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I. At such time that Lots 4 and 5 become separately owned; <br />II. At such time that a permit for home construction is issued for Lot 4; <br />III. At such time that a permit for demolition or new home construction is <br />issued for Lot; <br />In the event that one of the termination occurrences exists and the Septic System and Mound have <br />not been removed, no building or demolition permits shall be issued for Lots 4 or 5 until the Septic <br />System and Mound are removed in accordance with this Agreement. <br />3. Replacement of Septic System. Contemporaneous with the removal of the Septic System <br />and Mound, Owner shall install a new septic system on Lot 5 that complies with all applicable laws and <br />ordinances including all applicable setback restrictions, or remove those portions of the existing septic <br />system serving Lot 5 and located on Lot 4, and reinstall thein onto Lot 5 so that all portions of the existing <br />septic system comply with all applicable laws and ordinances including all applicable setback restrictions. <br />4. Scope. The benefits and the burdens of this Agreement (a) run with title to the Property, <br />and (b) inure to the benefit of Owner, the City, and their heirs, devisees, administrators, executors, <br />successors and assigns, and binds Owner and its heirs, devisees, administrators, executors, successors and <br />assigns. <br />5. Recording. Upon execution, this Agreement shall be recorded against Lots 4 and 5 at the <br />Owner's expense. <br />6. Amendment. This Declaration may not be amended or terminated by Owner, its <br />successors, or its assigns without the written consent of the City. <br />[Remainder of page intentionally left blank] <br />2 <br />188926v1 <br />