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In consideration for the granting of this easement, the Buyer <br /> hereby covenants and agrees as follows: • <br /> • 1. That the Buyer will pay to the Sellers the sum of Fifteen <br /> • Dollars ($15.00) per year per acre covered by the impounded water as such <br /> acreage may be finally determined by an accurate survey. <br /> 2. That the Buyer will cut any trees which are within the area to <br /> be permanently flooded and.that the Buyer will compensate the Sellers by <br /> reimbursing the Sellers for any timber so cut according to the fair market <br /> value thereof at the time of the cutting. <br /> • <br /> 3. That the Buyer will pay to the Sellers Twenty-Five Dollars <br /> ($25.00) per day as liquidated damages for each day that water is allowed to <br /> stand above the hereinabove agreed to level as a result of the Buyer's <br /> failure to open flood, gates in time of flood. - <br /> • <br /> -• 4. That if the darn, as constructed by the Buyer, with water V <br /> • flowing at a normal rate over its spillway causes the impounded water to <br /> rise permanently to a height greater than 6;97 feet below the top of the V <br /> aforementioned monument but not more than 3.97 feet below-the,top-of the.--- <br /> aforementioned monument, then and in that event the Buyer hereby covenants <br /> and agrees to pay to the Sellers as compeniation for the depreciation in <br /> value of the Sellers' retained lands the sum of Seven Thousand Fire Hundred <br /> Dollars ($7,500.00) as liquidated damges. • <br /> 5. That the Buyer will issue to the Sellers a certificate of <br /> membership in the Orange-Alamance Water System, Inc. <br /> 6. The Sellers hereby covenant and agree that during the term <br /> of this easement the Buyer shall have the right to go upon the lands of the <br /> _ - <br />