HomeMy WebLinkAboutLW16-166 - - Oakpointe LLC - Pine Tree Park Settlement Agreement - 04/14/2016 /oi'
40
Records Ml%i % + e m
//J
KEN T Documient
W A.SM1Mg7gN
CONTRACT COVER SHEET
This is to be completed by the Contract Manager prier to submission
to City Clerks Office. All portions are to be completed.
If you have questions, please contact City Clerk's Office.
Vendor Name: Oak oiinte
Vendor Number:
JD Edwards Number
Contract Number: I - I - 001
This is assigned by City Clerk's Office
Project Name: Pine Tree Park Settlement Agreement
Description: ❑ Tnterlocal Agreement ❑ Change Order ❑ Amendment ❑ Contract
0 Other: Memorandum of Right of First Refusal
Contract Effective Date: 4/14/16 Termination Date: 4/14/ 019
Contract Renewal Notice (Days): N/A
Number of days required notice for termination or renewal or amendment
Contract Manager: Kim Komoto Department:. Law
Contract Amount: N/A
Approval Authority: F1 Department Director El Mayor ❑ City Council
Detail: (i.e., address, location, parcel number, tax id, etc.):
As of: 08/27/14
SETTLEMENT AGREEMENT
The parties to this Settlement Agreement (the "Agreement") are the City of Kent, a
Washington municipal corporation ("City") and Oakpointe LLC, a Washington limited liability
company, Oakpointe Holdings, LLC, a Washington limited liability company, and Pine Tree
Parke, LLC, a Washington limited liability company (collectively, "Oakpointe"). Individually
City and Oakpointe shall be referred to herein as a"Party"and collectively the"Parties".
RECITALS
A. The City and Oakpointe Holdings, LLC entered into a Vacant Land Purchase and Sale
Agreement dated December 3, 2014, as amended by amendments dated March 19, 2015, April
17, 2015, June 15, 2015, September 2, 2015, January 8, 2016 and March 29, 2016 (collectively,
the "Purchase and Sale Agreement") for the property commonly known as King County Parcel
No. 32205-9116 and legally described as:
The South '/2 of the NE '/ of the SE '/a of the NE '/4 of Section 32, Township 22
North, Range 5 East, W.M.; TOGETHER WITH the North '/2 of the SE '/4 of the
SE '/4 of the NE '/4 of said Section 32. TOGETHER WITH an easement (for
access over and across) the West 30 feet of the NE %4 of the SE '/a of the NE '/4 of
said Section 32
(the"Property").
B. This Agreement relates to claims arising out of the Purchase and Sale Agreement.
C. City expressly denies liability to Oakpointe or any other party concerning damages or
alleged damages suffered by Oakpointe.
AGREEMENT
NOW, THEREFORE, in consideration of the covenants and conditions set forth below,
the Parties agree as follows:
1. Recitals. The recitals set forth above are true,correct,and are hereby adopted as part of
this Agreement.
2. Termination of Purchase and Sale Agreement. In consideration for the payment set
forth in Paragraph 4 and the Right of First Refusal (as defined below), Oakpointe agrees to
terminate the Purchase and Sale Agreement. Upon the Parties' mutual execution of this
Agreement, the Parties acknowledge and agree that the Purchase and Sale Agreement shall be
deemed terminated as of such date without any further action by the Parties.
3. Releases.
1
i. Release of City. In consideration of the payment set forth in Paragraph 4 and
the Right of First Refusal described in Paragraph 5, Oakpointe releases City
from all claims known or unknown relating to or arising under the Purchase
and Sale Agreement.
ii. Release of Oakpointe. In consideration of the release of City as set forth
immediately above, City releases Oakpointe from all claims known or
unknown relating to or arising under the Purchase and Sale Agreement.
