RecD00 2000-089119 - Laserfiche WebLink

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reallocate the sharing of costs based on additional calculated contributing peak flows for the 100 year storm event to the Stann Drainage Joint Facilities from additional properties served. For purposes of such reallocation, it shall be assumed that the contributing flows for the Property are 12.36 cubic feet per second and the contributed flows for City Property are 13.93 cubic feet per second. 3. City shall initially incur aU costs of operation and maintenance and shall biH Pacific Shores not more frequently than quarterly and not less frequently than annually for Pacific Shores' share ofsach costs. Pacific Shores shall reimburse City for Pacific Shores' share of costs within 30 days of the receipt ofllie invoice for same. In the event that any payment is 110t made when due Pacific Shores shall be obligated to pay City interest at the rate often percent per annum until paid. 4. This Agreement shall be binding on the successors and assigns to both parties. In the event of the creation of an association of property owners for the lots within the Property, Pacific Shores shall have the right to assign all ofits duties and obligations hereunder to such association. In the event that any person or entity, including such an association, becomes the successor-in-title to the Common Parcels, as defIned in the Development Agreement, such person or entity shall be deemed the assignee of Pacific Shores pursuant to this Agreement and shall be deemed to have assumed its obligations hereunder, without any further action required by City or Pacific Shores. 5. This Agreement shall be governed by the laws of the State ofCalifomia. F'ID^ '' A..DOc\(~2~""'IA¡/>Co. -"" """"a.",,, -3- ...""".,) J~" fM 111111111111111111111111 11111111 1111111 11111111 1111 II1I 2000-089119 07/21/2000 08:55A AG Page: 3 of 7