If the city acquires the permittee's separate industrial wastewater facility or system pursuant to Selah Code Section 9.11.100, the price shall be for its depreciated costs, payable in cash at the time of acquisition, or upon terms of purchase agreed to between the city and the permittee. Depreciated cost shall be determined by the city and the permittee, or failing that agreement, by an independent qualified professional appraiser mutually agreed upon by the city and permittee. In the event of appraisal, the city and the permittee shall pay an equal amount of the appraisal fee. Depreciated cost shall be defined as and determined by first determining the new replacement cost at the time of acquisition and then deducting depreciation from all sources (i.e., physical deterioration, functional and/or economic obsolescence). The acquisition shall be subject to the city acquiring all prior interests, including, but not limited to, underlying fee title, leaseholds, permits, licenses, easements, security interests, and will hold harmless, defend and indemnify permittee with respect thereto, and will provide for permittees the current and future wastewater processing needs according to the permittee's five-year wastewater generation and discharge projections at the time of city acquisition, up to the capacity of the separate system at the time of acquisition. (Ord. 1006, § 10, 1991.)