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by Them, and constitutes a valid and binding obligation. of :.each: party enforceable in <br />accordance with its.terms, <br />i <br />:.:NOW; THEREFORE, in consideration:ofthe :foregomg:and the mutual benefits to <br />be'derived from: compliance by the :parties with the covenants :contained. herein, and <br />otlier_good.and valuable consideration, the receipt;andauffciency:of which..are hereby <br />acknowledged bythe parties, the parties agree as follows <br />Section 1. Adoption of "Whereas" Clauses The .foregoing °Whereas".clauses %are <br />adopted: and incorporated.. herein. <br />I. <br />Section 2. Conditions Precedent. Notwithstanding;anything.;to:the.contrary, contained <br />he(em)..tlils Franchise Agreement shall not begonia: effective junless the <br />appropriate: franchise ordinance or resolution is formally adopted:bythe Town.Council of <br />IN,® IAN RIVER SHORES :approving this Franchise' Agreement. and.::granting -to VERO <br />BEACH the :Franchise contemplated herein. <br />l . <br />Section .3.• Franchese Grant. INDIAN RIVER. SHORES:::hereby :grants ..to VERO <br />BEACH,: with. all rights and privileges attendant.: .tiereto ..,an.exclusive Franchise to <br />construct, maintain, and operate water, wastewater, and reuse..water utility systems <br />withinthe corporate. limits of INDIAN..RIVER SHOf.ES,:(herei.riaft .. Service Area") and <br />to` proVide water, wastewater and reuse water utility.serVices =to . customers: currently <br />served by VERO BEACH. INDIAN RIVER SHORES may grant additional non-exclusive <br />reuse water franchises to customers not currently being served by VERO BEACH,.and. <br />m'ay grant further non-exclusive reuse water franchises within the John's Island <br />community.: Such water, wastewater, and reuse'water:utifity_systerns shall: consist of all <br />water; wastewater, and reuse water facilities :(including; :pipes; fxtures, :mains, valves <br />Meters, tanks, lift stations, .etc., and telephone and electric-lines:for. water,'wastewater, <br />and .reuse water -utility .system use) for the purpose_:ofrsupplying watery wastewater, and <br />reuse :water: utility service. to INDIAN RIVER SHORES,` the ihhab:itahtsk hereof, and <br />persons and entities beyond the corporate limits. thereof At tha end.:of.the franchise <br />period, including any extension thereof, all water and: wastewater facilities. in INDIAN <br />RIVER SHORES, unless specifically excluded, shall -be the.property of :INDIAN RIVER <br />SHORES.. Ownership by INDIAN RIVER :SHORES. _shall *include the storage.tanks, <br />the north river crossing, the transmission ma ns assgciatedwith the notth:river crossing <br />andlhe eighteen inch (18") transmission mammon:MIA;south: of Fred R. Tuerk Drive, <br />which.connect the north river crossing, to the. VERO`.BEAOH water .system south of the. <br />INDIAN RIVER SHORES. limits on the barrier island At:the end .of the. Franchise <br />period; INDIAN RIVER .SHORES shall own any. line . installed `during, the original <br />.Frarichise -for potable water or wastewater; and which was.- later converted to. reuse <br />water: Any reus.e.Iines. under this Agreement installed by VERO:BEACH •at the expense <br />of -INDIAN RIVER SHORES users shall, at the end, of.the. Franchise be:the property of <br />INDIAN RIVER SHORES. Any reuse lines installed by VERO BEACH under this <br />Agreement at VERO BEACH. expense shall, at.the end of .the Franchise,:be theproperty <br />of VERO BEACH. <br />Page2of9 <br />94 <br />