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construction charges shall become the absolute property of the <br />County and the Corporation shall have no rights thereto. In <br />such event, the Corporation shall be absolved from the <br />obligation of payment of further connection charges to the <br />County. In the event the above condition is not met by the <br />County within seven (7) years from the date of this Franchise <br />Agreement, the County shall have the following ontionst <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 sewer plant at Corporation's original construction <br />costs plus costs associated with capital additions and <br />expansions to the systems less 3 1/2 % depreciation per year. <br />Depreciation on the system shall be calculated to start at the <br />time tY,e County issues a letter acknowledging the construction <br />of the sewerage system as provided in Section 6. In conjunction <br />with the sewer plant(s)' purchase, the County shall purchase <br />necessary land areas upon which the plant(s) are located at the <br />then fair market value of the real estate. Upon acquisition of <br />the sewer plant(s) and appurtenant real estate, County would <br />then own t•he entire sewer system and would terminate this <br />franchise and provide 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 appraisers 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 condition (2) is not <br />exercised by the County within seven (7) years from the date of. <br />-14- <br />