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HomeMy WebLinkAboutEC17-206 - Other - Marquee on Meeker - Phase I - Section 08: Option to Repurchase Agreement - 04/02/2018Section 8 OPTION'I'O REPI] RCI{ASD AG RIIEMEN't' Tt"ilS O_pt'lON TO ttHPtjRCI{ASU ACREIMl:]N1'(this "Agrcem{rnt"J is:nade eltbctive as ol-April lJndv2018 (rhe "Effectivc Date"), by and between l\4ARQLlllr ON Ml:EKlrR Li,C. a WaslingrurT-limiteil Iiability conpany, and its successot'and assigtts {colleetively, "l}uycr"). And ClTy Ot nnXl, a Washington nurricipal corporaticn, and its srscessor and assigns (colleelivell', "Seller"). REC]ITALS A. Scller antl l3uyer r:ntered inlo a l{eal llsla{e Purchase and liale Agrccment with l,easelgption ic Purchase daied as of May 5. ?01?. as amended by Antendment to Real llstale purchase and Sale Agreenrent with l-case/Option to Purchase daled as ol'Scptember ?li. ?017 (as amended. "Purchase anrl fiale Agrrement"), for thc sale by Scller. anel the purcirase by l3uycr, of certain real property located in King Counly, Washingtotr. legally dcs*ibed on Exhibit A-l allached hereto {the "Phtse I Propcrty") and lbr the lease with oplicn lo purehasc by Seller. as landlor{, and the leasc with oplir:n to purel':ase by Buyer. as lenant, of certain adjaining real properry localecl in King Counry. Washington, legally dcscribed on Exhibit A-2 attached hereto irhe .,Phase 2 Property"). The Phase I llraper:ty and the Phase 2 Propefty are eallectively relilrred la herein as the "'Propertics." 3. Concurrently rvith the exccution of this Agreement, Seller is conveying the Phase I llroperly 1o Buyer pursuant lo the tenns of the llurehase and Sale Agreernent' C. Concurrently with the execution of this Agrcenlett, Seller is leasing the Phase 2 Properly to Buyer pursuanl to the lenns ol'tl'rat certain Lcase (wirh Option to Purchase) of even date herervith by and between Seller and Buyer'(tlre "Ilhase ? Lcasc Agrecmenf"). D. As a condirion to the sale nl-rhe Phase I Properly and lease of lbe Phase 2 Property by Seller ro Buyer, Scller reqgircd Buyer lo enter into tlris Agrcemcnt. B. All capitaiized lerns ar* defined in lhe Purchase and Sale Agreemetlt and Phase 2 I.,case Agreemenl unless specifically dellned herein- ACRENMEN:I' NOW,I-1"{F.REFORIi, in consideralion of the salrl and lease ol'the Propcrties by Seller ter Blyer and the mutual covenanls and promises contained herein" and for olher good and valuable consideralioq the receipt and sulfiejsncy c.rf which is hcreby acknowledged. Seller and Buyer hereby agree as follows: l. I}IFINITIONS, For purposcs of this Agreemenl: 1,1 "Commence Construction" of "Commencemcnt of Construction" means. at a minimum] commencement of substantial wcrk on the Phase I Properly and the Phase 2 Properly pursuanl to the lnfrastructure Permits rryith notice to l3uyer's general contractor to 281t/{186 ffiUtl8 tread\l:tAl"tl;livcrbcnd.loirrl Vcnlurctl'hase I Closing l)ocs lpt lo rcpurchasr: agr r'3 ) proceetJ with such rvork undcr the conslruction contract{s) lbr such work ancl the cotnmettcement ofactual on-sile constructign activities on a ccntinuous basis as pernritted under the lnliastructure l)ennits: provided, however" that the lbregoing work with fesFect to the l'ltase ? Property nlay .o,rrmen.i3, in Buyer's discretion" no1 later than 12 monlhs after lhe Ellbctive Dale. flonrmencement ol'iorrsiruction shall not include prclinrinary inspectir:ns. borittgs. test, or surveys needed to evaluate the lbasitrilily or lnethod r:f installing any inrprovemenl or work- activities to securc the Froperlies, construction staging, initial grading. or siie prcparaiions. l.Z "Development Agrecment" means that certain Marquee on Mecker Project Development Agreement, by and between Seller ancl Buyer relatecl io the Pro.iect. as approved by the Ciry of Kent Council on Ar:gusl I 5" 201 7 . and effeclive as of Augusl 23,2017 . 