4. Payments by the Parties. In consideration for the termination of the Purchase and Sale
Agreement described in Paragraph 2 and the release set forth in Paragraph 3, City agrees to
direct the escrow agent to return the earnest money deposit of One Hundred Fifty Thousand and
00/100 Dollars, including any accrued interest, which is held per the terms of the Purchase and
Sale Agreement, and additionally the City shall pay Oakpointe the sum of Seven Hundred Fifty-
Nine Thousand Nine Hundred Sixty-Eight and 501100 Dollars ($759,968.50) (collectively, the
"Payment Amount"). The payment shall be made to Pine Tree Parke, LLC on behalf of City and
shall be delivered to Oakpointe at 10220 NE Points Drive, Suite 310, Kirkland, WA 98033 no later
than ten(10)business days following mutual execution of this Agreement.
5. Right of First Refusal. In consideration in part for Oakpointe's agreement to terminate
the Purchase and Sale Agreement as described in Paragraph 2 above, Oakpointe LLC is hereby
granted by the City a right of first refusal (the "Right of First Refusal") with respect to the
property commonly known as King County Parcel Nos. 2122059147, 2122059132, and
2122059140 and legally described as follows:
PORTION OF NW QTR SE QTR STR 21-22-05 DAF: BEGINNING AT NW
CORNER OF SAID SUBDIVISION TH S88-54-65E ALONG N LINE
THEREOF 698.90 FT TO TPOB TH CONTINUE S88-54-55E ALONG SAID
LINE 120.10 FT TH S00-58-24W PARALLEL TO W LINE OF SAID
SUBDIVISION 150 FT TH N88-54-55W 12.90 FT TO E LINE OF 60-FT WIDE
RIGHT OF WAY DESCRIBED IN LEASE AGREEMENT UNDER
RECORDING NO 6362294 TH NO2-02-35E ALONG SAID LINE 150.02 FT TO
TPOB EXC PORTION THEREOF LYING WITHIN SE 248TH ST
CONVEYED TO KING CO BY DEED UNDER RECORDING NO 4755711
AND
N 690 FT OF E 660 FT OF W 940 FT OF NW QTR SE QTR STR 21-22-05 EXC
PORTION THEREOF LYING WITHIN 248TH ST CONVEYED TO KING CO
BY DEED UNDER RECORDING NO 4755711; & EXC FOLLOWING
DESCRIBED PARCEL: PORTION NW QTR SE QTR STR 21-22-05 DAF:
BEGINNING AT NW CORNER OF SAID SUBDIVISION TH S88-54-55E
ALONG N LINE THEREOF 698.90 FT TO TPOB TH CONTINUE S88-54-55E
ALONG SAID LINE 120.10 FT TH S00-58-24W PARALLEL TO W LINE OF
SAID SUBDIVISION 150 FT TH N88-54-55W 122.90 FT TO E LINE OF 60-FT
WIDE RIGHT OF WAY DESCRIBED IN LEASE AGREEMENT UNDER
2
RECORDING NO 6362294 TH NO2-02-35E ALONG SAID LINE 150.02 FT TO
TPOB EXC PORTION THEREOF LYING WITHIN 248TH ST CONVEYED
TO KING CO BY DEED UNDER RECORDING NO 4755711
AND
W 280 FT OF NW QTR SE QTR STR 21-22-05 EXC S 330 FT THEREOF;EXC
W 30 FT FOR COUNTY ROAD (124TH AVE SE) & EXC N 30 FT FOR
COUNTY ROAD (SE 248TH ST); AND E 660 FT OF W 940 FT OF NW QTR
SE QTR STR 21-22-05 EXC N 690 FT;& EXC S 330 FT OF W 380 FT
(collectively,the"Shops Property"). If and when, the Kent City Council votes to surplus and sell
the Shops Property, City shall provide Oakpointe LLC with a copy of the appraisal performed by
an independent MAI appraiser for the Shops Property upon which the Kent City Council's
surplus and sale decision was based (the"City Appraisal"). Oakpointe LLC shall have thirty (30)
days from the receipt of such appraisal (the "Election Period") to notify City in writing that it
intends to exercise its Right of First Refusal. If Oakpointe LLC does not respond to City within
this thirty (30) day period, then Oakpointe LLC shall be deemed to have not exercised its Right
of First Refusal.
