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'shares for the duration of this agreement. If Louisville exercises its right to terminate the <br /> agreement as provided in Paragraph 10, Louisville shall, at Lafayette's option, transfer any <br /> of the Marshall Lake stock shares already purchased back to Lafayette and Lafayette shall <br /> reimburse the purchase price to Louisville. <br /> 10. Term. This Agreement shall be in effect and binding upon execution and <br /> shall continue until September 30, 1999. Louisville or Lafayette may terminate this <br /> agreement earlier, with 24 months notice. If notice to terminate this agreement is given <br /> to Louisville by Lafayette, Louisville's option to purchase the Marshall Lake shares per <br /> Paragraph 9 shall remain in effect during the 24 month period from the notice of <br /> termination to formal termination. <br /> 11. Service Area. The Parties acknowledge that this Agreement for treatment <br /> of Lafayette water is for a limited duration. Louisville acknowledges that water treated <br /> under this Agreement shall be provided to Lafayette's existing water service area as it may <br /> be amended from time to time. <br /> 12. Disconnection and Turn Off of Water Service. In the event Lafayette fails <br /> to make any payment due hereunder, Louisville shall give Lafayette written notice of such <br /> non-payment. Lafayette shall have fifteen (15) days after notice in which to cure the <br /> default. If Lafayette does not cure the default within the requisite period of time, <br /> Louisville has the right to refuse to treat and/or deliver water under this Agreement until <br /> all sums in arrears are fully paid plus all costs of disconnection and reconnection, including <br /> but not limited to reasonable attorneys fees related thereto, plus interest in the amount of <br /> 7.5 percent per annum. <br /> 13. ,Lafayette warrants that it has irrevocably pledged present cash reserves <br /> adequate to pay its financial obligations under this Agreement in all future fiscal years <br /> during which this Agreement remains in effect, and will hold such pledged reserves for <br /> those payments. <br /> 6 <br />