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3.6 If issued, Ecology's permit or determination of water budget neutrality relative <br />to a New Application will specify the conditions and limitations on the use of water to be <br />consistent with the Water Right held by Ecology as mitigation. Conditions relating to measuring <br />and reporting water use and reimbursement of any Ecology costs to administer the <br />Reclamation -Ecology Exchange Contract will also be included in the permit. BCWR will ensure <br />that any fees associated with storage under the exchange contract are paid to Ecology. <br />3.7 If all or a portion of the Water Right is deemed adequate to fully mitigate a New <br />Application, then the third party, upon receipt of final approval from Kittitas County of its land <br />use applications for development of the real property that is the intended place and purpose of <br />use of the New Application, and exhaustion of all applicable appeal periods thereof, the third <br />party applicant (beneficiary of the Water) shall execute such documentation as necessary to <br />irrevocably and perpetually commit the Water to Trust for purposes of offsetting the New <br />Application. <br />3.8 In the event Ecology prepares to issue an ROE for a New Applicatio, it will publish <br />the draft ROE on its internet site. If the form and substance is acceptable to BCWR and to the <br />third party applicant, if any, BCWR shall cause an escrow to be opened for such transaction at the <br />Escrow Agent upon the mutual execution and deposit of the fully executed agreement between <br />BCWR and the third party applicant, if any, or the deposit of any other documents required for <br />closing. The escrow shall close within thirty (30) days of the occurrence of the last of the <br />following events: <br />• mutual execution of all agreements and documents contemplated by or collateral <br />to this Agreement; BCWR's deposit of an executed document in a form acceptable <br />to Ecology permanently allocating a portion of the then available and unallocated <br />Water Right to the proposed purpose as set forth in the New Application; <br />• the giving of all requisite public notices for actions contemplated by such <br />transaction; <br />• deposit of the ROE and the new water right permit, each in form and content <br />acceptable to BCWR and such third party, if any; <br />• the expiration of all notice, comment and appeal periods related to the full <br />implementation of this Agreement, the ROE, and the new water right permit; <br />• the deposit of all monies, documents and things relevant and necessary to <br />conclude the transaction between BCWR and any third party. <br />3.9 All escrow costs shall be shared equally between BCWR and the third party. <br />BCWR, and any third party having the right to do so under an agreement with BCWR, may, at any <br />time prior to closing of esrow and without cause, withdraw the New Application or otherwise <br />prevent any allocation of any portion of the Water Right to such transactions. <br />4. Management of Trust Water. Ecology shall hold and manage the Water Right <br />pursuant to chapter 90.42 RCW and this Agreement as a part of the TWSA. Ecology: <br />4.1 Shall take no position and make no assertions that the quantities and beneficial <br />use of the Water is other than as stated in Exhibit 1 and paragraph 3 above, and this <br />representation shall also apply to any Water removed from the Trust; <br />3 <br />