HomeMy WebLinkAboutLAG98-002 - Amendment - #1 - Urban Landmark Corporation (ULC) - Kent Valley Ice Arena Land Lease - 04/24/2000 When Recorded Return To:
PropertV Management
220 of Kent 20000425001213
220 Fourth Avenue South
Kent WA 98032 PACIFIC NW TIT AMNO 21.00
PACE 001 OF 014
94/25/2000 14:09
KING COUNTY, WA
Document Name: ADDENDUM ONE TO THE LAND LEASE AGREEMENT
FOR KENT VALLEY ICE ARENA � my r>nrr l
Grantor: City of Kent,a Washington municipal corporation
Grantee: Urban Landmark Corporation, a Washington corporation W 3(r?45 —)7-
Reference No.: 20000419001213 )
cn
Legal Description: That portion of Section 23,Township 22 North, Range 4 East, W.M.,in King County,
Washington, described as follows:
ram-, Commencing at the northeast comer of said Section 23; thence North 89°59'15" West
ua along the North line of said section 2001.90 feet to the northeast corner of the Frances
�r
Stewart Tract as recorded under Auditor's File No. 629612; thence South 00°39'38"
_-r West, 33.00 feet along the easterly boundary of said tract to the true point of
r� beginning; thence South 00°39'38"West along said easterly boundary of the Prances
Stewart Tract, 351.01 feet to Point`B"; thence North 88°59'15" West, 444.17 feet;
=� thence North 00039'38"East, 351.01 feet to Point"A"; thence South 88°59'15" East,
444.17 feet to the true point of beginning. (Also lmown as Lot B.City of Kent Lot Line
Adjustment#LL2000-5, King County Auditor's File No.20000412001699).
Together with an easement for ingress, egress and signage described as follows:
Beginning at aforementioned point "A"; thence North 88°59'15" West, 50.00 feet;
thence South 00°39'38" West, 381.01 feet; thence south 88°59'15" East, 50.00 feet;
thence North 00°39'38"East,381.01 feet to Point"A"and the point of beginning.
Together with an easement for ingress, egress and utilities described as follows:
Begin*ring at aforementioned point "B"; thence South 00°39'38" West, 30.00 feet;
thence North 88"59'15" West, 444.17 feet; thence North 00°39'38' East, 30.00 rest;
thence South 88°59'15"East,444.17 feet to point`B"and the point of beginning.
And reserving an easement unto the City of Kent for ingress, egress for maintenance
of storm drainage facilities, described as follows:
The easterly 25.00 feet of the above described property.
Assessor's Tax Parcel No.: 232204-9048-08 Said dooument(s) were filed for
reoold by Pacific Northwest Title as
eeavolned es to proper eXeCAr(f011 or
0s 10 ib~upon We.
FIRST ADDENDUM TO THE LAND LEASE (April 24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA- I
tog
ADDENDUM ONE TO THE LAND LEASE AGREEMENT
FOR
KENT VALLEY ICE ARENA
FIRST ADDENDUM TO THE LAND LEASE AGREEMENT is made and
entered into by and between the CITY OF KENT, a Washington municipal corporation
(hereinafter "City"), and URBAN LANDMARK CORPORATION (hereinafter "ULC"), a
duly qualified Washington corporation in good standing, with offices located at 19803 68t'
Avenue West, Lynnwood, Washington 98036.