1.3 "Force Mnjeure" lneans an ac1 of'God or the elenrenls. exlreme or $ev$Ie weather corditiops, explosion, fire, cpidemic. landslide. mudslidc, sabotage,lerrorism. lightning, eafiltquake. tlogcl or sintilar cataclysnric event. an act ol public encmy, war, blockade. civil insunectian, riot. civil disturbance or stlike or other labor difficulty suffered by a party beyond the reasonable cantrol <if such party. Financial cosl alone or as the principal l'actor shall noi col'tstitute groulds lor a claim of Fr:rce Mqieure . 'l-he aflected party shall use comrnercially reasonable eflbrts to avoid ot reruove such causes of nonperforntallce, to nritigate the duralion of any delay in performance. and shall continue peribnnance hereunder 1o tlre exlent permissible by the event of Force Majeure or wfienever such causes are relloved. A Force Maleure shall not excuse any obligation to pay any amounts when due and owing. A party claiming a delay due 1o an el'ent of rorce tttaleui* iHuti give written notice to lhe alher parly of the circumstances suppoding such r elaim within five (5) business days afier rhe impact of tlrc evenl of Force lvlajeure is reasonably' known. 1.4 "lnfrastructure Fermits'" means all grade, 11ll ard mainline civil c*nstruction permils for the Phase I Property and the Phase 2 Property on-site and olf-site public and private mainline infrastructure. inclucling water, stonn water, sanitary sewer utilities and lraflie/peelestrian improvements. and including all "Meet Me on Meeker" improvements for the Phase i Property and the Phase 2 Property, and including, withoul limitation, pennits for lhe Phase I Property geo-piers and the Phase I podium building foundation permit' l,S ,'Pcr6on" means any individual. sole proprietorship, linrited partnership, joinf ventwe, uninccrporaletl organizalion. institution, parlnership" corpclraticn, asserciation.lrust' limited liability company, or other legal enrity. 1,6 "Project" msans the Phase I Properfy. Phase 2 Property ald Prr:ie{rt Improvements. 1,1 "Project lmprovement$" means all improvcn:ents and on-sile and o1]:'site utility anrl other inlrastruclure imprcvelnenls contemplated and permittcd under the Developmenl Agreement for the {'ull develnpment of the Properties. 1,8 "RepurchasePricen'lneans: 2841/086 03t27lll1 uead\llAl..\llivrlbgnd .lorrtt \rr:nture\l'hasc I (--losing I)ocs 2 opt to rcpurchasc tgr r'3 1.8.1 ltt the cvent Ssller cxertiscs the Right ol'Repurchase trnder Sqction ?(i), an anlount equal to lhe purchasc pricc paid by Ruycr to Sellcr lor thr- Pltase I Fropefly- minus Sellcr's cosi to ctg'f or rcnlovc auy lielts, encumbrances or olher nrallers lhat exist rin title 1o thc Phase 1 Prcperty or Phase 2 llroperly thar did not sxist when litle l.o lhe Phasc I Property originnliy transl'erred 1o l3uyer. 1,8.2 In the event Scllcr exsrcises lhe ltight of Repurchase nnder Section ?-(ii.), an amounl equal to the sreater ef: iX) the appraiserl fair market value of the Phase I ffi**y. in i1s "as is" condition as of the date o{'seller's exsrcise the }{ight to Rcpr.lchase. including tfie yalue ol-*ll perrnits, entitlemenls" agreements {including the Develtlpment Agreenrcnt)" plus {he value, if arry, of' installed infiastrLlclure attd improvements constructed on the llhase I Ploperty as ol'the date eif Seller's exercise the Right to Repu.chase as nertificd by an agreed-upon licensed independenl MAI appraiser. and (Y) the appraisecl f-air market vrrlue af the Phasc I Property in a vacanl, "raw" and unimproved condition as ol'the riaic ol-seller's exercise o1'the Itighr to Rcpurchase, includirrg the value of all permits, entillements. agreernents {ir:cluding the lJcl'elopmenl Agreenrent) as eerlified by arr