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pressure reducing valve, conveying to the Company all right, title and interest in the said water mains Andopressure reducing valve free and clear of all liens and encumbrances* 7, The Subdivider further agrees not to commence the con­struction of the pipe line covered by Subdivision 1 hereof until such time as it has furnished to the Company title guarantees or policies of title insurance aforesaid* ARTICLE II. THE COMPANY AGREES: 1* Upon execution of this Agreement and receipt of said Bill of Sale for said water lines and pressure reducing valve, and such necessary easements for said water lines, and receipt of necessary title guarantees or policies of title insurance, to pay to the Subdivider at quarterly intervals, thirty-five percent (35%) of the revenue received by it from consumers located within Twin Lakes Village Subdivision Unit No* 2, Las Vegas, Nevada, and also consumers located in Block 1 of Heers Subdivision Nevada-1 taking direct service from water mains installed hereunder for a period of ten (10) years from the date of completion of said installation or until the Subdivider has been repaid the agreed upon sum of $44,862.00, whichever first occurs. ARTICLE III. IT IS MUTUALLY AGREED: 1. All water mains so installed shall be and remain the property of the Company. 2. This Agreement shall inure to the benefit of and be -4- m M M