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ment or defeasance of LAVWMA's Bonds, and the five year withdrawal period shall commence to run on date of receipt. A withdrawing Member shall continue to be obligated for its pro rata share of debts, obligations and liabilities and operations and maintenance costs incurred by LAVWMA after the notice of withdrawal has been received. A withdrawing Member shall continue to be responsible for its share of the general budget during the five-year withdrawal period. Paragraph 28. Reinstatement. A party, subsequent to its filing of its notice of withdrawal or its actual withdrawal from LAVWMA, may seek reinstatement as a member of LAVWMA. Application for reinstatement shall be made in writing to LAVWMA and the members. A party shall be reinstated upon affirmative action by the Board and the then existing members of LAVWMA. The Board may require a party seeking reinstatement to meet any terms and conditions which the Board deems appropriate to insure quality of treatment and participation. Paragraph 29. Term and Termination. This Agreement shall continue in force until rescinded or terminated at the end of any fiscal year by consent of all the Members. Upon termination, every Member Agency shall be entitled to receive such property and surplus money of LAVWMA as may lawfully be distributed in proportion to the contribution made by the respective Member Agencies. Paragraph 30. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors or assigns of the Member Agencies. No Member Agency may assign any right or obligation herein without the written consent of each of the other Member Agencies. Paragraph 31. Repeal of Prior Documents. The documents entitled "Joint Exercise of Powers Agreement" entered into on the 18th day of June 1974, the Modifications to LAVWMA Joint Exercise of Powers Agreement entered into on May 31, 1977, and the "Second Modification to LAVWMA Joint Exercise of Powers Agreement" entered into on October 20, 1993, are hereby repealed and replaced by this Agreement. The repeal of these prior agreements does not affect any existing contract or obligation of LAVWMA with any third party. Paragraph 32. SeverabilitX. Should any portion, term, condition or provision of this Agreement be decided by a court of competent jurisdiction to be illegal or in conflict with any law of the State of California, or otherwise rendered unenforceable or ineffectual, the validity of the remaining portions, terms, conditions, or provisions shall not be affected thereby. Except in the circum- stances set forth in paragraph 15.4.2, if any provision of this Agreement is held invalid or otherwise becomes unenforceable for any reason, the Member Agencies shall use their best efforts to revise this Agreement to the maximum extent legally feasible in order to cure the invalidity. In such event, LAVWMA LAVWMA/JPA/FINAL -17- July 21, 1997