agreed-upon licensed independenl MAI appraiser. In the case o1 either X or Y. the Itepurihase Ilrice shall be minus Sellcr's cust lo cure or rcmo\ie any liens. encumbrances ot other rnatters that exist on litle to thcr Phase I Properly or Phase ? Property tfiat ttiel nol exisr rvhen tirle to the Phase I Property originally transltrrecl 1o lluyer' 2. IttGI{'f TO REPURCI"IASE. t{'(i) I3uyer {ails to Commence Construction within thirfy i30) calendar elays aflcr the lifl'ective Dale {the "{)utsidc Construetion Commencement Date"): or {ii) construction of the Projecl is str:pped in excess of nincly {90} conseculive days, subject to Foice Majeure, l'err the period lbllowing Buyer's Clomttrencemsnl ol'Conslruction and cxtending nnlil the iiate r:rn which Buyer provides reasonable written evidcnce to Seiler lhat Buyer has paid at le'ast Filleen Million Dollars ($15,001).000) in connection with Buyct's purchase. linancing, rlesign, engineering, entitlentent, permiiling, and constrncliou of 1he deVelopment on the Phase I Properly and the Phase 2 Property. thcn, in thc case of cach of subsectian {i) and/or {ii), Seller shall have the right. in Seller's sole discrction, at any tinre therealler, to purchase the Project ancl to tcnninate the Phase 2 l.ease Agreemenl (the '-Right to Repurchase") lirr tlre Repurchase lrricc. which Right to Repurchass must be excr$ised by written notice delivered to Buyer. ir the event of subseclion {i) above, afler thc Outside Construclion Commencemenl l)ate and before Commencemenl of Construction; arrd in the evenl ol subsection lii) above" after construction olthe Project has been stopped itr exccss of ninety (90) ceinsecutive days. subject ttl fjorce Majeure. I1'the Right to Repurchase has nol been previr:usly exercised by Scller. the Right to Repr,rrchase shail expire on llre earlier of following {the "'Repurchase Right Expiratirln l}ate"): (a) fhe date on ivhish Buyer pruvidcs reasonable *ri11en evidcnce ta Seller that lluyer has paid al icasl Filleen Million Dollars {$15,000,000} in conneclion with Buyer''s purchase, linattcing, design" engineering, entitlenrent, permilting. and construction o1 lhe developnrent on the llhasc I Properiy and the Phase ? Property and (b) ten { l0) years aller the Lllfective Date' 3, DBTERMINATION OF REPURCHASE PRICE. J.l In the event Seller exercises the Righl of l{epurchase uttder Sqgliqll{t'}, rvitlrin rhirty (30) days. Seller shall send lluver a determination of the Repurchase Price together 28,r l/0ri6 a3t21tlt rcudtl l.Al.\l{iverbcnd Joint VenturrrPhasc I Closittg l)ocr 3 trpt tn rcpurchrsc agr v3 with licllet.'s calculation ol the cost to cure or r!:t:t'tove any liens. cncllmbrances or othl:r Inatters lhat exisr on ritlr to the phase I Propert;, or Phase ? Properly thal did ntll exisl whcn title to thc Ithasc I Propcrly originally translerred to Bu1,er, togelher with supporting documentatiou' J,Z ln the event Seller excrcises thc Right of Repurchase under Section l(it), ivithin thirty (30) days: {a) Seller shall send Lo Buyer, Sellcr's ealculalion of the cost 1o cufe or rerl.rc)\ie an1, li*nr, encumbrances or other matlels lhat exist on liile lo the llhase I Properly or Phase 2 propertl;that elicl not exisl r,r{ten title lo the Phase 1 l}roperty originally translcrred 1o Buyer and (b) the parties shall rctain a licensetl irrdependcnt MAI appraiser to determine the Repurchase ir,ji*r, *tti*t dererrnination shail be maile by the MAI appraiser rvilhin tcn ( l0) trusiness da-vs ailer such MAI appraiser is retained" unless the parties agree lc a longer linre p*riod. l'hr": delenninatiotl o{'the I\4AI uppraiser slall be binding on the parlies and nor:-appea}able abscnl manif?sl error' Tlte lees and cosrs of ths MAt appraiser shall be paid by lluyer. Witlrin thirl.'