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Agreement with the owners thereof, the form for said License <br />Agreement being attached hereto as Exhibit B. In the event the <br />County exercises its option to purchase the system, the County may <br />also elect to purchase the real property as described in said <br />License Agreement pursuant to the provisions thereof. If County <br />elects not to purchase said real property, Corporation shall, <br />without additional consideration, assign its license to County and <br />County shall assume all obligations thereunder. <br />(4) At the time Corporation transfers the described assets <br />to County, Corporation shall also, without additional cost to <br />County: <br />(a) transfer and assign all of its right, title and <br />interest in and to collection transmission and distribution lines <br />and any private easements and well site licenses associated with <br />o and necessary to the operation of the system, and County shall own <br />0 <br />LL all lines to the point of delivery of service. <br />U <br />(b) Deliver and transfer all existing engineering and <br />W <br />survey documents, plans, etc. <br />data, plans or other such <br />as the <br />oCounty may reasonably request. <br />s <br />m (5) All instruments of conveyance, transfer or assignment <br />shall be in usual and customary form with warranties of title and <br />o <br />LL <br />W <br />z warranties against encumbrances. <br />(6) At the time of transfer, the plant shall be in good <br />operating order and free of any material violations of any local, <br />State or Federal regulations. The Corporation makes no other <br />warranties, expressed or implied as to the condition of the plant <br />and facilities associated with the system. <br />(7) Upon acquisition of the assets described, the County <br />shall own, maintain, and provide water service as provided for in <br />this Franchise and the County shall assume Corporation's <br />obligations under then existing Developer Agreements and related <br />contractual obligations and Corporation shall be released from all <br />further obligations thereunder. <br />Two and one-half percent (23W of the gross receipts of the <br />C'cirnn_rat_inn aer v7,d and collected from monthly .crv—, c charges <br />shall be placed in an interest bearing Repair and Replacement <br />account for purposes of maintenance of the capital assets of the <br />3.4 <br />