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Transcription
mains 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, and sueh 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 customers located within said Subdivision 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 #35,057.00, 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 binding upon the successors and assigns of the respective parties hereto. -4-
