the other for a breach or default of this Agreement.&#160;&#160;In the event of any litigation or other proceeding to enforce the terms, covenants or conditions hereof, the prevailing Party in such proceeding shall obtain as part of its judgment or award its reasonable attorneys&#8217; fees and costs.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Wholesale Water Service Contracts</font>.&#160;&#160;The Parties acknowledge that Rangeview Customers will enter into Wholesale Water Service Contracts in reliance on the Parties&#8217; performance of their respective obligations under this Agreement.&#160;&#160;The Parties agree that with respect to any Wholesale Water Service Contract that provides for receipt of any portion of Rangeview&#8217;s Pro Rata Share:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not less than thirty (30) days prior to execution of the contract, Rangeview shall provide for Pure Cycle&#8217;s review and consent the substantially final form of the contract; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The contract shall include provisions that:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Obligate Pure Cycle and Rangeview to provide to the Rangeview Customer entering into the Wholesale Water Service Contract a copy of any notice of default given or received pursuant to this Agreement; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Provide such Rangeview Customer, in the event of a default by Pure Cycle and/or Rangeview that jeopardizes the Rangeview Customer&#8217;s right and/or ability to receive uninterrupted wholesale water service, with such rights and remedies as are reasonably required to assure that the water service to which it is entitled will not be impaired or interrupted.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">REPRESENTATIONS AND WARRANTIES</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations of Pure Cycle</font>.&#160;&#160;In addition to the other representations, warranties and covenants made by Pure Cycle herein, Pure Cycle hereby makes the following representations and warranties:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle is a corporation duly organized and validly existing under the laws of the State of Colorado and authorized to conduct business in the State of Colorado under the laws of the State of Colorado;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle has taken or performed all requisite acts or actions which may be required by its organizational and/or operational documents to confirm its authority to execute, deliver and perform each of its obligations under this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle is not in violation of any applicable provisions of law or any order of any court having jurisdiction in the matter, which violation could reasonably be expected to materially adversely affect the ability of Pure Cycle to perform its obligations hereunder;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The execution, delivery and performance by Pure Cycle of this Agreement will not violate any provision of (i) applicable law or regulation or of any order, writ, judgment or decree of any court, arbitrator or governmental authority; or (ii) any contract, agreement or other undertaking to which Pure Cycle is a party;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pure Cycle has obtained all consents and approvals of, and has made all registrations and declarations with any governmental authority or regulatory body required for the execution, delivery and performance by Pure Cycle of this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There is no action, suit, inquiry, investigation or proceeding to which Pure Cycle is a party, at law or in equity, before any court, arbitrator, governmental or other board, body or official which is pending or threatened in connection with any of the transactions contemplated by this Agreement nor is there any basis therefore, wherein an unfavorable decision, ruling or finding could reasonably be expected to have a materially adverse effect on the validity or enforceability of, or the authority or ability of Pure Cycle to perform its obligations under this Agreement; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement constitutes the legal, valid and binding obligation of Pure Cycle, enforceable against Pure Cycle in accordance with its terms (except as such enforceability may be limited by bankruptcy, moratorium or other similar laws affecting creditors&#8217; rights generally, and provided that the application of equitable remedies is subject to the application of equitable principles).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These representations and warranties are made as of the date hereof and shall be deemed continually made by Pure Cycle to Rangeview for the entire term of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations of Rangeview</font>.&#160;&#160;In addition to the other representations, warranties and covenants made by Rangeview herein, Rangeview hereby makes the following representations and warranties:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview is a quasi-municipal corporation and political subdivision duly organized and validly existing under the laws of the State of Colorado;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview&#8217;s execution, delivery and performance of this Agreement has been duly authorized by all necessary action;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview is not in violation of any applicable provisions of law or any order of any court having jurisdiction in the matter, which violation could reasonably be expected to materially adversely affect the ability of Rangeview to perform its obligations hereunder;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The execution, delivery and performance by Rangeview of this Agreement will not violate any provision of (i) applicable law or regulation or of any order, writ, judgment or decree of any court, arbitrator or governmental authority; or (ii) any contract, agreement or other undertaking to which Rangeview is a party;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rangeview has obtained all consents and approvals of, and has made all registrations and declarations with any governmental authority or regulatory body required for the execution, delivery and performance by Rangeview of this Agreement;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There is no action, suit, inquiry, investigation or proceeding to which Rangeview is a party, at law or in equity, before any court, arbitrator, governmental or other board, body or official which is pending or threatened in connection with any of the transactions contemplated by this Agreement nor is there any basis therefore, wherein an unfavorable decision, ruling or finding could reasonably be expected to have a materially adverse effect on the validity or enforceability of, or the authority or ability of Rangeview to perform its obligations under this Agreement; and</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement constitutes the legal, valid and binding obligation of Rangeview, enforceable against Rangeview in accordance with its terms (except as such enforceability may be limited by bankruptcy, moratorium or other similar laws affecting creditors&#8217; rights generally and provided that the application of equitable remedies is subject to the application of equitable principles).