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[,JIM <br />[® <br />lines and wastewater system by the County, or the utilization of the <br />County's own plants, the County shall receive the on-site wager <br />distribution and/or wastewater collection system free of cost and in <br />good repair, wear and tear excepted. The Utility agrees to grant to the <br />County any easements necessary to connect the water and/or wastewater <br />system to the County's water/wastewater systems without charge. The <br />Utility shall pay all required fees, if upon their request, connection <br />is made to County's own plants. <br />(4) In conjunction with the wastewater plant purchase, <br />the County shall also purchase necessary land areas upon which the plant <br />is located at the then fair market value of the real estate. Upon <br />acquisition of the wastewater plant and appurtenant real estate, the <br />County would then own the entire wastewater system and would terminate <br />this franchise and provide wastewater utility service to the franchise <br />territory. All accumulated escrow fees would vest in the County. <br />(5) In the event that the above condition (2) is not <br />exercised by the County within seven (7) years from the date of this <br />franchise agreement, any sums of money remaining in the escrow account <br />shall become the absolute property of the Utility and the County shall <br />allow the Utility to continue operations in accordance with this <br />franchise agreement. <br />(6) The County shall have the following option to <br />purchase the utility system after the end of the said seven (7) year <br />period, the County shall purchase according to the same formula in this <br />sub -paragraph (2) above except that the County shall be entitled to a <br />credit against the net purchase price payable by the County to the <br />Utility for the Utility in the amount of the total escrow charges that <br />would have been available to the County, pursuant to the provisions of <br />sub -paragraph (2) stated directly above, together with a credit for any <br />fees which would have accrued pursuant to said section after the seventh <br />year, should the seven (7) year period referenced therein not have <br />lapsed. <br />SBCrION XVII <br />RENEWAL & REPLACEMWT ACCOUNT <br />Two and one half percent (2'%) of the gross receipts of the Utility <br />shall be placed in an interest bearing renewal and replacement account <br />for purposes of renewal and/or replacement of the capital assets of the <br />water and/or wastewater system of the Utility. Additionally, the <br />Uuiity shall initially fund said account with two thousand dollars <br />($2,000) which will also be reserved for capital maintenance items. <br />Interest shall accumulate in said account until the account reaches ten <br />thousand dollars ($10,000); thereafter interest shall be paid to the <br />Utility annually. Said funds shall be used as a sinking fund and <br />applied only for renewal and/or replacement of the water and/or <br />wastewater system by the Utility as the need arises; the percentage <br />required to be placed in the renewal and replacement account may be <br />12 <br />A <br />