BOOK 22_1948-08-17 to 1950-05-15

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of and from any and all form of claim, demand and cause of action of any kind or 447 character whatsoever, arising out of the facts and circumstances set forth in said Petition and Complaint, and of and from any and all form of claim, demand and cause of action for repayment or reimbursement arising out of any expenditure concerning the installation of a water supply and distribution system heretofore or hereafter made by either of the parties with respect to said tract of land, save and except such obliga- tions as are set forth and provided for by this agreement and such decree as maybe entered pursuant thereto, the parties expressly declaring and agreeing that it is their intention by this agreement to terminate and abrogate any obligations of any character arising out of any of the facts alleged in the said Petition and Complaint, except as may be specifically provided for by this agreement. The parties agree to pass and adopt such resolutions, ordinances or motions, or to take such proceedings, or to execute such instruments, and where necessary to acknowledge the same, as may be requisite to carry out the purposes of this agreement. 2. The parties agree that there shall be installed in the properties now owned by the company and as described in an attached schedule (said properties being located in the City of Redwood City and being a portion of that area known as "Carson -Monckton Tract") a water supply and distribution system, a portion of which shall be installed approximately in accordance with a drawing attached to this agreement, marked "Exhibit A", and made a part hereof. Further installations shall be made in said area in accor- dance with plans and specifications to be approved by City prior to such installation. All installations shall be made by the Company at its own expense, subject to reim- bursement of such expense by the City to the Company out of certain revenues, as pro- vided hereinafter in this agreement. As used in this agreement, the term "water supply and distribution system" shall include all water distribution facilities, including dis- tribution mains, fire hydrants, valves and fittings, and all other incidentals necessary to complete said water supply and distribution system. If any of the properties here- tofore conveyed to M. J. King Company is hereafter acquired by the Company, said prop- erties shall be deemed to be included in this agreement for all purposes hereof. 3. It is agreed that the cost of the installation of said water supply and dis- tribution system and of any further installations referred to in section 2 hereof shall be refunded to the Company by the City out of the gross income received from the sale of sale of water out of said water supply and distribution system to the owners or occupants of property in the properties referred to in Section 2 hereof, in the follow- ing extent: (a) City will pay to Company, in semi-annual installments, a sum equal to twenty per cent (20% of the aggregate gross income drived from the sale of water out of said water supply and distribution system from permanent water connections in the area re- ferred to in Section 2 hereof, for a period of twenty-three (23) years from the date of this agreement or until the Company has received sixty per cent (60%) of the cost of said installations without interest, which ever date is sooner, it being specifically understood and agreed that on the expiration of said 23 -year period or at the time Company has received 600 of the cost of any such installations without interest (which ever dater is sooner in point of time) that all obligation of City to make any payments to Company for said installations shall cease. (b) Such percentage of gross income from the area hereinbefore described shall be the sole source of payments. (c) City will at all times keep accurate books of account of all sales of water made within said area, which books 'shall be open for inspection by Company at all reason- able times, and City will furnish to Company a statement of the amount of the gross income from sales of water in the area described in Paragraph 2 hereof at the time of remitting to Company the percentage of gross revenue to which Company is entitled at the end of each semi-annual period. (d) Permanent connections are defined to mean any connections for the sale of water at fixed locations in said area. For the purposes of this agreement portable meters attached to fire hydrants or otherwise shall be deemed to be permanent connections. 4. Company shall submit to City, prior to installation of any portion of said system, a statement of the estimated cost of the portioh of the system then to be installed. If City feels it can install said portion of said system at a lower cost than the estimated cost submitted by Company.. City shall have the right to install same and Company shall pay to City the cost thereof. However, in no event shall Company be required to pay to City any amount in excess of the estimated cost submitted by them. Any payments made by Company to City hereunder shall be reimbursed by City to Company only in the manner and to the extent provided in Section 3 hereof. 5. It is agreed that in the event City requires the installation of a water supply and distribution system of greater capacity than that required for the service of the lands described in Section 2 hereof, the additional cost incurred by Company in install- ing such greater -capacity system will be paid by City to Company at the time of such installation. In determining the excess cost payable by City to contractor for any installations made by Company under this Section 5, said excess cost shall be determined by subtracting from the total cost of such installation the total cost of installing a system of sufficient capacity to serve the lands described in Section 2 hereof. Said excess cost shall be determined by City and Company prior to the commencement of any installation hereunder. 6. Company, when installing said water system, will extend service connections to the curb line of the street fronting on each lot, portion or parcel of the property de- scribed in Section 2 hereof to be serviced by said system, and when*City has received the installation charge it makes for a water service connection from the owner or occu- pant of saidproperty so served, it will pay to Company the s+tm of $15.00 for each service so.installed.