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These representations and warranties are made as of the date hereof and shall be deemed continually made by Rangeview to Pure Cycle for the entire term of this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE XIII</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MISCELLANEOUS</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Written Amendment Required</font>.&#160;&#160;This Agreement may be amended from time to time by agreement between the Parties hereto; provided, however, that no amendment, modification, or alteration of the terms or provisions hereof shall be binding upon Rangeview or Pure Cycle unless the same is in writing and duly executed by the Parties hereto.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Joint Venture or Partnership</font>.&#160;&#160;Nothing contained in this Agreement shall be construed or interpreted as making the Parties joint venturers or partners.&#160;&#160;Neither Party shall have the power to bind or obligate the other Party, nor shall either Party hold itself out as having such authority.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Mutual Indemnity</font>.&#160;&#160;To the extent permitted by law, each Party hereby agrees to indemnify and hold harmless the other Party and its directors, affiliates, employees, agents and contractors from and against any and all liabilities resulting from any and all claims, demands, suits, actions or other proceedings of whatsoever kind or nature made or brought by any other third party, including attorneys&#8217; fees, expenses and court costs, which directly or indirectly or purportedly arise out of or are in any manner related to or connected with such Party&#8217;s performance or failure to perform obligations under this Agreement; provided, however, that a Party shall have no obligation to indemnify and hold harmless the other Party for any liability which was caused or is claimed to have been caused or contributed to in whole or in part by the act or failure to act of the other Party or its directors, affiliates, employees, agents or contractors.&#160;&#160;Rangeview further agrees to investigate, handle, respond to and to provide defense for and defend against, or at Pure Cycle&#8217;s option, to pay the attorneys&#8217; fees and expenses for counsel of Pure Cycle&#8217;s choice for any of such liabilities, claims, demands, suits, actions, or other proceedings.&#160;&#160;Neither Party shall settle any claim in which it seeks indemnification hereunder without prior written approval of the other Party.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Governmental Immunity</font>.&#160;&#160;Nothing in this Agreement shall be interpreted or construed as a waiver of any rights, immunities or protections provided to Rangeview by the Colorado Governmental Immunity Act, Section 24-10-101, C.R.S., <font style="FONT-STYLE: italic; DISPLAY: inline">et seq.</font>, as may be amended from time to time.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Force Majeure</font>.&#160;&#160;No Party shall be liable for any delay or failure to perform due solely to conditions or events of force majeure, as that term is defined in this Section 13.5; provided that (i) the non-performing Party gives each other Party prompt written notice describing the particulars of the force majeure; (ii) the suspension of performance is of no greater scope and of no longer duration than required by the force majeure event or condition; and (iii)&#160;the non-performing Party proceeds with reasonable diligence to remedy its inability to perform and provides weekly progress reports to the other Party describing remedial actions taken.&#160;&#160;In the case of a force majeure event, the Parties shall meet and agree, in writing, upon an appropriate modification of obligations identified herein, with specific reference to water delivery obligations, so as to address the unanticipated conditions associated with the event.&#160;&#160;As used in this Section 13.5, force majeure shall mean any delay or failure of a Party to perform its obligations under this Agreement caused by events beyond the Party&#8217;s reasonable control and without the fault or negligence of the Party, including, without limitation: (a) acts of God; (b) sudden actions of the elements such as floods, earthquakes, hurricanes or tornadoes; (c)&#160;sabotage; (d) vandalism beyond that which can be reasonably prevented by the Party; (e)&#160;terrorism; (f)&#160;war; (g) riots; (h) fire; (i) explosion; (j) blockades; (k) insurrection; (l) material shortages, failure of suppliers, freight handlers or transportations; or (m) strike, slow down or labor disruptions (even if such difficulties could be resolved by conceding to the demands of a labor group).&#160;&#160;Should there be evidence of force majeure that may affect, or has affected, the ability of either Party to meet its obligations under this Agreement, the Parties agree to meet and negotiate in good faith any modifications to this Agreement to ensure a reasonable and coordinated response to such force majeure with the goal of forestalling the need for a force majeure declaration.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term; Termination</font>.&#160;&#160;This Agreement shall be binding on the date that it is fully executed and delivered by both Parties and, unless sooner terminated by written agreement of the Parties or as otherwise provided herein, shall be perpetual.