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\ The Water Company owns a water distribution system in the City of Las Vegas, Nevada, through whieh the Water Company, as a publie utility, furnishes water to the residents of said city for municipal and domestic purposes. On March 3®, 1929, First Party and Water Company entered into a contract setting forth the terms and conditions upon whieh First Party agreed to transport and deliver into the distribution system of the Water Company at Las Vegas, Nevada, water produced from said water bearing lands whieh Water Company was entitled to appropriate and put to beneficial use. Conditions have changed somewhat since said contract was made and it is the intention of the parties hereto to substitute this agreement for said agreement dated March 30, 1929 between First Party and Water Company. NOW TEEKEFOBE, IT IS AGREED By and Between the Parties hereto as follows: Section i s Second Party shall use reasonable diligence to produce from said water bearing lands by means of the existing water production facilities located thereon all water whieh Second Party At** Water Company can pat to beneficial use not in excess of the amount thereof whieh both are entitled to appropriate and divert from said water bearing lands. In no event shall Second Party be required to produce from said water bearing lands an amount of water exceeding that which in the opinion of Second Party will cause substantial injury to or depletion of the- source of supply. -3-