i. Purchase and Sale Agreement. If Oakpointe LLC exercises its Right of
First Refusal in the thirty-day time period set forth above, then City and Oakpointe LLC shall
negotiate exclusively with one another in good faith with a goal of entering into a mutually
acceptable purchase and sale agreement for the Property using a Northwest Multiple Listing
Service Form 25 Vacant Land Purchase and Sale Agreement with the following terms:
a. Purchase price for the Shops Property shall be Fair Market Value (as
defined and determined in the process set forth below) plus Two
Hundred Fifty-Nine Thousand Nine Hundred Sixty-Eight Dollars and
501100($259,968.50)(the"Purchase Price");
b. The feasibility contingency expiration date shall be 90 days after
mutual acceptance;
c. Earnest money shall be five percent (5%) of the purchase price in the
form of a promissory note and converted to cash upon waiver of
contingencies;
d. The closing date shall be the earlier of one (1) year following the
feasibility contingency expiration date or five (5) business days
following the City's approval of final engineering plans for the Shops
Property;
e. Oakpointe LLC may assign its interest in the purchase and sale
agreement to an affiliated entity;and
3
f. Oakpointe LLC shall have a title contingency of at least ten (10) days
following receipt of a preliminary title commitment from the title
company.
Oakpointe LLC and City acknowledge and agree to that the above terms do not necessarily
include all of the material terms and conditions that will be required in the such purchase and
sale agreement for the Shops Property and that the enumeration of certain contingencies,
conditions, warranties, and representations in this Agreement is not intended to be exhaustive
and that in the Shops Property purchase and sale agreement, both parties may wish to include
and negotiate other items.
ii. Fair Market Value Determination. The Fair Market Value of the Property
shall either be: (a) the fair market value of the Property set forth in the City Appraisal; or(b) at
Oakpointe LLC's sole election, the fair market value of the Property as determined by the
appraisal process set forth herein. If Oakpointe LLC elects to initiate the appraisal process, then
within ten (10) days following the expiration of the Election Period, Oakpointe LLC shall
appoint an independent MAI appraiser to separately appraise the fair market value of the
Property. Oakpointe LLC shall submit its appraisal of the fair market value of the Property in
writing to the City within sixty (60) days after its appointment (the "Oakpointe Appraisal"). If
the fair market value as detennined by the Oakpointe Appraisal is not more than ten percent
(10%) different that the City Appraisal, then the Fair Market Value of the Property shall be
determined by averaging the fair market values determined by the City Appraisal and the
Oakpointe Appraisal.
If the fair market value for the Property identified in the Oakpointe Appraisal is more
than ten percent (10%)different than the City Appraisal, then the two (2)appraisers shall within
ten (10) days thereafter appoint a third appraiser with the same minimum experience and
qualifications as the first two (2) appraisers. The third appraiser so appointed shall
independently determine the fair market value for the Property within thirty (30) days after
appointment ("Third Appraisal"). If the Third Appraisal shows a fair market value greater than
the higher of the fair market value in the City Appraisal or the Oakpointe Appraisal, then the
higher of the two fair market values between the City Appraisal and the Oakpointe Appraisal
shall be deemed to be the Fair Market Value of the Property. If the Third Appraisal shows a fair
market value lower than the lower of the two(2) fair market values in the City Appraisal and the
Oakpointe Appraisal, then the lower of the two fair market values between the City Appraisal
and the Oakpointe Appraisal shall be deemed to be the Fair Market Value of the Property. if the
Fair Market Value as determined by the Third Appraisal is between the two fair market values as
determined in the City Appraisal and the Oakpointe Appraisal, then the Fair Market Value of the
Third Appraisal shall be deemed to be the Fair Market Value of the Property.
