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Transcription
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 policies of title insurance required by Subdivision 5 hereof* ARTICLE II. THE COMPANY AGREES: 1* Upon the execution of this agreement and receipt of said Bill of Sale, and such necessary easements for said water lines, and receipt of necessary 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 Eastwood Tract No. 2 taking service from the water lines 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 $32,490.00, 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 respecti-va, parties hereto IN WITNESS WHEREOF, the pai^tie»-hereto j^ave executed this agreement as of the day and year ffirst above written,! , -.— ..| i B B i p jo pcediflpU j ' Attest: IlAS. VEGA3-~Li By, DrAND-WATER COMPANY Vice President LEE CONSTRUCTION COMPANY, INC. By. t r President -4_ A '/ * 8