- {30) days afler thc dcle*lination af the 1{epurchaie. Price by the MAI appraiser is prr:viiled to lhe parties, Seller shall have the right to elect by rvrilten notice to lluyer. ir,r Seller's discreticxr. tn terrninale its election to sxr:rcise tlie Right of li.epurchase by written noticc to Buyer. If Seller elects to terninat* it's elsction lo exercisc the l{ight of Repurchase by rvriltcn noticc tn l}uyer, Seller's Right of Itepurchase shall be tieemcdJerminated and null and voicl. lf Seller does ttot elecl to terminate its clecliol to exercise the ltight of Repurcllase. the parties shall close the sale of the Proiect in accordance with Section 4 bel:w. 4. TRANStrf,R PRO.'ECT. lf Seller exercises rhe l{,ight to Rept:rchase and does nol elect to terruinate ils electiorr to exercise the l{igtrt of Repurchase under Section 3.? above, tlten: 4.1 'fhe clgsing shall occur on the dat* tlrat is ninety {9til days ailer the detemtination ol'tlre Repurchase Prics is ctelivered to lhe parlies (or tlre next husiness day if such dale lalls on a Saturday" Sunday or holiday) {the "Repurchase Closing l}ale")' q.Z On the Repulchase Closing Date. Buyer shall (i) convey tille tr: the properties and the project to Sellcr (or tc any Person designa{ed by Seller); {ii) assign to Seller (or to a1y Person designat.ed by Sellcr), without aelditional cornpensation {to tlte ex{ent assignable) and ivithout representation or tvaryan{y. all of l3uyer"s right, title and interest in and 1o all cleyelopment approvals {ineluding the Develnpnrent Agreement} and all oiher permits' entillemenls. licens.rs. apprerr,*ls, plans, spccifications. studies, condontiniunr documcnis. atrd sin:ilar clocumenls and niaterials associaled with rhe Projcct; (iii) al Buyer's sole cosl"" renrove all liens, encumbrances apd othcr mallers that exisr nn title lo the Prcperties and lhe Project that did no1 exist rvhen tille thereto rvas originally conveyecl by Seller to Buyer {including, without limitation, any lierrs in lavor o1'any construclion lender) exoept those encumbrances, easements' c.n enants and otlrer matlers that are required under tbe sho* plat, Ihe Development Agreemenl or other approvals related tc Buyer's developmenl ol'the Phase I Property and Phase ? Prapcrry in accordance with Seller's requiremenls: and {iv) execute artd deliver such other documents, cerliljcates and instruments reasonably necessary in order 1o effeclua{e the repurcirase described herein or otherwise customarily delivered in connestion witb thc conveyance of property atrd inrprovements in King (lounty, Washington {including a closing slalcmenl, excise tax affidavits- escrow in$iructions" and alficlavits and documents required by any title or escrolv company). Buyer 2l{4r0it6 03121ltN rrsad\l lAl-\Rivcrbend Jnint Vrttlurc\l'ltitsc I I krsing l)o*s 4 opl t0 rLlpurchasc Bgf I'j shall pay all closing cosls incun'cd in conncction with Sellcr's repurclrase of the Propcrties and tlte Proiecl hercunder. ,1.3 On the Rrpurchase Closing Date. Seller shall pay the Ilepurchase Price inlo escro\r wirh a reputablc tille insurance conlpauy wi& instructions to releare the Rlpurchase Price to iluyer upnn ,uiirf"ction o1'the conditions set lsrlh in Sgction 4.2 above and Seclieul'! belorv and suoh other re:rsonable conditions as Seller tnay rcquest. 