Each Party shall pay the fees and expenses of the appraiser appointed by such Party and
one-half(1/2)of the fees and expenses of the Third Appraisal.
If Oakpointe LLC's appraiser fails to submit his or her appraisal of the fair market value
of the Property in the time period set forth above,then the fair market value determination in the
City Appraisal shall be considered final and binding and the Fair Market Value for purposes of
this Agreement.
4
Within ten (10)business days following the final determination of the Fair Market Value
of the Property, the City and Oakpointe LLC shall enter into the purchase and sale agreement for
the Shops Property. If, during this ten-day period, Oakpointe LLC and the City are unable to, in
good faith and consistent with this Agreement, reach agreement on such purchase and sale
agreement's terms, or Oakpointe LLC elects to not proceed with the purchase of the Property for
the Purchase Price in its sole discretion,then, in such case,the City shall be free to sell the Shops
Property to any other third party having fully satisfied its obligations under the Right of First
Refusal.
iii. Memorandum of Right of First Refusal. Upon mutual execution of this
Agreement, City and Oakpointe agree to record a memorandum of this Right of First Refusal
with the King County Recorder's Office, at Oakpointe LLC's sole cost and expense, in the form
attached hereto and incorporated herein as Exhibit A.
iv. Termination. The Right of First Refusal shall automatically terminate on
the date which is three(3)years from the date of mutual execution of this Agreement.
6. .Default. In the event of a default in the performance of this Agreement, either Party may
pursue any other right or remedy provided herein or as otherwise allowed by law. Exercise of
any such right or remedy shall not be deemed a waiver of any existing or subsequent default nor
a waiver of such right or remedy.
7. Governing Law, Severability. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Washington. If any court of competent jurisdiction shall
determine that any portion of this Agreement is unenforceable, then, to the extent possible, the
remaining portions hereof shall be unaffected thereby.
8. No Admission. Neither the execution of this Agreement, nor the performance
contemplated hereunder shall be construed or considered as an admission by either Party as to
the merit or validity of the claims or arguments or defenses of the other Party hereto.
9. Interpretation. Each of the Parties was represented by legal counsel with respect to this
Agreement, or was given a reasonable opportunity to consult with their own legal counsel, and
have had ample opportunity to review this Agreement. This Agreement shall not be interpreted
in favor of or against either Party by reason of whose attorney originally drafted it.
10.Third Partv Benefieiary. No person other than the Parties have any rights or remedies
under this Agreement or the right to enforce any provision of this Agreement against any Party.
11. Venue. Venue for any action that may be brought as a result of any dispute between the
Parties hereto in any way arising out of this Agreement shall be in King County Superior Court.
In the event of any dispute regarding a Party's performance under Paragraphs 4 and/or 5 of this
Agreement, the Party substantially prevailing in the resolution thereof shall be entitled to receive
from the other Party, in addition to any substantive relief, said prevailing Party's reasonable
attorney's fees in the enforcement of such Paragraphs' terms. In the event of any other dispute
5
amongst the Parties regarding this Agreement, each Party will be responsible to pay its own
attorneys' fees.
12. Counterparts. This Agreement may be executed in identical counterparts, and once all
of the Parties hereto have executed a counterpart, this Agreement shall be fully enforceable, as if
all Parties had signed tile same original instrument.
13. Integration. This Agreement constitutes tile full and complete expression of the
agreement between the Parties with respect to the subject matter hereof, and supersedes any and
all prior or contemporaneous offers, negotiations or agreements between the Parties. Any
amendment or modification to any of the terms hereof shall be in writing, signed by the Parties
hereto.
14. Authority to Act. Each Party warrants and represents that it has full and complete
authority to enter into and perform this Agreement and each person executing this Agreement on
behalf of a Party warrants and represents that lie/she has been fully authorized to execute this
Agreement oil behalf of such Party and that such Party is bound by the signature of such
representative.
