Question on Water Easement during home purchase

I am about to make an offer on a house in Fremont, CA. The seller has mentioned in disclosures document that portion of the house is on an Easement line shared with SF Water PUC. I have obtained the Grants of easement agreement from the Alameda County office.The agreement was done in 1988 between original owner of the house and SF Water PUC. Apparently portions of the house (lower level bedrooms), a patio deck and a fence has been standing on the SF Water PUC property since house was built. There are 2 water pipes running through the SF Water property. The Easement agreement states that owner of the house paid certain amount to SF Water to "acquire" rights to use appx 520sq. ft. of land, where the portions of house and patio deck stand on the SF Water property. The agreement does state that SF Water can give 60-day notice to owner if they need to enter the owner's property if they need to repair/maintain the water pipeline. Is this a big red flag and I should forget about this house?