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