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Port Gardner Bay Outfall Replacement Agreement <br /> may be exercised in the event a Participant offers to sell, or a Participant <br /> accepts an offer to purchase, a Participant's interest, in whole or in part, in <br /> the flow carrying capacity of the Joint Use Facilities or if this Agreement is <br /> terminated. <br /> 16.2.2 The exercise price of the option shall be equal to the disposing Participant's <br /> proportionate share of the remaining balance of the amortized Joint Use <br /> Facilities Cost, which share shall correspond to that Participant's percentage <br /> interest in the Capacity of the Joint Use Facilities where the amortization is <br /> calculated on a straight line basis over fifty(50) years. At the election of the <br /> Participant exercising the option, the price shall be paid either(a) in a lump <br /> sum, or(b) in up to twelve (12) equal quarterly installments over three years <br /> from the exercise of the option with interest at a rate equal to one hundred <br /> fifty percent(150%) of the interest rate for 90 day Treasury bills, or (c) on <br /> such other commercially reasonable terms as the Parties may agree. The <br /> option may only be exercised by written notice to the other Participant. <br /> 17. CITY ASSUMPTION OF CONTROL <br /> The City shall have the right, but not an obligation, to assume control from K-C of the operation <br /> of the Joint Use Facilities by delivering written notice to K-C after occurrence of any of the <br /> following events: <br /> 17.1 Emergency <br /> The City's bona fide, good faith determination that an Emergency exists which could <br /> result in significant damage to the Joint Use Facilities, the City's system connected to the <br /> 35 of 46 <br />