RECITALS
WHEREAS, the City and ULC entered into a Land Lease Agreement fully executed
by the parties hereto on or about January 7, 1999, said agreement is incorporated herein by
reference, (hereinafter "lease agreement") for the leasing certain property owned by the City,
described below in Section A of this Addendum, for the purpose of building an ice skating
C-v
—` arena; and
WHEREAS, the permitting process for the ice arena facility requires ULC to maintain
a certain number of parking spaces for the facility and the City and ULC have made
provisions for additional parking; and
WHEREAS, the City and ULC have made changes to the description of the property
leased including a lot line adjustment and the addition of easements; and
WHEREAS, the City and ULC have agreed to extend the time in which ULC is
required to construct and have opened for business Building A as identified in the Lease
Agreement; and
FIRST ADDENDUM TO THE LAND LEASE (April 24,zoom
AGREEMENT FOR KENT VALLEY ICE ARENA-2
tog
WHEREAS, these changes necessitate an amendment to the lease agreement to
accommodate the additional parking needs and changes to the description of the property
leased and the time in which ULC is required to have Building A constructed and opened for
business;
NOW THEREFORE, the parties agree as follows:
AGREEMENT
A. Section 1 of the Lease Agreement is amended to read as follows:
1. LEASED PREMISES. Subject to the following terms and conditions,
the City hereby leases to ULC, and ULC hereby leases from the City,
the following described premises (the "Property"), to wit:
Approximately 3.6 acres on the City parklands, commonly
known as the Russell Road Soccer Fields in Kent, Washington,
which is further described in Exhibit "I-A," together with a 50-
foot easement for ingress, egress, and signs, said easement is
located on the west boundary of the leased premises, and a 30-
foot easement for ingress, egress, storm drainage, utilities, and
fire access, said easement is located on the south boundary of
the leased premises and subject to a 25-foot easement reserved
unto the City, said easement is located on the east boundary of
the leased premises as further described in Exhibit "1-A"
attached hereto and incorporated herein by reference as if fully
set forth herein.
B. Section 9 of the Lease Agreement is amended to read as follows:
9. PARKING. Subject to permitting requirements, ULC shall
provide a minimum of fifty-five (55) parking spaces for the
ULC parking lot on the property throughout the duration of this
Lease, said lot identified in the site plan set forth in Exhibit "1-
B" as "new parking" ("ULC parking lot") for skating activities
conducted on the Property. ULC shall maintain all parking
spaces on the Property in well-marked, signed, and otherwise
good condition. The City maintains a parking lot currently
consisting of approximately 488 parking spaces identified as
FIRST ADDENDUM TO THE LAND LEASE (April24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-3
log
..,.
lots 1, 2, 3, 4, 5, and 6 in the site plan set forth in Exhibit "1-C"
as "existing parking" ("City lots") for Russell Road Park
softball and other recreational activities.
As part of its permitting for the facility, ULC is required to have
a total of 420 parking spaces for use of its facility.
Accordingly, during the term of this Lease, the City shall allow
ULC primary use, for parking purposes and only in support of
the authorized use of the Property under this Lease, the City
parking lots 1, 2, 3, 5, and 6. Primary use by the City of the
City lots for softball and other recreational activities is from
April 1" to September 301h of each year. Primary use of the ice
arena is from October l st to March 316t. Joint use of the City
lots is beneficial to Lessee and Lessor.
" Additionally, the City will allow ULC use, for parking purposes
= and only in support of this authorized use of the Property under
C'D this Lease, City lot 1, with approximately fifty-five (55)parking
' spaces, situated immediately west of the ice skating facility as
u•,
set forth in Exhibit "B," on a first come first serve (overflow)
basis from April 1"through September 301h. During the term of
this Lease, the ULC shall allow the City joint use, for parking
�.� purposes, on a first come first serve basis the ULC lot including
any additional parking, if any, that may be constructed on the
Property by ULC in conjunction with development of Building
B or otherwise. During the period from October 1 through
March 31 of each year, the City may request primary use of the
City parking lot 1 for special events of the City by providing
ULC thirty (30) days prior written notice of the event.
Overflow parking, as opposed to primary use parking, will be
subject to the needs of the primary users of each facility. Both
parties agree to cooperate with each other to allow for
maximum use of both parking lots in a manner that creates the
minimum impacts to the primary users of each party's facility
and with the accommodation of City special events during ULC
use as primary user of the City parking lot.
C. Section 4(A) and Section 13(A)(4) of the Lease Agreement are
amended to extend the time within which ULC is required to construct
and have opened for business Building A as identified in the Lease
Agreement from thirty (30) months from the beginning of the Lease
term to forty-eight (48) months from the beginning of the Lease term.
