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5. <br /> Exhibit"B" <br /> Deferred Payment Agreement between the City of Everett and Port of <br /> Everett for unpaid compensation for vacated 12th, 13th and 14th Streets at <br /> Everett Marina <br /> This Deferred Payment Agreement (this "Agreement") is entered into this 5 `day of <br /> M0.rael, , 2007, by and between the City of Everett ("City") and the Port of Everett <br /> ("Port"), both municipal corporations under the laws of the State of Washington,specifying certain <br /> terms and conditions relating to the payment of required compensation of street vacations. In <br /> consideration of the City granting Port's application for right-of-way vacation per Ordinance No. <br /> 24'It-07 (the"Ordinance"),the Port agrees to the provisions of this Agreement. <br /> l: DUE DATE: The entire balance of compensation owed to the-City for the righ-N of way vacated by the <br /> Ordinance shall be due and payable in full by the Port as specified under Section 4 of the Ordinance. <br /> 2. DEFAULT INTEREST:The Port agrees that if the full or any unpaid portion of the compensation owed <br /> by the Port has not been paid as specified in the Ordinance by the due date,then,in addition to the unpaid <br /> compensation owed,interest shall also be owed at the rate of twelve percent(I2%)per annum from the <br /> date the Ordinance was recorded on the unpaid amount of the required vacation compensation_ Interest <br /> shall continue to accrue at the same rate during the default period until the unpaid street vacation <br /> compensation amount owed plus interest has been provided in full. <br /> 3. ATTORNEY'S MEES AND COSTS: In the event of a dispute as to payment of the compensation for the <br /> street vacations as required by the Ordinance,each party shall be responsible for their own attorney's fees <br /> and other legal costs. <br /> 6 <br /> 44 <br />