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KLG:ar 7/8/78 rate as it charges its Santa Ana customers. Garden Grove may, however, connect any of said service connections to its own water distribution system at a future date upon reasonable notice to Santa Ana and without further compensation by either party, provided that Santa Ana may then remove its meters. 9. Closing. The time of transfer and closing shall be 8:00 o'clock a.m., on a date prior to ninety (90) days from and after execution and delivery by said trustee under the Trust Indenture of its "Certificate and Consent of Inden- ture Trustee" within the time and in the manner hereinafter specified in paragraph.20. The closing date shall be selected by Santa Ana upon thirty (30) days written notice to Garden Grove. The closing shall be held at the offices of Rutan & Tucker, 401 Civic Center Drive West, Santa Ana, California. Subject to the terms -and conditions of this Agreement, at the closing, Garden. Grove shall convey to Santa Ana the properties to be conveyed by it hereunder. The risk of operation of the water system facilities to be conveyed hereunder shall transfer to Santa Ana as of the date and time of closing, and thereafter all profits and losses from such operation shall accrue to Santa Ana, except as otherwise provided in this Agreement. 10. Billing and Rebates After Closing. (a) Within a reasonable period of time after the closing hereof (but not to exceed sixty (60) days) Santa Ana shall read and Garden Grove shall assist in reading the meters on each of the respective water services purchased by Santa Ana and record same. Garden Grove shall accept said readings subject to an administrative adjustment of misread- ings. The "billing period" as used in this Paragraph 10, shall be the period between Garden Grove's last meter reading date prior to closing and the first meter reading of Santa Ana subsequent to closing. 12.