15. Assipnment. No Party may assign its right or ob�ligatio,ns hereunder to a third party.
16. Effective Date. This Agreement shall become effective on the date when the last Party to
sign has executed this Agreement and shall remain in effect unless terminated by the written
agreement of the Parties.
NOW,THERE,FORE, IN WITNESS WHEREOF, the parties hereto have freely and
voluntarily executed this Settlement Agreement,
CITY:
CITY OF KENT, a municipal corporation of King County,
g ?J)'�7
washin to
By:
am ette Cooke
Ti or
APPROVED AS TO l RM:
3AK"fR, CITY ATTORNEY
OAKPOINTE:
6
OAKPOINTE LLC, a Washington limited liability
company
By:
Name: Brian Ross,
Title: Manager
OAKPOINTE HOLDINGS, LLC, a Washington limited
liability company
By:
Name: Brian Ross
Title: Manager
PINE TREE PARKE LLC, a Washington limited liability
company
By: OAKPOINTE LLC, a Washington limited
liability company, its Manager
By. _-
Name. Brian Ross
Title; Manager
[acknowledgements on the.following pages]
7
STATE OF WASHfNGTON )
)ss.
COUNTY OF KING
On this 12 --day of April, 2016, before me, the undersigned, a Notary Public in and for
the State of Washington, duly commissioned and sworn personally appeared Suzette Cooke, known
to me to be the Mayor of the CITY OF KENT, the municipal corporation, that executed the
foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and
deed of said corporation, for the purposes therein mentioned, and on oath stated that fie was
authofized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing before me and
making this acknowledgment is the person whose true signature appears on this document.
WITNESS my hand and official seal hereto affixed the day and year in the certificate above
written.
ig—n aikir e
Z.01A
NCO
Af 0 Print Name
18-Ab,-:'Az
too NOTARY PUBLIC in and for the State of
op lo, AS Washington, residing at
My commission expires Af—1-4
8
STATE OF WASHINGTON )
)ss.
COUNTY OF KING
On this day of April, 2016, before me, the undersigned, a Notary Public in and for
the State of Washington, duly commissioned and sworn personally appeared Brian Ross, known to
me to be the Manager of OAKPOINTE LLC, the limited liability company, that executed the
foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and
deed of said company, for the purposes therein mentioned, and on oath stated that he/she was
authorized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing, before me and
making this acknowledgment is the person whose true signature appears oil this document.
WITNESS my hand and official seal hereto affixed the day and year in the certificate above
written.
ptl RUB&V 4t "ignat re
0
VnSki 141
4F AAR,�
0
PIP
Print game
z
0
NOTARY PUBLIC in and for State of
bus,> .F 11, e
Washington,residing at
My commission expires
OF Vq
STATE OF WASHINGTON )
) ss.
COUNTY OF KING
Oil this -11T7 day ol'April. 2016. before nic. (lie undersigned, a Notary Public in and lor
the Stale of Washington. duly commissioned and sworn Personally appeared Brian Ross, known to
me to be the Manager ol'OAKPOINTE HOLDINGS, L,LC. the limited liability company. that
executed the loregoing, instrument, and acknowledged (lie said instrument to be the free and
voluntary act and deed of said company. for file put-poses therein mentioned,rand oil oath stated that
he/she was authorized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing before ille and
making this acknowledgment is the person whose true signature appears on this dOCLI111CIlt.
C t:�
WITNESS my hand and official seal hereto affixed the day and year in the certificate above
written.
i&t7
Sign,(Lire
0
otl EAp,
Z'
(D
im
10 0
NOTARY PUBLIC in and liar the State ol'
J-
Washington.residingat M-0'xilmo�N"' C' = My commission cxpires IRG
OF\p4
10
STATE OF WASHINGTON )
)ss.
