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Mortgage or without the express written consent of
Bankers.
(d) The Utility Company will also. be the owner of
the water distribution system providing water service for
the Oceanview Property and the Lakeview Property with
water purchased pursuant to a bulk purchase agreement for
water between it and the Ft. pierce-Utility Authority.
Oceanview represents and warrants that,'prior to the
development of any portion of the Oceanview Property and ~
the Lakeview Property, Utility Company will enter into a
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binding and enforceable agreement with the Utility
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Company, subject to the customary contributions in aid of
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construction by developers and applicable regulations to
supply an adequate supply of potable water in sufficient
' wantities and at a sufficient pressure as needed
throughout the development of the Oceanview Property. It
is underlstood and agreed and Oceanview represents and
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~ warrants that the agreement of the Utility Company to f
-supply such water service for the entire Lakeview and
Oceanview projects when developed and all rights
thereunder will be coupled with an interest and run with
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[ the Oceanview Property and the Lakeview Property, and, -
accordingly, inure to the benfit of all successors and
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800K342 PAGE175J
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~ M[yfMON. lAl/Y[R, JONNlTON, O11N1rOOT • COIL, 1100 /IRlT NATIONAL •ANK •YII.OINO, MIAMI, FLORIDA ,
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