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AGREEMENT CONCERNING THE PAYMENT <br /> OF LOCAL SAC AND WAC CHARGES <br /> I, John O'Sullivan, do hereby agree to pay local Sewer Adjustment Charges (SAC) <br /> and Water Adjustment Charges (WAC) in the amount of$39,879.00 related to the development <br /> project at 3340 Shoreline Drive according to the terms and conditions of this Agreement. <br /> 1. Amount of Charges. � <br /> A. Local SAC charges $20,079.00 <br /> B. Local WAC charges 19.800.00 <br /> C. Total $39,879.00 <br /> �. Pay:r.er�t Sch�d�a?e. The t�tal of thP SAC and WAC �h.arges ($39,879.00) is to be <br /> paid in equal installments according to the following schedule: <br /> A. First payment due on July 1, 1997 $ 7,975.80 <br /> B. Second payment due on July 1, 1998 $ 7,975.80 <br /> C. Third payment due on July 1, 1999 $ 7,975.80 <br /> D. Fourth payment due on July 1, 2000 $ 7,975.80 <br /> E. Fifth payment due on July 1, 2001 $ 7,975.80 <br /> 3. Late Payment Penalty. If a payment is not received by the specified date, a late <br /> payment penalty of 6% on the unpaid balance accrued from July 1 of the previous <br /> year shall be added to the amount due. <br /> 4. Certification of Unpaid Payments and Penalties for Collection with Property Taxes. <br /> If a payment is not received by September 1 of the year in which it is due, the <br /> payment is to be certified for collection with the property taxes payable in the next <br /> year. <br /> 5. Payment in Full Upon Sale of Property. If the property at 3340 Shoreline Drive is <br /> sold,the full amount of the local SAC and WAC charges remaining unpaid will be <br /> due and payable ap�n cicsir�g. <br /> ATTEST: <br /> �-%1��� � ,��.�'�'��-Zr�\ �-� ""�. <br /> ohr} 'Sullivan City Admini� rator <br /> -- .� � �� �t �� /�/��/�'� <br /> Date Date � <br />