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a <br />0 <br />M <br />0 <br />J <br />LL <br />T <br />0 <br />a <br />W <br />M <br />0 <br />M <br />W <br />Ci <br />CD <br />0 <br />f <br />W <br />0 <br />4 <br />01 <br />W <br />Z <br />0 <br />1 <br />JUL 71992 <br />a'50 �P� r 180 <br />MAI appraiser to be mutually selected by Licensor and Licensee. <br />The cost of the initial appraisal and all subsequent appraisals <br />shall be paid by the Licensee. The appraiser will arrive at the <br />market value of the property based upon 'its value as undeveloped <br />residential property. The appraiser shall assume, for these <br />purposes, that zoning would permit six (6) residential units per <br />acre, that water and sewer utilities and road access are <br />available and that the property is otherwise suitable and useable <br />for residential development in a manner consistent with <br />development on adjoining properties. The initial appraisal shall <br />take place as soon as practicable after the execution of this <br />License Agreement and license fees shall be payable on the <br />anniversary date of this License Agreement. The license fee <br />shall be adjusted every five (5) years (commencing on the fifth <br />anniversary of this Agreement) based upon a reappraisal of the <br />property conducted by a MAI appraiser mutually selected by <br />Licensor and Licensee. <br />4. The parties acknowledge that pursuant to Indian River <br />County Resolution No. 82-59 (the franchise), should Indian <br />River County elect to purchase the plant and system pursuant to <br />the terms of the Franchise, Indian River County shall also have <br />the right to purchase the real property which is the subject <br />matter of this License Agreement pursuant to the following <br />provisions: <br />(a) The purchase price shall be an amount equal to the <br />appraised market value as determined by the last,MAI reappraisal <br />prepared prior to the exercise of the County's right to purchase. <br />(b) Upon payment of the purchase price, Licensor will <br />convey the property by Warranty Deed, which Deed will contain a <br />right of reverter on the part of the Licensor as follows: <br />"The above described property shall be used for <br />water utility purposes only and road access <br />thereto and in the event the property is used for <br />any other purpose, without the prior written and <br />recordable consent from the Grantor, legal and <br />equitable title shall revert to the Grantor." <br />2 <br />