4.4 'fhe deed anel clher conveyance and assigntnent doeuntents ra'ill be in sp6stantially the same firrm as used to *riginally conve)' tlre llropcrties and Projecl liom Seller lo llul's1' 5. CLOSTNG COSTS REI,ATIiD TO REFUITCI{ASn. Ar closing, Bu1'er sirall pay {or. a1 Seller's eleclinn. such anrcunts will be paid by Seller or the title cornpany closirrg rhe i*pui.ttu*. anrl rjeducteil fron the Repurchase Prics due tc lluyer except to the extent previously deducted lrorn the Repurchase Price) all o1'the follawing {collectively. the "Buyer Repurchase Cnstr"): (i) all excise taxes and sale. use ancl pcrsonal propefly taxes payable ia conneetian with the conveyance, translbr and assignn:enl erf the llroperties and the Proiect; {ii} the cosl of removing all liens. encumbranccs and other mallers on litle to the Properties andlor the ?ruject (including" withoul limitatiop, removing all elceds of trust. lines anrJ encumbrances in {avor of any constn:clion lender): {iii) all real estate laxes and ass*ssments and utilities cosisrelated to any period oltirne prior to t5e idepurchase Closing Date; and (iv) all reasonable atlonreys' and consullanls' t'ecs, ctlsts irn6 expenses and any other oul-olpocket costs incurred by Seller in conneclion with exercising gr enlorsing the Right to Repurchase and repurchasiug the Properlies and the Proiect. Ter the extent that the Buyer Repurchase Costs exceed the Repurchase Prise, Buyer shall imnediately pay such dejlciency io Seller in irnmetliately available lunds. fluyer shall inden'rnify" def-end and hold harmless Seller {ion: and against the l}uyer Repurchase Costs and any associated liabilities, claitns" damages and expenses (inclucling reasonable altorneys' lees and costs) to the exlent exceeding the Repurehase Price due 1o tluyer under this Agreement. 6. NEGATM ITLEDCE. Unril the Rcpurchasc Right Expiration Date, Buyer shall 1ot, and shall not have right to, grant" crcate, incur, allow, pern:it, assume! or suffer ltl exisl any l-ien, o1'any kind or nature, on the Frcperties and/or the Projecl or any pcrtion thereerf. For purposc of this Secfion__16. "Lien" means any lease" sukrlease, nrotlgage" deed of 1rust. secnrity interest^ pledge, assessm€nt, eharge. assignment. hypotlteeation. encumbrance, atlachment, garrrishment. execution, mechanics', or other voluntar), or involuntary lien upan or aflecting all or any portion ol'rhe Properlies or the Proiect, excspt (a) liens tbr taxes which arr: nol delinquent r:r which remain payable withr:ut penalty, (b) rledications. easements. rights-of-way, and other similar Prcjecl- ieiated encumbrances and agrcenrents ecrntempialed by the Development Agreenlent, and {e) colinrercial leases for inrlividual comnrercial spaces lo tre construeted in the portion of the Prciect lncated on the Phase I llroperty {with tenants tha{ are not affiliated with nor related 1o lluyer or any of its principals or any al'filiates or subsidiaries of the Buyer. a*y ol its principals or their l'amily members) that expressly contain a unilaleral tcrmination right in lavor of Seller {without reimbursement or paymenl of any penalties, lbes or other anrounts to the ccmmercial tenanl of any rerminaled cornmercial lcase) if Seller closes a repurchase ofthe Property pursuant to Seller's Right tg Repurchase. ln ihE event Seller exercises the Right to ll"epurchase. on the closing of the ?l{4!l(r$6 A3r7il\ rread\l lAl.irlliverbend Joint Vcnlurp\l'hast: I {liosing l }oes ()il lO rupurrhasc ag. v3 repurcbase. \tilhout an), payntent to the holder of a,ny Lien crr illteresl in any [,ien' each Lien shall be rJcemetl to he autonraticatty released. reconveycei,lenninaled. and removed lionr the Properties and the pr'ject and. withopt limiting the foregoing. cach holder of'any l-ien or inlerest any l-ien shali. at therequcst of Setler- provitle any documenls requested by Seller lo fully docuntent such release. reconveyance. lermination, and removal of its interest andlor the Lien. 7. AUTHOIIIZATION. ]'he inclividuals executing this Agreemenl each warrant and represent that this Agrecnrent was duly althorized by all individuals nr entities whose arithgrizatign was requireet 1"or ihis Agreemcnl to l"re elTective and binding on lluyer- g. SUCCESSORS AND ASSIGNS. I3uyer hereby agrees and declares thal all of the pllperties and the Project shall tre held, solcl, leased. uscd" and conveyed subject 1o the termso covlnanls, canditions,lnd restrictioirs in this Agreeruent {the 'oCovenflnts"). 