Laserfiche WebLink
~ ~ <br />Section 3. Ownership of Improvement. <br />The Improvement shall remain a public sewer line which has been dedicated to and <br />accepted by the City. <br />Section 4. Reimbursement. <br />When the owner of the Benefited Property connects a sanitary sewer lateral into the <br />Improvement, the owner of the Benefited Property shall pay its pro-rata share of Reimbursement <br />Costs pursuant to this Agreement. <br />Section 5. Interest. <br />Simple interest at the rate of six percent (6%) simple interest shall be added to the <br />Reimbursable Cost each calendar year on January 1st, following the date of this Agreement. <br />Section 6. Time of Collection. <br />The City shall require the payment of the Reimbursable Cost if the Benefited Property <br />connects a sanitary sewer lateral into the Improvement. The City shall collect the Reimbursable <br />Cost at the time the owner of the Benefited Property seeks a sewer connection permit. <br />Section 7. Time and Manner of Disbursement. <br />(a) Disbursement of Reimbursable Cost collected by the City pursuant to this Agreement <br />shall be made to Owners within sixty (60) days of the collection thereof. <br />(b) The right to the Reimbursable Cost shall be personal to Owners and shall continue <br />notwithstanding the subsequent sale or transfer of the Property. <br />Section 8. Term. <br />Ten (10) years after the date of this Agreement, the City shall cease collecting <br />Reimbursable Cost and Owners shall not be entitled to the receipt of any further Reimbursable <br />Cost pursuant to this Agreement. <br />Section 9. Amendments. <br />Any amendment, modification, suspension or cancellation of this Agreement must be in <br />writing, signed by the appropriate authorities for City and Owners, in a form suitable for <br />recording in the office of the Recorder of Alameda County, California. <br />2 <br />