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1987 (the "1987 Agreement"), and the third Agreement bearing the date March , 1988 (the "1988 Agreement"); and W~t~EAS, the Town and the county wish to set forth certain terms relating to the financing of the Project, as well as to other matters, which terms shall supercede the provisions of the 1984 Agreement, the 1987 Agreement, and the 1988 Agreement; NOW, T~FORE, in consideration of the mutual covenants h'erein contained, and for other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the Town and the County do hereby agree as follows: Section 1. The Town hereby acknowledges and agrees that on the date on which all of the outstanding principal of, and accrued but unpaid interest on, the Note shall have been paid in full, it will convey to the County a one-half undivided interest in and to the Project by special warranty deed. Section 2. The Town and the County each hereby acknowledge that the County has previously paid to the Town the sum of Six Hundred Thousand Dollars ($600,000) pursuant to the 1984 Agreement and the sum of Seven Hundred Thousand Dollars ($700,000) pursuant to the 1987 Agreement and the 1988 Agreement in order to finance a portion of the costs of the acquisition, construction, installation and equipping of the Project. The County hereby agrees to make available to the Town such additional funds (the "Balance Funds") as are necessary to constitute a County contribution to the Project of one- half the audited, applicable and agreed upon costs of the acquisition, construction, installation and equipping of the Project, as follows: (a) The County shall pay to the Town the sum of Seventy-Five Thousand Dollars ($75,000) during the 1989-1990 fiscal year of the County; and (b) The County shall pay to the Town the remainder of the Balance Funds during the 1990-1991 fiscal year of the County. The Town hereby agrees to use the sums received from the County to pay costs incurred in the acquisition, construction, installation and equipping of the Project. Section 3. The Town hereby agrees to reserve and sell 300,000 gallons of treated water per day to the County. If the County does not wish to purchase 300,000 gallons of treated water each day, the Town may, with the 2 .