'The Covenants shall inure to the benefit of Selter arrd its successors and assigns; shall burden the Properlies and the Ilroject; shall run with the larid; and shall apply to and be binding upon all parlies tlow or hereafter hav-i1g or acquiring any riglit" title. or inlerest in the Propenies andlar tlre Project or any parl thereofand their heirs, successors and assigns" g. NOTICES. unless applicable law requires a different method o1 giving noiice. any and all notices, rlemanrts or othsr communicalions required or desired to be given hereunder by*y party (collecrively. "notices") shall be in writing and shall be validly given ot made tcr unott*r'p*iy if delivered eilher personally or try Federal Express or olher ovemight delivery seryicc of recagnized slanding, orif tleposited in the united States Mail, certified, registered, or {:xpress mait wittr postage prepaid. or il'sent by electronic mail. if such notice is personally 6eiivered, it shall be conclusiu*ly ,fu"nt*d given at the timc of such delivery. ll such notice is delivered by ilederal Express or other ovenright delivery service of recognized standing, it shall be deemed given the nexibusiness day a{ler the deposit lhereof with such delivery service. postage prepai*1. t{"-such notice is mailed as provided herein, such shall be deemed given two (2) business ,tuy.s atler the deposit thereof in ihe United States Mail, postage prepaid, If such notiee is given by elecuonic nrail. it shall Lre deemed given an ihe date shown on the electronic confirmation of tiansmission. Each such notice shall be deemed given only if properly addressed to the pa$y to whom such notice is to be given as fbllows: Seller:City o{'Kent 220 Faurlh Avenue South Kent. WA 98032 Attn: Pat Fitzpatrick and Kurt l-lanson Ernail : pfi tzpalrick@kentwa.gov khanson@kentwa.gov With a copy to:Foster llepper PLI"C 1 I I I fhird Avenue. Suite 1000 Sealtle" WA 981Ar3zt)g Attn: Beth Clark llmail : beth,clark@foster.com :tt4t/086 a3n1lr8 t.{rsd\}lAl.\Riverhend Joint Vcnture\Phase I {-'losing l)oer 6 opt to rcpurchase agr r'3 Br-ryer:Marquee on Mceker l-l-C c/o l.andmark Developmeni Croup 2?1 1 West Valley l-lighway Norlh, Suite ?00 Auburn. WA 98001 Attn: IJrell Jacobsetr Ernail : bjacobsen@Rrw-inc.corti With a copy 10: Marquec on Meeker LI-C clo I-IAI- Real llstate Inc' 2025 l?irst Avenue, Silite 700 Seattle. WA qBl2l Atln: Jonathan Manheim Emai I : j manheim@halrealestate'cotn antl: Alston Courtnage & Bassetli LLP 1420 511' AveRue. Suite 3650 Seatlle. WA 98101-4011 Attn: 'l'om Read Email : tread@alcourl.com Any parly herelo may change its address fbr the purpose of receiving notices as herein provicled by a written notice given in the manner aforesaid to the other party hereto. 10. SUIIORIIINATION OF I,IINS AND INTERESTS" Arry Lien or interesl now or hereafter placed upon or granted in the Properties and/or the Projecl, or any portion thereof, including auy amendmenls, replacements. renewals and extensions thercof, shall be subject to and subordinate io this Agreement, as the same may be amended from tirne to 1ime, including, without limiralion, sub.iect to and subordinale ter Setler's rights and rcrnedies under this Agreement. ll. AMENDMBNT, WAMR. No modilication, tenninaliot't or amendment of this Agreement may be matle except by wrilten agreement of lhe parlies. No failure by Seller or Buyer ro insist ,pon ih* strict perforrlance of any covenanf, agreemenl, or ceindition of this Agreemenl ar to exeicise any r.ighi or remedy shall constitule a waiver of any such breach or any other covenanl, agreement, term or condition. No waiver shall affect or aller this Agreementr, and each and every covenant, agreemenl, ferm and candition o{'this Agreemenl shall continue in full furce anct effec: with respect to any olher then existing or subsequent breach thereol' tZ. HEADINGS; ENTIRETY. The article and paragraph headings of this Agreement are for convenience only anrl in no way limit or enlarge the scope or meaning of the language hereof" This Agreement embodies the entire agreement between the parlies and supersedes all prior agreements and understandings relating to the subiecl matter hereof. 