MUTUAL WATER COMPANY SUBSCRIPTION AGREEMENT ...

15. Binding Effect.
This Agreement shall bind and benefit the Parties and
thei r successors, heirs and assigns. This Agreement contains
and supersedes all of the agreements and understandings of
the Parties about the formation of the Mutual and may be
changed only by a writing signed by the Parties .
16. Time of the Essence.
Time is of the essence in the performance of this
Agreement.
17. Memorandum of Agreement.
The Parties who are the minimum subscribers as per
Paragraph 4 to this Agreement will execute a Memorandum of
Subscription Agreement (the II Memorandum II) i n the form of
Exhibit 11 E 11 as attached hereto. An addendum to the Memorandum
shall be prepared and recorded when any additional Party
executes this Agreement.
18 . Counterparts. This Agreement may be signed in
counterparts, all of which shall be deemed to constitute one
and the same instrument and each of said counterparts shall
be deemed an original hereof.
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