FIRST ADDENDUM TO THE LAND LEASE (Apnl24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-4
lOg
D. Section 10 of the Lease Agreement is hereby amended to read as
follows:
10. ASSIGNMENT OR SUBLEASE.
A. ULC shall not assign this Lease, the Property, or the buildings
thereon or any interest therein, nor sublet the Property or the
building or part with the possession thereof, except
involuntarily by operation of law and as otherwise provided
herein, without the prior written consent of the City. Provided
that ULC is not in default, the City agrees that it will not
unreasonably withhold consent to such an assignment or
subletting.
B. Notwithstanding anything in this Lease to the contrary, the City
q" irrevocably consents to (i) an assignment for collateral purposes
from ULC to one or more third party financial institutions
("Secured Parties") for their benefit, of all right, title, and
interest of ULC in, to, and under the Lease and improvements
upon the leased Property, and (ii) any transfer or subsequent
' transfer of the Lease Agreement, improvements upon the
�> Property and/or security interests thereon by such Secured
Parties or their assignees or transferees, subject to the cure
requirements of section 13(D)2 for any default and provided
assignee or transferee agrees to be bound by all the terms and
conditions of this Lease. The term "Secured Party Assignee"
refers collectively to such Secured Parties and their assignees.
The term "Assignee" refers collectively to Secured Party
Assignees and any other assignees of ULC's interest in the
Lease. In no event shall the security interest encumber the
City's fee interest in the Property, and in connection with any
financing obtained by ULC, the City agrees to assign any
statutory landlord's lien it may have in any property of ULC to
such Secured Parties for the purpose of facilitating such
financing. No security interest granted by ULC shall impair or
derogate from the City's rights with respect to ultimate
ownership by the City of improvements upon expiration or
termination of the Lease pursuant to paragraph 3(A) above and-
all rights of the secured parties to the land shall be subordinate
to those of the City. The obligations being secured by ULC and
upon the building or improvements upon the Property shall not
have a stated term greater than the term of this Lease.
FIRST ADDENDUM TO THE LAND LEASE (April24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-5
C. In the event that (i) either (a) ULC's interest in the Lease shall
be sold, assigned, or otherwise transferred pursuant to the
exercise of any right, power, or remedy by any Assignee or any
designee or assignee thereof, or pursuant to judicial or non-
judicial proceeding; or (b) ULC or Trustee rejects the Lease
under Title 11 United States Code, or other similar federal or
state statute and such rejection is approved by the appropriate
court and if within thirty (30) days of written notice by the City
after such assignment, sale or rejection, inquiring whether
assignee intends to perform the obligations of ULC, Assignee,
or any designee or assignee thereof shall so request and shall
certify in writing to the City that it intends to perform the
obligations of ULC as and to the extent required under this
Lease; and (ii) provided that all monetary defaults are cured or
waived; and (iii) all non-monetary defaults then existing with
regard to the Lease herein are cured or waived, or such
N Assignee or any designee or assignee therefore shall be
G diligently attempting to cure all such non-monetary defaults,
then the City shall execute and deliver to such Assignee or such
designee or assignee a new lease agreement pursuant to which
o lessee shall agree to perform the obligations contemplated to be
performed by ULC under the original Lease; and which shall be
for the balance of the remaining term under the original Lease
and shall contain the same conditions, agreements, terms,
provisions and limitations as the original Lease (except for
those fulfilled by ULC prior to such rejection and the additional
requirement that any ongoing cure then being diligently pursued
shall constitute an obligation of the new Lessee and shall be
completed in a reasonable time). References in this Lease to the
Lease shall be deemed to refer to this new Lease as well.
D. In the event of any proper transfer of this Lease by ULC with
the consent of the City other than a transfer for security
purposes only, ULC shall be automatically relieved of any and
all obligations and liabilities hereunder accruing from and after
the date of such transfer, provided the grantee of such transfer
assumes such obligation and liabilities in writing.