COUNTY OF KING
On this i�Ploy
of April, 2016, before rne, the undersigned, a Notary Public in and for
the State of Washington, duly commissioned and sworn personally appeared Brian Ross, known to
me to be the Manager of PINE TREE PA X, LLC, the limited liability company, that executed
the foregoing instrument,and acknowledged the said instrument to be the free and voluntary act and
deed of said company, for the purposes therein mentioned,, and on oath stated that lie/she was
authorized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing before me and
making this acknowledgment is the person whose true signature appears on this document.
WITNESS my hand and official seal hereto affixed the day and year in the certificate above
written.
Signat re
'it
•
p
ul
0 PrilN
�0 t
Pu C'.6
NOTARY PUBLIC in and lor the State of
ame
tp
Washington,residing at
0 F My commission expires i�
EXHIBIT A
FORM OF MEMORANDUM OF RIGHT OF FIRST REFUSAL
After Recording Return to:
Grantor(s): CITY OF KENT
Grantee(s): OAKPOINTE LLC
Legal Description: See EXHIBIT I of Memorandum
Assessor's Property Tax Parcel Nos: 21220591'17: 2122059132:2122059140
Reference Nos. of Documents Released or Assigned: NIA
MEMORANDUM OF RIGHT OF FIRST REFUSAL
THIS MEMORANDUM OF RIGHT OF FIRST REFUSAL("Memorandum") is
made as of this day of April, 2016, by and between CITY OF KENT, a municipal
corporation of King County, Washington ("Kent'). and OAKPOINTE LLC, a Washington
limited liability company ("OAKPOINTE"), with reference to the facts set forth below:
RECITALS
A. Kent is the owner of that certain real property located in King County, State of
Washington, more particularly described on Exhibit "A" attached hereto and incorpornted
herein by this reference("Property").
B. The Parties hereto have entered into that certain Settlement Agreement dated
_ ("Agreement") whereby Kent granted to Oakpointe a right of first refusal
with respect to the Property('`Right of First Refusal-).
12
C. The Parties hereto wish to record this Memorandum to give notice of the Right of
First Refusal in accordance with the Agreement.
NOW. THEREFORE, in furtherance of the foregoing, and for good and valuable
consideration. receipt of which is hereby acknowledged,the Parties hereto agree as follows:
I. All of the terms and conditions as set forth in Section 5 of the Agreement are
incorporated herein by this reference as though fully set forth herein.
2. This Memorandum is being recorded to give notice of the Right of First Refusal
in Section 5 of the Agreement. This Memorandum is not intended to modify or alter in any way
the terms and conditions of the Agreement. I f there is any inconsistency between the provisions
of this Memorandum and the provisions of the Agreement, the provisions of the Agreement shall
control.
3. This Memorandum may be executed in any number of counterparts. each of
which shall be deemed an original and all of which shall constitute one agreement with the same
effect as if all Parties had signed the same signature page. Any signature page of this
Memorandum may be detached from any counterpart ofthis Memorandum and reattached to any
other counterpart of this Memorandum identical in form hereto. but having attached to it one or
more additional signature pages.
[Signatures and acknowledgements on the following pages.]
13
IN WITNESS WHEREOF. the Parties have executed this Memorandum as of the date
and year first above written.
KENT:
CITY OF K(?NT, a municipal corporation of King County.
Washington
By:
Name: Suzette Cooke
Title: Mayor
APPROVED AS TO FORM:
TOM BRUBAKER. CITY ATTORNEY
OAKPOINTE:
OAKPOINTE LLC. a Washington limited liability
company
By:
Name: Brian Ross
Title: Manager
14
STATE OF WASHINGTON )
)ss.
