The following are clauses from the
MASTER PLAN DEVELOPMENT AGREEMENT FOR LAS CAMPANAS DE SANTA FE

"THIS DEVELOPMENT AGREEMENT is entered into this 3rd day of March, 1993, by and between THE BOARD OF COUNTY COMMISSIONERS OF SANTA FE COUNTY, New Mexico (the "County") and LAS CAMPANAS LIMITED PARTNERSHIP, a Delaware limited partnership (the "Developer")."

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"B) The Project should agree to participate in the sharing of any regional water shortages in the following ways:

i - Developer must agree that if the City of Santa Fe adopts an ordinance allocating or restricting water use, Developer will restrict the total water delivered to the Project which is either taken from the Buckman Wells or delivered through pipelines developed to deliver water to the City of Santa Fe, to an amount calculated by assuming that it is subject to the ordinance adopted by the City. This agreement applies to water used for both residential and other purposes.

iv - In the event that a City of Santa Fe ordinance allocating or restricting water use is in effect at the same time that a County ordinance allocating or restricting use is in effect, Developer will be bound by the more restrictive ordinance, so long as the Project uses water pumped from the Buckman wells and/or delivered through pipelines developed to deliver water to the City of Santa Fe."