E. In the event of any proper transfer of this Lease by Secured
Party Assignee under this Section 10, said Secured Party
Assignee shall be automatically relieved of any and all
FIRST ADDENDUM TO THE LAND LEASE (April 24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-6
s
obligations and liabilities hereunder accruing from and after the
date of such transfer.
F. Nothing contained in this Lease imposes upon the Secured
Party Assignee any obligation to cure any default on the part of
ULC. Said Secured Party Assignee shall have the right, but not
the obligation, to cure any default on the part of ULC.
G. The Lease shall not be surrendered, modified, or amended
without the prior written consent of said Secured Party Assignee
and such consent shall not be unreasonably withheld.
c, H. If the Lease is transferred to Secured Party Assignee as
provided herein, Secured Party Assignee shall have no
obligation to repair or restore any damage or injury to the
Property, regardless of the cause of such damage or injury, if
Secured Party Assignee (1) restores or pays for the cost to
restore the leased property to its condition prior to construction
of the structure(s) and (2) said Secured Party Assignee pays
over any available insurance proceeds to the City, subject to
prior payment of any liens on the leasehold estate or leased
property held by Secured Party Assignee, in which case all
rights and obligations between the parties under this Lease shall
terminate.
I. City hereby authorizes any Secured Party to enter the
premises at all reasonable hours to perform the
following acts with respect to the personal property and
leasehold improvements subject to the Secured Party's
security interest("Collateral"):
(1) Inspecting the Collateral;
(2) Assembling the Collateral;
(3) Conducting a sale of the collateral; and/or
(4) removing the Collateral from the premises.
Unless otherwise provided for in this Lease, City
recognizes that any interest it possesses in the Collateral
is subordinate to the Secured Party's security interest.
Provided, however, that Secured Party shall promptly
repair any damage to the premises which results from
the exercise of the rights conferred by this paragraph.
FIRST ADDENDUM TO THE LAND LEASE (Apfi124,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-7
E. Section 13(D) of the Lease Agreement is amended to read as follows:
D. Right to Terminate This Lease.
1. The City may terminate this lease upon default and failure to
cure within the time provided and after proper notice, except
that the City agrees that, notwithstanding any right it may have
at law, in equity or otherwise, it shall not (i) petition, request, or
take any other legal or administrative action which seeks to, or
may reasonably be expected to, rescind, cancel or terminate this
Cn Lease or any part thereof, or recover possession of the Property
or any portion thereof, or(ii) claim prevention of or interference
with performance of its obligations pursuant to this Lease or the
suspension or termination of its obligations under this Lease as
the result of any default of ULC; unless the City shall have
CIA delivered to ULC and Assignees, notice as required within
paragraphs 13(A) and 13(B) above, and permitted ULC and
c�
Assignees the opportunity provided in paragraphs 13(A) and
13(B) above to cure the default. No claim of rescission or
4:J
w termination of this Lease or recovery of possession of the
Property by the City shall be binding upon any Assignee
without such notice and applicable cure period.
2. The City agrees that, notwithstanding anything contained in this
Lease to the contrary, upon the occurrence of a non-monetary
default under the Lease that cannot by its nature be cured
without possession of the leasehold premises, the City will not
cancel or terminate the Lease if and for so long as (i) any
Assignee shall be diligently seeking to obtain possession of the
leasehold either through a non-judicial foreclosure instituted in
the State of Washington or a judicial foreclosure action or other
action filed and prosecuted in the King County Superior Court
(including any appeal filed therefrom); or (ii) any Assignee or
any designee or assignee thereof (including any purchaser or
transferee, but not including ULC) shall be diligently seeking to
cure the non-monetary default under the Lease following
completion of such non-judicial foreclosure,judicial foreclosure
action or other action filed and prosecuted in King County
Superior Court, and recovery of possession.
