ALES REIMBURSEMENT FOR SEWER IMPROVEMENTS 2001

Section 2. Reimbursable Cost. The costs for the construction of the Improvement are set forth in Exhibit 3. Section 3. Ownership of Improvement. The Improvement shall be dedicated to the City upon inspection and acceptance. Section 4. Reimbursement. When the owner(s) of the Benefited Properties connect a sanitary sewer lateral into the Improvement, the owner(s) of the Benefited Properties shall pay their pro-rata share of Reimbursement Costs pursuant to this Agreement. Section 5. Interest. Simple interest at the rate of six percent (6%) simple interest shall be added to the Reimbursable Cost each calendar year on January 1st, following the date of this Agreement. Section 6. Time of Collection and Disbursement of Fees. The City shall require the payment of the Reimbursable Cost if any of the Benefited Properties connect a sanitary sewer lateral into the Improvement. The City shall collect the Reimbursable Cost at the time the owner(s) of the Benefited Properties seek a sewer connection permit. The Reimbursable cost collected by the City pursuant to this Agreement shall be distributed in a ratio of ninety percent (90%) to Owners and ten percent (10%) to City, to compensate City for administration costs related to this Agreement. Section 7. Time and Manner of Disbursement. (a) Disbursement of Reimbursable Cost collected by the City pursuant to this Agreement shall be made to Owners within sixty (60) days of the collection thereof. (b) The right to the Reimbursable Cost shall be personal to Owners and shall continue notwithstanding the subsequent sale or transfer of the Property. Section 8. Term. Ten (10) years after the date of this Agreement, the City shall cease collecting the Reimbursable Cost and Owners shall not be entitled to the receipt of any further Reimbursable Cost pursuant to this Agreement.