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. , 2 <br /> NOW, THEREFORE, in consideration of the premises and of the mutual covenants and <br /> agreements as hereinafter contained, the parties hereto agree as follows: <br /> SECTION 1. Subject to all of the various terms and conditions contained therein <br /> except as may be othervvise herein provided, commencing January 1, 2002, the City shall <br /> assume, inure to and be bound by all of the obligations undertaken by the Developer pursuant <br /> to the aforesaid August 15, 1975 Agreement and any supplements tfiereto. <br /> SECTION 2. Effective January 1, 2002, the terms of the said August 15, 1975 are <br /> hereby amended as foflows: <br /> A) The City's share (formerly the Developer's share) of the costs and expenses <br /> incurred by the Railroad to maintain the crossing protection at the covered <br /> crossings shalf be reduced to 50%, with the remaining 50% to be bome by the <br /> Railroad. <br /> B) Whenever next the City and Railroad mutually agree that the crossing surfaces at <br /> each of the covered crossing locations need to be replaced or substantially <br /> reconstructed, the City shall reimburse the Railroad for all of the reasonable and <br /> necessary costs and expenses incurred by the Railroad to do so; following which <br /> the City's share (formerly the Developers share) of the costs and expenses <br /> incurred by the Railroad to thereafter maintain the crossing surfaces at the <br /> covered crossings (including future renewals and rep(acements) sha(I be reduced <br /> to 50%, with the remaining 50%to be bome by the Railroad. <br /> SECTION 3. Pursuant to a November 15, 1984 letter agreement between the Rai(�oad <br /> and the Developer, the Railroad commenced billing the routine maintenance costs for the <br /> crossing protection at the Hubbard Avenue crossing on an annual flat rate basis, adjusted <br /> annually for increases in the price of materials and wages. For calendar year 2000, the flat <br /> rate amount was $3,124.00. [50% of $3,124.00 = $1,562.00]. This amount includes routine <br /> inspection, maintenance, testing and the periodic replacement of minor components due to <br /> normal wear and tear. This amount does not include major repairs or upgrades, personal <br /> injuries, property damage liability, nor damages caused by vandalism, accident or severe <br />