Sound Transit 10/19/2020 - Laserfiche WebLink

DocuSign Envelope ID:FCF6800B-OAF1-462A-9F3B-0855DE2AFB01 20 8.5.4.The closing of the purchase and sale of the Project Property("Closing") shall occur as soon as practicable but not later than thirty(30)days after Sound Transit and the City receive the Final Appraiser's report. 8.5.5.At Closing,Sound Transit shall pay the City the Purchase Price and the City shall convey the Project Property to Sound Transit. The conveyance will be strictly"As Is,Where Is, and With All Faults." Closing prorations, closing costs, and title insurance costs will be allocated at closing as is customary for similar transactions in Snohomish County. 8.5.5.1. Prior to execution of this Agreement the City provided Sound Transit with environmental documents which reflect its knowledge of environmental conditions on the Project Property. Prior to closing,the City will provide Sound Transit will any additional environmental documents the City may have that reflect any updated knowledge of the condition of the Project Property. 8.6. If the City decides to repurpose the Project Property prior to the Option End Date, the City must notify Sound Transit of the intent to repurpose the Project. For this Section 8.6,the term "repurpose" means use of the Project Property for any use other as a parking lot for transit riders. Upon notification from the City,Sound Transit will have an option to purchase the Project Property under the same terms as the Purchase Option in section 8.5 above.To exercise this option,Sound Transit must deliver written notice prior to the Option End Date and within 120 days after the City has provided notification of its intent to repurpose. If the City repurposes the Project Property prior to the Option End Date and Sound Transit elects not to exercise its option,the City will reimburse to Sound Transit an amount equal to the Project Contribution no later than 90 days after the Project Property ceases being used as a parking lot for transit riders. Sound Transit's rights under this Section 8.6 are only effective if Sound Transit has paid the Project Contribution in full within six months after the date of full execution of this Agreement. 9 Leasing Project.The City will allow Sound Transit the option to lease the Project as mitigation parking during EVLE construction at market rate.The Parties will execute a separate lease for mitigation parking prior to the start of EVLE construction at Everett Station. 10 Laydown Area. The City will assist Sound Transit in finding a suitable laydown area for future EVLE construction activity when needed by Sound Transit. The City acknowledges that Sound Transit desires to use City-owned property, if available,for the laydown area rather than having to purchase private property.The City will make best efforts to identify such city owned property with compensation as required by applicable law. 11 Invoicing, Disbursement,Auditing and Reporting. 11.1 Upon Project Completion and commissioning,the City shall submit a single invoice for the full amount listed in Section 1 and supporting documentation for Sound Transit's reimbursement.The City shall use the Invoice Form attached as Exhibit C and invoices must include the appropriate purchase order number,which Sound Transit will provide after execution of this Agreement. 1 GA 0255-19