3. The extension provided in section 13(D)(2) above is contingent
on the Assignees keeping the monetary payments to the City
FIRST ADDENDUM TO THE LAND LEASE (April 24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-8
�0wow
under this Lease current, complying with paragraphs 4(A)(2)
and 17 relating to a performance bond or assignment of funds
and insurance, and Assignees obtaining possession within a
reasonable time and curing of said non-monetary default in a
reasonable period of time. In addition, any subsequent
assignee, purchaser, or transferee shall be obligated to diligently
complete the cure. If the Assignees cannot obtain insurance as
required in paragraphs 17 of this Lease without first obtaining
possession of the leasehold, the provisions of paragraph 13(D)
(2) above shall apply.
4. No Assignee, nor any designee or assignee thereof, as the case
may be, shall be required to continue to proceed to obtain
possession, or to continue in possession of the leasehold
c-•
pursuant to the foregoing if and when the default under the
Lease shall be cured.
F. Remainder of Lease Agreement. Except to the extent amended by this
o Addendum One, all terms set forth in the Lease Agreement executed by
the parties, shall apply and remain in full force and effect.
c�
IN WITNESS WHEREOF, the parties below have executed this Addendum One to
Lease Agreement on the date fully executed below.
ULC: CITY:
URBAN LANDMARK CORPORATION CITY OF KENT
By: By: Jim White
Its: PVeSi c , Its: Mayor
DATE: 31 24 a 0 DATE:
APPROVED AS TO FORM:
irGip i UBOVICH, City_�ufemey---�
FIRST ADDENDUM TO THE LAND LEASE (Ayrn24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA-9
ATTEST: "
Aet G.e9--�tizr
BRENDA JACOBIyfZ, 'ity Clerk
cn
STATE OF WASHINGfON )
ss.
c COUNTY OF KING )
,r
c-a I hereby certify that I know or have satisfactory evidence that Jim White is the person who
c appeared before me, and said person acknowledged that he signed this instrument, on oath stated
that he is authorized to execute the instrument on behalf of the City of Kent as its Mayor, and such
execution to be the free and voluntary act of such party for the uses and purposes mentioned in the
C"Iforegoing instrument.
-Notary Seal Must Appear Within This Box-
IN•.W1TNg, S WHEREOF, I have hereunto set my hand and official seal the day
and tten.
3M`2 o M•r:�Nt s 4
NOTARY PUBLIC, in a f �State
`••,� M of Washington, residing a C/4
My appointment expires
FIRST ADDENDUM TO THE LAND LEASE (April zr,z000)
AGREEMENT FOR KENT VALLEY ICE ARENA- 10
.r
STATE OF WASHINGTON )
`71BhVrVL( t ' ss.
COUNTY OF*fNG
I hereby certify that I know or have satisfactory evidence that L K L. , DV rV—A--> is
the person who appeared before me, and said person acknowledged that he signed this instrument,
on oath stated that he s authorized toe cute the instrument on behalf of the Urban Landmark
Corporation as its tfBSI and such execution to be the free and
voluntary act of such party for the uses and purposes mentioned in the foregoing instrument.
m
-Notary Seal Must Appear Within This Box-
ON
SS HEREOF, I have hereun,to set my hand and official seal the day
and`ye� 'rst�tove
o
dyncue / ,
C STgTF NOTARY PUBLIC, in an for the State
of Washington, residing at I LhQ
MY appointment expires 1j 1
PLCi,,]AFILESVO,enFle,A0352VAddend.mLandUseA,r L de2V¢sdoc
FIRST ADDENDUM TO THE LAND LEASE (April24,2000)
AGREEMENT FOR KENT VALLEY ICE ARENA- 1 I
log
LEGAL DESCRIPTION
That portion of Section 23, Township 22 North, Range 4 East, W.M., in King County,
Washington, described as follows:
CJ
c Commencing at the northeast comer of said Section 23; thence North 89°59'15"West along
the North line of said section 2001.90 feet to the northeast comer of the Frances Stewart
Tract as recorded under Auditor's File No. 629612; thence South 00°39'38"West, 33.00 feet
along the easterly boundary of said tract to the true point of beginning; thence South
00°39'38" West along said easterly boundary of the Frances Stewart Tract, 351.01 feet to
Point`B'; thence North 88*59'15" West, 444.17 feet; thence North 00°39'38" East, 351.01
feet to Point"A"; thence South 88'59'15" East, 444.17 feet to the true point of beginning.