COUNTY OF KING }
On this day of April,2016, before me,the undersigned,a Notary Public in and for
the State of Washington,duly commissioned and sworn personally appeared Suzette Cooke, known
to me to be the Mayor of the CITY OF KENT, the municipal corporation, that executed the
foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and
deed of said corporation, for the purposes therein mentioned, and on oath stated that he was
authorized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing before me and
making this acknowledgment is the person whose true signature appears on this document.
WITNESS my hand and official seal hereto affixed the day and year in the certificate above
written.
Signature
Print Name
NOTARY PUBLIC in and for the State of
Washington,residing at
My commission expires
15
STATE OF WASHINGTON )
)ss.
COUNTY OF KING )
On this day of April, 2016,before me,the undersigned,a Notary Public in and for
the State of Washington,duly commissioned and sworn personally appeared Brian Ross, known to
me to be the Manager of OAIKPOINTE LLC, the limited Iiability company, that executed the
foregoing instrument, and acknowledged the said instrument to be the free and voluntary act and
deed of said company, for the purposes therein mentioned, and on oath stated that he/she was
authorized to execute said instrument.
I certify that I know or have satisfactory evidence that the person appearing before me and
making this acknowledgment is the person whose true signature appears on this document.
WITNESS my hand and official seal hereto affixed the day and year in the certificate above
written.
Signature
Print Name
NOTARY PUBLIC in and for the State of
Washington,residing at
My commission expires
16
EXHIBIT A
DESCRIPTION OF PROPERTY
PORTION OF NW QTR SE QTR STR 21-22-05 DAF: BEGINNING AT NW
CORNER OF SAID SUBDIVISION TH S88-54-65E ALONG N LINE
THEREOF 698.90 FT TO TPOB TH CONTINUE S88-54-55E ALONG SAID
LINE 120.10 FT TH S00-58-24W PARALLEL TO W LINE OF SAID
SUBDIVISION 150 FT TH N88-54-55W 12.90 FT TO E LINE OF 60-FT WIDE
RIGHT OF WAY DESCRIBED IN LEASE AGREEMENT UNDER
RECORDING NO 6362294 TH NO2-02-35E ALONG SAID LINE 150.02 FT TO
TPOB EXC PORTION THEREOF LYING WITHIN SE 248TI-1 ST
CONVEYED TO KING CO BY DEED UNDER RECORDING NO 4755711
AND
N 690 FT OF E 660 FT OF W 940 FT OF NW QTR SE QTR STR 21-22-05 EXC
PORTION THEREOF LYING WITHIN 248TII ST CONVEYL'•D TO KING CO
BY DEED UNDER RECORDING NO 4755711; & EXC FOLLOWING
DESCRIBED PARCEL: PORTION NW QTR SE QTR STR 21-22-05 DAP:
BEGINNING AT NW CORNER Of SAID SUBDIVISION TH S88-54-55E
ALONG N LINE THEREOF 698.90 FT TO TPOB TI-I CONTINUE S88-54-55E
ALONG SAID LINE 120.10 FT TH S00-58-24W PARALLEL TO W LINE OF
SAID SUBDIVISION 150 FT TI-1 N88-54-55W 122.90 FT TO E LINE OF 60-FT
WIDE RIGHT OF WAY DESCRIBED IN LEASE AGREEMENT UNDER
RECORDING NO 6362294 TI 1 NO2-02-35E ALONG SAID LINE 150.02 FT TO
TPOB EXC PORTION THEREOF LYING WITHIN 248TI-1 ST CONVEYED
TO KING CO BY DEED UNDER RECORDING NO 4755711
AND
W 280 FT OF NW QTR SE QTR STR 21-22-05 EXC S 330 FT THEREOF; EXC
W 30 FT FOR COUNTY ROAD (124TH AVE SE) & EXC N 30 FT FOR
COUNTY ROAD (SE 248TII ST); AND E 660 FT OF W 940 FT OF NW QTR
SE QTR STR 21-22-05 EXC N 690 FT; & EXC S 330 FT OF W 380 FT
17