13. NO JOINT Vf,NTURE; NO THTRD PARTY BENf,FICIARY. lt is not intended by this Agreement to, and notbing eontained in this Agreement shall, create any partnership. joint venture or other anangement between Buyer and Seller. No term or provision ol.thir Agieement is inlended to be, or shall be. 1'or the benefit olany person, lirm, nrganizalion 284r/086 $n7^8 trcad\l'lAl,\lliverhcnd Jornt Ventlrrs\llha:re I Cktsing l)nus opt tr) r(fiurchair Bgr v.J or corporation not a parl)' hcrcto. and uo suc-.h ollrcr pcrson" finr. orgar:ization or corporaliolr sball have any righl or cause o{'aclion hereunder, 14. COSTS AND EXPENSES. ln the ev€nt of any lawsuit. nlediati()r'1. arbitration or legal proceeding is breiught to enibrce any o1'the tenrrs herenl. each party shall be responsible fbr its own cosls and expcnses incurred in conneclion with sr:ch action or proc'eedir:g (including any appeals frereliom) including its own allorneys' and courl lbes and cos!'s. 15, SIiV[llABlLITY. lf arry one or nrore of the provisions of this Agreemenl. or the applicability of any such provision to a specific situation. shail be held invalid or unenforceable, such prr:vision shall be modificd to the cxlrnt necessar), lo nrake it or its application valid and errlbrceable, and the validity and enlbrceability of all other provisions of this Agreen:cnt and all other applicaliorls ol any such provision shall not be alfected therehy, 16. CONSTRUCTION. Seller zurd Buyer aekncrvlcdge that it and its counsel have reviewed and revised this Agreerrrenl and that the rule of construction to the effect that any anrbiguities are to be resolved against the draliing party shall not tre emplcyed in ihe inlerprelation of lhis Agreemenl {including the exhibits) or any amerrdnents therelo, and the same shall be construed neither lbr nor against Seller or Buyer. but shall be given a reasonable interpretalion in accordance witl, the plain meaning of its 1e*ns and the inlent of the pa{ies. 17. GOVERNING LAW; JURTSDICTION; WAMR OF JURY TRIAI. l"his Agreemenl shall be govemed by and eonslrued in accordance with the intcrnal laws of the state oi' Washinglorr. The venur: of any judicial proceedings related to this Agreement shall bs in Kent, Washington. unless otherwise mulually agreed in rvriting by tlre parties. Iiach pa(y irrevocably submits lo the exclusive jurisdiction cf the lederal or stale ccurts located in Krrnl, Washingtr:n. llr\Cl{ PARI'Y WAIVIS 1'O ]l"lf, f L;LLIST llXTtsNT FERMITTED BY LAW TRlAl, BY JURY OF At.L DISPTJ'|ES ARISINC OUT OF'OR Rlrl.ATlNG TO ]'IJIS AGREEMENT. 18. TIME, -'Day" as used herein means a calendar day and "business day" means any day on which national banks in lhe location where lhe Properties are locatecl are genemlly open fbr business. Unless otherwise specified, in computing any period of ti:ne described herein, the day of the act or event after which the designaled period ol'time begins to run is not tei be included and the last day o1'tl're periotl so compilted is to be included at. unless such last day is a Saturday, Sunday or legal holiday lbr national banks in the location where the Prcperties are located. in which evenl the period shall run until tlre end of the next day which is neilher a Saturday, Sunday, or legal holiday. The last day of any period o1'time described herein shall he deem{rd io end at 5:30 p.nr. {Pacitic). f irne is ol'the essenci; in the performance of this Agrcemeni. 