(Also known as Lot B, City of Kent Lot Line Adjustment #LL2000-5, King County
Auditor's File No. 20000412001699).
Together with an easement for ingress, egress and signage described as follows:
Beginning at aforementioned point "A'; thence North 88°59'15" West, 50.00 feet; thence
South 00°39'38" West, 381.01 feet; thence south 88'59'15"East, 50.00 feet; thence North
00°39'38" East, 381.01 feet to Point "A" and the point of beginning.
Together with an easement for ingress, egress and utilities described as follows:
Beginning at aforementioned point `B'; thence South 00°39'38" West, 30.00 feet; thence
North 88°59'15"West, 444.17 feet; thence North 00°39'38"East, 30.00 feet; thence South
88'59'15" East, 444.17 feet to point `B" and the point of beginning.
And reserving an easement unto the City of Kent for ingress, egress for maintenance of storm
drainage facilities, described as follows:
The easterly 25.00 feet of the above described property.
Assessor's Tax Parcel No.: 232204-9048-08
UHIBR '�....^..
' �09
s
B Neva P1 c: 67
%Luw
Pin G rs sans
i
gLr
s
I I I
fq i
E
0
m a
i z 1 a
I i i
P�
j
i
y
EXHIBIT.6
Russell !load Park Norm —
+tyt�a�hx-". ~•I��y-Y
CV ` - j fv,Kw.�ti�"`�"_3 `rA\.!f•7y�Y�'�'f /�iJi! 2. ..\ A �L�
Cry iTi` �•�- r a s '� �y l f '-i,v t•�,.'
"if\ar
Ln -�'f.• 't\�V rV�� �kr�4 Jam} t f
tN
c-1 A�� YA �vl.yf1-~y +�` r -lF_1�? - �" J� t= rT•=i �'22 s
_ 4 T
. "'�'-a_r•. :-? yy�_+ __ !. P"�>. ' 'fir 7t
G ^^ .� ' ' �' a? tom'~; ?-('� u�.• ):�. ?Ti l
t Kv f J F 2 4 y il_,^ti •� •' rp a �`P
-Z 1 F J •�
�. 'L ♦ f \
„�• ^- F" ...Proposed Site -�
Kent Valley Ice A:enz �r
�T�_+'Tt•:F . 'r K-F' �. � '1S i-' ' '' * .`�y i �Fr, i"1"'+ a -4 s..i.
EXHIBff C._
CITY OF KENT
MAIL TO:
CITY OF KENT
Property Management
220 4`s Avenue S.
Kent, WA 98032
ASSIGMENT OF FUNDS IN LIEU OF
SPECIFIC PERFORMANCE BOND Attn: Carol Storm
STATE OFWASHINGTON) PROJECT Kent Valley Ice Arena
) SS. LOCATION Kent Washington
COUNTYOFKING ) TAXACCTNO. 232204-9048-08
KNOW ALL MEN BY THESE PRESENTS, that the undersigned does hereby assign, transfer
and set over unto the City of Kent all right, title and interest in and to the sum of
$ 75,000.00 Seventy F(ve Thousand +00/08ollars)of(account type) Line of Credit
Account No. 3269403121 in Lynnwood (branch) of Frontier Bank
P.O. Box 5110 Lynnwood, Wa., 98046 (bank name etc.) said account
being in the name of _ Urban Landmark—Corporation
----------- as principal with full
power and authority of the City of Kent to demand, collect and receive said deposit and
to give receipt and acquittance therefore.
