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escrow account shall become the absolute property of the <br />Corporation and County shall allow the Corporation to continue <br />operations in accordance with this Franchise Agreement. <br />(4) The County shall have the following option to <br />purchase the utility system after the end of the said seven <br />years period. The County shall purchase according to the same <br />formula in this sub -paragraph (2) above except that the County <br />shall be entitled to a credit against the net purchase price <br />payable by the County to the Corporation for the utility in the <br />amount of the total escrow charges that would have been <br />available to the County, pursuant to the provisions of <br />sub -paragraph (2) stated directly above, together with a credit <br />for any fees which would have accrued pursuant to said section <br />after the seventh year, should the seven year period referenced <br />therein not have lapsed. The Corporation agrees to grant to <br />County any easements necessary to c-nnect the franchise's water <br />and/or sewerage system to the County's water and/or sewerage <br />systems without charge. <br />(5) In the event of an acquisition by the County, or <br />the utilization of County's own plants, the County shall receive <br />the water distribution and sewage collection system free of cost <br />and in good repair, wear and tear excepted. <br />SECTION XVI <br />Two and one-half (2 1/2%) percent of the gross receipts <br />of the Corporation derived and collected from monthly service <br />charges shall be placed in interest bearing renewal and <br />replacement accounts for purposes of renewal and/or maintenance <br />of the capital assets of the water and sewerage systems of the <br />Corporation. In addition, the Corporation shall fund each such <br />account with Two Thousand Dollars ($2,000.00) which will also be <br />reserved for capital maintenance items. Interest accruals in <br />said accounts shall be payable to the Corporation annually. Said <br />funds shall be used as sinking fund and applied only for repairs <br />and/or replacement of the water and sewerage systems by the <br />Corporation as the need arises; the amounts of the renewal and <br />replacement accounts may be revisted on an annual oasis in order <br />to maintain satisfactory account balances; subject to the mutual <br />-15- <br />