19, MEMORANIIUM. Concuruentiy with execution of this Agreement, Buyer will execute and dcliver 1o Sellcr a memorandum of this Agreenent in a lbnn required by Seller, rluly executed, acknawledged and in recordable {brm {together with any necessar} exeise tax afdidavits or olher transfer lax fornis), Seller shall have the right to record lhe memorandunr againsl the Projcct al Buyer's serle cost rurd expense {including the paynelrt o{'any required excise taxes), Upon Buyer's request on or af,er the Repurchase Right Expiration Dale, Seller will promprly execule and record a full termination ol'any nemorandurrr of this Agreemenl that is recorded. 2*41/t|8(r 03127ll't| trcud\l lAl..\llirerbuuil Joint Vcnture\Phltc I Clorirrg Doc:r t{opt l0 r:purcheqc agr vJ 2n, EXECUTION, l'his Agreemenl may be executed in corurterparts and, when counterparts of this Agreemeni have been executed and delivered by hoth parties, this Agreement shall be fully binding and effective, as if both parties had executed and delivered a single counterpart ol'this Agreement. Without limitilg the manner in which execulion of this Agreement may be accomplished, execution by either pany may be efTected by fucsimile transmission of a signature page of this Agreement exeeuled try such party. Any pafiy who effects execution by facsimile transmission of a signature page shall also promptly deliver to the other party an original counterpart signed by such pafiy, but the failure of any party tCI furnish such original counterpart shall not invalidate the execution of this Agreernent effected by facsimile transmission. This Agreement shall not be binding upon or effective as to either Buyer or Seller until it has been executed by both Buyer and Seller. [signat*res on following page] 2Mtn86A3nztg trssdV'lAllRiverbcnd Joint Venlure\Phuse I Closing Docs I {rpi to rcpurchas€ agr 1,3 IN WITNESS WHEREOF, t}e parties have executed this Option to Repurchase Agreement effective as of the Effective Dxe first hereinabove written. BUYER: MARQUEE ON MEEKER LLC, a \ilashington limited compaily LLC, a liabiliry corupany" Manager $ELLSR: CITY Otr KENT, a Washington municipal corpodion Dana Ralpb, Mayor By: ) I 5 a iI ii- : ; i:l:f ii li r, ! s, s ! E t, $ Tit h A F t,Iti '!-'. rt I i f t. i IF F., ta d:s ii$ fi ks b & T: li 6 {' L ft r. tJ f h,l. 2*ilM6$r21fi8 tcad$tAl\Riveitsnd Joint VonturelPJule I Closing nocs t0-opt to npurchrr agrvS ) lN Wll-n'l:SS Wl-lfREOfr, the parties have executed this O;;tion to Repurchase Agreernent e {fective as ollhe lllJretive Date lirsl hereinabove writlen. BUYIR MARQUIIE ON MEnKnR LLC. a Washington lirn ited I iabiliry cclmparly By: The Missing Links Ll,C" a Washinglon lirnited liability eompany. its Manager Llretl Jacobsen, Manager SELLBR: CITY ()F KENT. a Washingtr:n rnunicipal corporation O,nQ.- Dana Ralph, Mayor : I I a i : t :84 t r0$$ 0li2?/ 1 I t(, ttcnd\l lAl.1l{tverhcnd .lotnt VentrirelPhiirr: I flnsitrg l)oes nll l0 rfpntrltas{: irgt vl IrXllllll'l A-l l.-cgal-D e s-snpl i ul oll,l!arr:- 1. - lrslcru L0'fs 1 AND 2 Ot CI]'Y Otr K[N"t'SIIORT pt.Al'N0. SP-2017-1. Rl.(]0t{Dlltl UNDIR RrC]{}I{DII\C N(]. 20 t 8t}321900004. thr KI]\C C{lLiN'tY. \\/ASr trNCl'ClN. 1841i086 a,\t27ilt| trcldil lA1.\llivcrbcnd .loint Vcnluretllhasc I ('losine l)ocs opl {0 rcpurcha\e agr \'3 l:XlllBI'l-A-2 lxgql_ ilulj]lplr:]t_alllltsrc,2 Pnr oc lt v l,O'l'S 3.4 ANII -5 {)lr Cll'Y (11; KIIN'f SIIOR'l l'}l.A'l'N(}. Sl'-?017-l.l{l1t'ORDItD tJNlll':lt I{ICORDI .\ {; N 0. 20 1 8A321 900004" I N Ki NG C]OLj N'l'Y. WAS i'l I NCil{)N. 284r/{186 03!271t8 trcadrl IAl.il{ivcrbend Jornl Vcnturer,l)hasc I L'losirrg l)oes ,]2-opl kr rcpurchrsc agr t,3