It is understood and agreed that the deposit will be released to the City of Kent on
demand and with no other condition of release. It is further understood and agreed that
Frontier Bank (bank name,etc.)holds
said account in its possession and agrees to hold $_75.000.00 —__ until a release of
this assignment is received from the City of Kent. The City agrees to provide partial
waivers or releases not to exceed 80 percent of the assignment amount following
submission of information adequate to the City demonstrating satisfactory partial
performance.
The condition of the foregoing obligation is such that the above described principal
is about to construct Ice Arena that may cause damage and disruption to
certain lands and/or public rights-of-way within the City limits of Kent and in County
of King in accordance with approved plans on file with the City of Kent Engineering
Department.
The principals of this agreement agree to the following terms and conditions: The
_ Ice Arena--------------- and their appurtenances thereto shall be constructed in
accordance with the approved plans.
Construction shall be completed within 548 — days after construction begins
unless the City Engineer, for good cause shown, has granted as extension of time.
All construction and restoration shall be in accordance with the City of Kent
Standards, APWA Standards as set forth by City of Kent Ordinance Nos. 1142, 1672.
Traffic control shall he implemented in accordance with the Manual on Uniform Traffic
Control Devices as set forth in Part VI within said manual.
The City Engineer of the City of Kent shall be given twenty-four (24) hours notice
prior to the commencement of any work.
It is hereby expressly agreed that this bond is also given and made as a guaranty
against defective materials or workmanship in the construction of the Ice Arena
provided, however, that no suit or action or proceeding by reason of any defect whatever
shall be brought upon this bond after one year following the final acceptance of the
Ice Arena------ by the City.
The condition of this obligation is such that if the principal shall construct said
Ice Arena _ in accordance with the terms and conditions set forth herein, this
obligation shall be released one year after final acceptance of the Ice Arena
by the City, otherwise to remain in full force and effect.
---------------
Signed, sealed and dated this _1_7 day of MAY 2000.
APPROVED AS TO FORM: I I
rpILROGPR A.LUBOVICH,CITY ATTORNEY PRINCIPAL �^
CITY OF KENT
ADDRESS
— I c,ow 00�N�QP.
905E-17E LYNNW00n We qg=
rev. 12/21/90 PHO E
��zs) ,� �-�oz�
ACCEPTANCE
The undersigned hereby accepts the foregoing Assignment of Urban Landmark Corporation
3269403121 ____ (Account No.) in the sum of $ 75,000.00 __ for payment
of which, well and truly to be made upon demand by the City of Kent and with no other
condition of release of said deposit. We bind ourselves, our heirs, executors,
administrators and assigns, jointly and severally, firmly by these presents.
Frontier Bank
BANK
P.O. Box 5110
ADDRESS
Lynnwood, We., 98046
(425) 744-2705
PHONE
�t J Pearson
goature of Authorized Personnel
(Signature to be notarized below)
Vice President 8 Manager
VAON ITLE
�Exwees
< P r
Y
STATE OF WASHING-ION)
� ) SS. �
COUN VOFIOM 3TA
�+B ti tau Y�
On this _ day of�0 C 2000, before me, the undersigned, a
Notary Public in and for the State o f� ashington, duly commissioned and sworn,
personally appeared Unj& 1__P and --� --- to me
known to be he _V_�CQ j1Q ¢rt and Y Y ICt rtQ�t i - of
� _- Corporation, the Corporation that executed the foregoing
instrument, and acknowledged the said instrument to be the free and voluntary act and
deed of said corporation, and for the uses and purposes therein mentioned, and on oath
stated that they were authorized to execute the said instrument and that the seal
affixed is the corporate seal of said corporation.
WITNESS my hand and official seal hereto affixVthejand year first above
written.
Notary Public in and fo the Stvkte
Washington,residing at t w_
My appointment expires
RELEASE
The undersigned does hereby acknowledge that conditions of the foregoing obligation
have been satisfactorily met, and hereby authorizes the release of the sum of
$ from (Account No.)
in _____ ___--- (bank) this ______ day of _________. 2000.
By:
Authorized Signature
905E-17E
rev. 12/21/90