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Mp 3. I'Ill: MOBII.1? IIOML?S L.O(:ATl`t) N'CCHIN "I'lIL' SL'ltVlCl: ARI A SHALL NEVER BE INDIVIDUALLY METERLD LURING '1'I E TERNI OF `1'I IIS FRA N C I IISL. 4. Florida Atlantic Associates agrees to pay to the County, as a future hook-up charge into the County'-, master water system, a paynient in the amount of $1,000.00 her month until such time as said a1110n1I1t shall reach a total of $25,000.00. The County will establish all interest -hearing; Passbook account and will deposit said Payments into said account holclin said funds until such time as the County is in a position to supply water services to the franchised area. The interest. earned on said account shall be paid quarterly to Florida Atlantic Associates. The parties agree that the account shall be in the County's name and shall he held under the following conditions: (a) At any time that the County shall acquire its own water- distribution system, and shall furnish water services to individual customers, all sums of money rc111alning in said account shall becoirlc the absolute property of the County my and Florida Atlantic Associates shall relinquish all rights thereto. The $25,000.00 figure: was based on the claim of the developer of 113 gallons Per day per residential unit. Should experience indicate a higher flow demand, this escrow amount shall be supplemented based on the flow demand formula of $200/FRC X Peak average demand prior 300/GPD/EEC to connecting to the County System. 5. Florida Atlantic Associates agrees to pay to County the sum of $500.00 per month for a maintenance account until such suns reaches the sum of $30, 000.00. Said account shall be an interest -bea ring account With interest paid quarterly to Florida Atlantic Associates. Said funds shall be used as a sinking fund and applied only for repairs and;'or replacement of the water systems as the need arises. CoU11ty is granted the right to make necessary repairs using said fund in the event of default on the part of Florida Atlantic Associates in maintaining the quality standards established in this franchise. Florida Atlantic Associates also agrees that the cost of a meter at such time as the County provides water services to the franchise area may be taken out of this fund. 6. The franchise and rights herein granted shall take effect and be in force from and after the tinge of the adOPti011 of this resolution by the Board and shall continue in force and effect until such time as the County may install or acquire its own sewage collection and treatment system and/or water supply and distribution system and supplies the same to individual customers at which time, the owner will convey all of its watet and/or sewer facilities (except for sewer treatment plant, water plant and plant sites) and easements for location of same as owners may o\tin, free and clear of all liens or mortgages, to said County, without charge. BOARI? OF COUNTY COMMISSIONERS OV INDIAN RIVER COUNTY, FLORIDA. By la 1 rnla n Attest: Cle rk -2 - GQ!'DON R. 11(117., '!'.''4, Ll,,X.. 0 ...\,1i aooK 43 PAc��6��.