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<br />q p,-C;- <br /> <br />reallocate the sharing of costs based on additional calculated contributing peak flows for the 100 <br /> <br />year storm event to the Storm Drainage Joint Facilities from additional properties served. For <br /> <br />purposes of such reallocation, it shall be assumed that th~ contributing flows for the Propeny are <br />12.36 cubic feet per second and the contributed flows for City Property are 13.93 cubic feet per <br /> <br />second. <br /> <br />3. <br /> <br />City shall initially incur all costs of operation and maintenance and shall bill <br /> <br />Pacific Shores not more frequently than quarterly and not less frequently than annually for <br /> <br />Pacific Shores' share of such costs. Pacüic Shores shall reimburse City for Pacific Shores' shan~ <br /> <br />of costs within 30 days ofthe receipt of the invoice for same. In the event that any payment is <br /> <br />not made when due Pacific Shores shall be obligated to pay City interest at the rate often percent <br /> <br />per annum until paid. <br /> <br />4. <br /> <br />This Agreement shall be binding on the successors and assigns to both parties. In <br /> <br />the event of the creation of an association of property owners for the lots within the Property, <br /> <br />Pacific Shores shall have the right to assign all of its duties and obligations hereunder to such <br /> <br />association. In the event that any person or entity, including such an association, becomes the <br /> <br />successor-in-title to the Common Parcels, as defined in the Development Agreement, such <br /> <br />person or entity shall be deemed the assignee of Pacüic Shores pursuant 10 this Agreement and <br /> <br />shall be deemed to have assumed its obligations heteunder, without any further action required <br /> <br />by City or Pacific Shores. <br /> <br />5. <br /> <br />This Agreement shall be governed by the laws of the State ofCalifomia. <br /> <br />>'01>" T ...'oI:IOC."oO»:M<a2lAlt-"'" - ...,..D1.m. <br /> <br />-3- <br /> <br />""'.",."" ,~" FM <br /> <br />. '-'-"'-"""'--T ' <br />