Res 1987-060 - Laserfiche WebLink

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the easement referred to in paraJraph 3 is granted to the City. After said five-year period expires, the line capacity assigned to Owners may be reassigned to any party on a first-come-first-serve basis if after a 30-day written notice Owners do not purchase LUE's for a project at the subject site. If Owners do purchase LUE's in an amount less than one thousand (1000) within the five-year period, the LUE's not purchased may be reassigned by the City in its discretion. The assigned line capacity does not waive any requirements for payment of Capital Recovery Fees associated with connection to the City's water and wastewater systems. 3. Owners agree to execute a public utility easement, a copy of which is attached hereto as Exhibit A and incorporated by reference herein. Said easement shall be conveyed when this agreement is executed by Owners. 4. As consideration for construction modification necessary to serve the subject property, Owners agree to pay ten thousand dollars ($10,000.00) to the City of San Marcos within thirty (30) days of issuance of the first building permit for a multi-family project on the subject parcel, but in any event, said payment shall be prior to the issuance of the first certificate of occupancy for a multi-family residence on the subject parcel. 5. Owners acknowledge that said $10,000.00 obligation shall be referenced on the subdivision plat of said parcel. 6. Owners agree to execute concurrently with the execution of this document å promissory note in the said sum of $10,000.00 in accordance with the aforementioned provisions. EXECUTED IN DUPLICATE ORIGINALS as of the date stated hereinabove.