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<br /> 71 It <br /> Page 2 <br /> April 13, 1993 <br /> The sale of the System is to occur on the following terms: <br /> 1. The Sellers will obtain from all property owners within the <br /> Subdivision, and will record, an enforceable homeowner's <br /> association agreement providing funding for maintenance of <br /> the private roads within the Subdivision. All previous <br /> agreements of this nature, including the original <br /> condominium regime, will be rescinded. <br /> 2. The Sellers will transfer all of their rights in the <br /> System to the City, including facilities and equipment and <br /> real property interests related to the System. <br /> 3. The City will initiate proceedings to transfer the existing <br /> CCN for the System to the City, and the Sellers will <br /> cooperate in this process. <br /> 4. The Sellers acknowledge that the city will charge its <br /> standard water system impact fees at the time of <br /> connections to the System by any new development within the <br /> Subdivision. No impact fees will be charged to existing <br /> homes. >¿ <br /> 5. The Sellers acknowledge that the city will charge its <br /> standard tap fees for all new connections to the System. <br /> 6. Mr. Barker and Dr. Rea will pay to the city the sum of <br /> $172.20 monthly, to be reduced at the time of each <br /> subsequent connection to the System by the amount of $17.22 <br /> per connection monthly until ten of the remaining <br /> undeveloped lots in the subdivision are developed. <br /> 7. Mr. Barker and Dr. Rea will complete the paving of the cul- <br /> de-sacs within the Subdivision by a date certain. <br /> 8. The City and the property owners within the Subdivision <br /> will release the recorded Water Facilities and Roadway <br /> Improvements Agreement, and the city will undertake <br /> responsibility for maintenance of the System, and for any <br /> future improvements to the System. The timing of any such <br /> improvements will be at the sole discretion of the city. <br /> The release will remove any obligation of the Sellers to <br /> contribute to the cost of the roadway improvements <br /> described in the Water Facilities and Roadway Improvements <br /> Agreement. <br /> It is anticipated that items 1, 2 and 8 above will occur <br /> simultaneously as soon as the appropriate instruments are prepared, <br /> and that the obligation in item 6 will begin at that time. At that <br /> time, the city will undertake responsibility for operation of the <br />