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SAY 51982 �na� 49 PAw <br />7 , <br />2) The Purchaser obtains a consent order, <br />that is satisfactory to Purchaser, from DER accepting the <br />Purchaser's plan and timetable for implementation of improvements <br />to bring the system into compliance with DER rules, regulations <br />and guidelines. <br />6. Payment of Purchase Price and Closing: Closing <br />shall occur within 30 days after the execution of this Agreement <br />or within 15 days after the fulfillment of the conditions prece- <br />dent set forth in Paragraph 5 (c) (1) or (2) whichever shall occur <br />later. The date for closing may be extended upon the mutual <br />agreement of the parties. <br />The Seller acknowledges that Purchaser will be <br />issuing water and sewer revenue bonds or other similar interim <br />financing arrangements to raise sufficient funds to acquire the <br />system and that Purchaser anticipates that a one hundred and <br />twenty (120) -day period will -allow sufficient time for the place- <br />ment of said financing. <br />At closing Purchaser shall execute a promissory note <br />on the following terms: Purchaser shall pay to Seller the full <br />purchase price within one hundred and twenty (120) days of the <br />date of execution of this Agreement, provided, however, if there <br />are delays in the processing of Purchaser's financing Seller <br />agrees that payment may be postponed for an additional sixty (60) <br />days, however, Purchaser will be required to pay the prime rate <br />then prevailing at Southeast lst National Bank as interest on the <br />purchase price commencing on the one hundred and twentieth (120th) <br />day from the date of closing. <br />7. Utilities Accounts Receivable: The Seller agrees <br />that it will read the meters of all metered customers on or before <br />the date of closing. Bills will be prepared by the Seller for <br />each of the customers. These bills will include all amounts due <br />Seller from customers to the date of closing. The bills will be <br />sent to the customers of Seller with_payment to be made to the <br />Seller. Seller will be responsible for the collection of all <br />delinquent accounts receivable existing as of the date of <br />closing. Purchaser will not be responsible for any accounts <br />receivable and no credit will be given Seller for any accounts <br />-6- <br />