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high water of said Duwamish river as same has <br />averaged for past five years; thence along <br />said High water line Southeasterly to said <br />Westerly line of right of way; thence North- <br />westerly along said Westerly line of right of <br />way about 290.0 feet to the true point of <br />beginning. Reserving therefrom an easement <br />for use of premises owned by grantors to north <br />of above described tract on and over a strip <br />of land 30 feet wide adjacent to said Northern <br />Pacific right of way extending from Northerly <br />line of above described tract Southerly to <br />South side of grade crossing of said railroad <br />right of way as said grade crossing now exists <br />or as said grade crossing may be reconstructed. <br />Situated in King County, Washington. <br />5. Transfer of Ownership. After completion of con- <br />struction, the City will transfer ownership of the new service <br />and underlying easements to the District, which will then pro- <br />vide permanent water service to the Seattle Rendering Works, <br />Inc property. <br />6. Payment by District. The District will pay the <br />City for its construction and financing costs incurred in the <br />installation of the aforementioned new service as follows: cash, <br />without interest, if paid within ninety (90) days of January 1, <br />1979; or over a period of not more than ten (10) years, in <br />installments with payments of no less than 10 per cent of the <br />total, paid no less than annually, with interest of nine (9) <br />per cent per annum from April 1, 1979, on the declining balance. <br />7. Security Agreement. The District "Debtor <br />hereby grants to the City "Secured Party a security interest <br />in all of the property described in the Bill of Sale executed <br />-3- <br />