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices, demands, requests or other communications to be sent by one Party to the other hereunder or required by law shall be in writing and shall be deemed to have been validly given or served by delivery of same in person to the addressee or by courier delivery via Federal Express or other nationally recognized overnight air courier service, by electronically-confirmed facsimile transmission, or by depositing same in the United States mail, postage prepaid, addressed as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">To Rangeview:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Rangeview Metropolitan District</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">141 Union Boulevard, Suite 150</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lakewood, CO&#160;&#160;80228</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn:&#160;&#160;President</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Phone:&#160;&#160;(303) 987-0835</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">With a copy to:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Rufien</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4600 S. Ulster St., Suite 1111</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Denver, CO 80237</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">To Pure Cycle:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Pure Cycle Corporation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1490 Lafayette St., Suite 203</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Denver, CO&#160;&#160;80216</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn:&#160;&#160;President</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">With a copy to:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Davis Graham &amp; Stubbs LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1550 17th Street, Suite 500</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Denver, CO 80202</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn:&#160;&#160;General Counsel for Pure Cycle Corporation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Phone:&#160;&#160;(303) 892-9400</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fax:&#160;&#160;(303) 893-1379</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All notices, demands, requests or other communications shall be effective upon such personal delivery, one (1) business day after being deposited with United Parcel Service or other nationally recognized overnight air courier service, on the date of transmission if sent by confirmed facsimile, or three (3) business days after deposit in the United States mail.&#160;&#160;By giving the other Party hereto at least ten (10) days written notice thereof in accordance with the provisions hereof, each of the Parties shall have the right from time to time to change its address or contact information.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Parties Interested Herein; No Third Party Beneficiaries</font>.&#160;&#160;Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon, or to give to any person other than Pure Cycle and Rangeview any right, remedy, or claim under or by reason of this Agreement or any covenants, terms, conditions, or provisions thereof, and all of the covenants, terms, conditions, and provisions in this Agreement by and on behalf of Pure Cycle and Rangeview shall be for the sole and exclusive benefit of Pure Cycle and Rangeview, nor shall any person, including, without limitation, Rangeview Customers, be deemed third party beneficiaries of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;If any covenant, term, condition, or provision under this Agreement shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such covenant, term, condition, or provision shall not affect any other provision contained herein, the intention being that such provisions are severable.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Paragraph Headings</font>.&#160;&#160;Paragraph headings are inserted for convenience of reference only.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of Section 8-17.5-102(1), C.R.S., Pure Cycle hereby certifies to Rangeview that Pure Cycle does not knowingly employ or contract with an illegal alien who will perform work under the RANGEVIEW/PURE CYCLE WISE PROJECT FINANCING AND SERVICE AGREEMENT (&#8220;Agreement&#8221;) and that it will participate in the E-Verify Program or Department Program (as defined in Sections 8-17.5-101(3.3) and (3.7), C.R.S.) in order to confirm the employment eligibility of all employees of Pure Cycle who are newly hired to perform work under the Agreement.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In accordance with Section 8-17.5-102(2)(a), C.R.S., Pure Cycle shall not:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Knowingly employ or contract with an illegal alien to perform work under the Agreement; or</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Enter into a contract with a subcontractor that fails to certify to Pure Cycle that the subcontractor shall not knowingly employ or contract with an illegal alien to perform work under the Agreement.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pure Cycle represents and warrants it has confirmed the employment eligibility of all employees who are newly hired for employment to perform work under the Agreement through participation in either the E-Verify Program or the Department Program.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pure Cycle is prohibited from using either the E-Verify Program or the Department Program procedures to undertake pre-employment screening of job applicants while the Agreement is in effect.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If Pure Cycle obtains actual knowledge that a subcontractor performing work under the Agreement knowingly employs or contracts with an illegal alien, Pure Cycle shall:</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notify the subcontractor and Rangeview within three days that Pure Cycle has actual knowledge that the subcontractor is employing or contracting with an illegal alien; and</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Terminate the subcontract with the subcontractor if within three days of receiving the notice the subcontractor does not stop employing or contracting with the illegal alien; except that Pure Cycle shall not terminate the contract with the subcontractor if during such three days the subcontractor provides information to establish that the subcontractor has not knowingly employed or contracted with an illegal alien.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pure Cycle shall comply with any reasonable request by the Colorado Department of Labor and Employment (&#8220;Department&#8221;) made in the course of an investigation that the Department is undertaking, pursuant to the law.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If Pure Cycle violates any provision of this Addendum, Rangeview may terminate the Agreement immediately and Pure Cycle shall be liable to Rangeview for actual and consequential damages of Rangeview resulting from such termination, and Rangeview shall report such violation by Pure Cycle to the Colorado Secretary of State, as required by law.</font></div>
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