HomeMy WebLinkAboutEC17-206 - Other - Marquee on Meeker - Phase I - Section 09: Memorandum of Option to Repurchase Agreement - 04/02/2018Section 9
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WHEN RECORDED RETURN TO;
Foster Pepper PLLC
1 11 1 Third Avenue, suile 3000
Seattle, WA 98101
Allentlon: 3eth A, Clark
ORIGTNAL
Ilsctmnlenlly Recordeil
Documenl Ti$e: lylemorandum of option lo Repurchase AgreementGrantpr: Marquee on Meeker LLc 1 ST AM G)Grantee: CitY of Kent
Legar Descrrptionr
L'*v wr r\sr rr Ne, trVry 43
Abbreviated Legal Description: Lols 1-2, Kent SP No,
$P-201 7'1, Rec. 201 80321 900CI04
Full Legal Description: See Exhibit A attaohed
Assegsor'3 Tax Parcel Nos,: Ptn ot232204'9011-01
Roference Nos, of oocumsnts Rsleased or Aaslgned: Not applloable
MgMORANDUM OF OPTION TO REPURCHA$E AGREEMENT
THIS MEMORANDUM OF OPTION,TO REPU^RCHASE AGREEMENI
(the "tvlemorandum") is executed mts l{L day of JH!il---, 2018, by
and between Marquee on Meaker LLC, a Washington limited liability company
{"Davelope/'), and lhe City of Kent, a Washington municipal corporation
{"City").
1, Qotlon to Repqrglaqe. city conveyed to Developer cerlain .real
property tocat6fin tne City of fent, Wasnington, and more panicularly described
ln exni6it A aitached hereie (the "Properly") pursuant to that cerlain Real €slale
Furchase and $ale Agreemenl with LeaseiOption dated a$ of May 5, 2017, as
amended (the "Purchase Agraement'), The conveyqnce ol the Property to
Developer pursuant 1o the Puichase Agreement was subject to Developer's grant
to Cily of an option to repurcnase ihe Properly pursuant to the terms and
condilions ol an Option to Repurchase Agreemenl of even date herewith (the
"Opllon Repurchaso Agreement").
?. Pyrpose- gf -Momorandum. This Memorandum is prepared. lor
purposes oi glvlns notice of the option Repurchase Agreemert and does not set
io*i'r a'l cf ltre
*terms
and conditions set foilh in the Opiion Repurchase
Agreement. li there is any eonflici belween the terms and conditions of ihe
Oltion Repurchase Agreement and thls Memsrandum' the Option Reputchase
Agreemenl shall control,
tr,lttltj I
3. Termitation. This Memorandum shall automatically terminate and be
released as a tien on title to the Proper'iy withsut further action of the parties upon the
eartier of (i) the Closing of ihe sale of the Property to City pursuant to the Option
Repurchase Agreement, or iii)expiration of the Option Repurchase Agreement in
accordance with its terms. Without limiting the automatic termination sel forth above,
City agrees, upon the request of Developer after the earliest to occur of the foregotng
eventi, to execute such documentation as rnay be reasonably requested by
Developer in order to fully release this Memorandum from title to the Property.
This Memorandum is made as of the date first written above'
CITY.
CITY OF KENT, A
Washington municipal corporation
Dana h, Mayor
DEVELOPER:
MARQUEE ON MEEKER LLC, a Washington
limited liability comPanY
By: The Missing Links LLC, its Manager
Bretl Jacobsen, Manager
1:41<:
'
3. Termination. This Memorandum shall automatically terminate and be
released as aGn on title to the Property without further action of the parties upon the
earlier ol (i) the Closing of the sale of the Property to City pursuant to the Option
Repurchase Agreement, or (ii) expiration of the Option Repurchase Agreement in
accordance with its terms. Without limiting the automatic termination set forth above,
City agrees, upon the request of Developer after the earliest to occur of the foregoing
events, to execute such documentation as may be reasonably requested by
Developer in order to fully release this Memorandum from title to the Property.
This Memorandum is made as of the date first written above.
CITY
CIry OF KENT, A
Washington municipal corporation
Dana Ralph, Mayor
DEVELOPER
ilARQUEE ON MEEKER LLC, a Washington
limited liabil company
By:The LLC, its Manager
Manager
2
529?76t6 l
srATE OF WASHINGTON )
)$
couNTY oF KING )
I certify that I know or lrave saiisfactory evidence that Dana Ralph is the person who
appeaied before me, and said individual acknowledged that she signed this insttument
as'Mayor and acknowledged it to be her free and voluntary acl of the City of Kent for
ihe uses and purposes mentisned in the instrument.
Given u and officialsealthis 14 a^y $ ry44&& , 2018
E
'r'.
A*!
{Pri N l'J MAFI'IN
pu NOTARY PUBLIC iN and for the state
ll of Washington, residing in
My appointment exPires z
STATE OF WASHINGTON)
)$
couNTY oF KING )
I certify that I know or have satisfactory evidence that Bre$ Jaeobsen is the person who
appeared before me, and said individual acknowledged that he signed this instrument
as the Manager of The Missing Links LLC, the Manager of Marquee on Meeker LLC
and acknowledged it to be his free and voluntary act for the uses and purposes
mentioned in the instrument.
Givenundermyhandandofficialsealthis-dayof-,2018
IPrint NameJ
NOTARY PUBLIC in and for the state
of
-,
residing in
My appointment expires
7-
U
$TATE OF WASHINGTON )
)s
couNTY oF K|NG )
I certify that I know or have satisfactory evidence that Dana Ralph is the person who
appeared before me, and said individual acknowledged that she signed this instrument
as Mayor and acknowledged it to be her free and voluntary act of the City of Kent for
the uses and purposes mentioned in the instrument.
Given under my hand and officialsealthis _ day of 2418
[Print Name]
NOTARY PUBLIC in and for the state
of Washington, residing in
My appointment expires
STATE OF WASHTNGTON)
)$
couNTY oF K|NG )
I certify that I know or have satisfactory evidence that Brett Jacobsen is the person who
appeared before me, and said individual acknowledged that he signed this instrument
as the Manager of The Missing Links LLC, the Manager of Marquee on lUleeker LLC
and acknowledged it to be his free and voluntary act for the uses and purposes
mentioned in the instrument.
Given under my hand and officialsealthis 3f,oav or l{*tgh , 2018.
?o\.0"*
[Print Name]
NOTARY PUBLIC in and
of ttfc$arqt\clr
My appointment expires
2
52t)1761t\ t
a
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Exhibit A
Legal Description of Property
LOTS 1 ANB 2 OF CITY OF KENT SHORT PLAT NO. SP.2017.1, RECORDED
UNDER RECORDING NO. 20180321900004, IN KING COUNTY, WASHINGTON.
J 52971616.t
Exhibit A