Sound Transit 10/19/2020 - Laserfiche WebLink

DocuSign Envelope ID:FCF6800B-OAF1-462A-9F3B-0855DE2AFB01 20 8.5.2.1. The Purchase Price will be the fair market value of the Project Property based on an appraisal commissioned by the parties in accordance with the terms of this Section 8.5. ("Final Appraisal") below less the Contribution Credit described below. 8.5.2.2. Within 30 days after Sound Transit provides notice of its intent to exercise the Purchase Option,the Parties will select a single appraiser to perform the Final Appraisal ("Final Appraiser"). Unless otherwise determined by the parties,the Final Appraiser shall be MAI-designated appraiser with at least five years of experience appraising properties similar to the Project Property in Snohomish County, Washington.The Parties may select an appraiser from a roster of appraisers maintained by either party or may select an independent appraiser.The costs of the Final Appraisal will be split evenly by the parties. 8.5.2.2.1. The Parties will collaboratively work to draft appraisal instructions to provide the Final Appraiser which comply with the City Code,Sound Transit's appraisal procedures,state law, and USC Title 49, part 24.103 &Appendix A, part 24.103 which are intended to be consistent with the Uniform Standards of Professional Appraisal Practice (USPAP).The Appraiser may consider information from the City regarding land purchase, clean up and construction costs in conducting the appraisal. 8.5.2.3. The Contribution Credit will be calculated as set forth in this Section 8.5.2.3. 8.5.2.3.1. No more than 30 days after the execution of this Agreement,the Parties will commission an appraisal of the Project Property("Base Appraisal").The Base Appraisal will be performed in the same manner as the Final Appraisal. The Base Appraisal will value the property on the date this Agreement becomes effective. 8.5.2.3.2. The Contribution Credit proportion will be the Project Contribution divided by the Project Property value determined by the Base Appraisal.The Contribution Credit will be such proportion multiplied by the Project Property fair market value from the Final Appraisal. 8.5.2.4. The Purchase Price is the Project Property fair market value from the Final Appraisal less the Contribution Credit. The Parties agree that Exhibit D is an accurate, illustrative example of their intent for determining the Purchase Price pursuant to this Section 8.5.2. Both Parties acknowledge that Exhibit D is only intended to provide an example for calculating the Purchase Price and does not have any impact on any actual appraisal, contribution, or compensation associated with the Purchase Option. 8.5.3.Sound Transit will provide the City with written notice of its intent to exercise the Purchase Option. Sound Transit's notice will include a list of candidates to act as the Final Appraiser and proposed instructions to provide the Final Appraiser. 1 GA 0255-19