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should the County at any time within the ensuing seven <br />(7) years acquire a water distribution and/or sewage collection <br />system and shall furnish water services or sewer services to all <br />customers within the franchise territory, the sums of money <br />remaining in the appropriate account(s) shall become the <br />absolute property of the County and the Corooration shall have <br />no rights thereto. In such event, the Corporation shall be <br />absolved from the obligation of: payment of further connection <br />charges to the County. In the event the above condirinn ;c n,+- <br />met <br />otmet by the County within seven (7) years from the date of this <br />Franchise Agreement, the County shall have the following <br />options: <br />(1) Extend this Franchise with all escrowed monies paid <br />to the Corporation and further escrows discontinued; or <br />(2) The County shall have the right to purchase the <br />Corporation's water and sewer plants at Corporation's original <br />construction costs plus costs associated with capital additions <br />and expansions to the systems less 3 1/2 % depreciation per <br />year. In conjunction with the water an.; sewer plants' purchase, <br />the County shall purchase necessary land areas upon which the <br />plants are located at the then fair market value of the real <br />estate. Upon acquisition of the sewer plant, water plant and <br />appurtenant real estate, County would then own the entire water <br />system and sewer system and would terminate this franchise and <br />provide water and sewer utility service to the franchise <br />territory. All accumulated escrow fees would vest in County. <br />As regards the purchase of the necessary land areas upon <br />which the plants are located, County shall first tender its <br />offer to the Corporation. In the event the Corporation finds <br />the offer inadequate, County and Corporation shall each select <br />an appraiser to advise the respective parties as to the value of <br />said land areas. In the event, after appraisal, County and <br />corporation are still unable to agree, said appraisors shall <br />select a third appraiser to arbitrate the matter. The matter <br />shall then be resolved in accordance with the Florida <br />Arbitration Code. The decision reached in the arbitration <br />process shall be final and binding on the respective parties. <br />(3) In the event that the above conditon (2) is not <br />exercised by the County within seven (7) years from the date of <br />this Franchise Agreement, any sums of money remaining in the <br />-14- <br />