Everett School District No. 2 4/12/2021

AMENDMENT NO. 1 PROPERTY USE AGREEMENT REGARDING DOYLE PARK This Amendment No. 1 (this "Amendment"), dated this 12_ day of Ar1(1 2021, by and between the City of Everett,a municipal corporation under the laws of the State of Washington("City"),and Everett School District No. 2 ("District")memorializes the desire of the parties to amend the termination clause in an existing agreement pertaining to Doyle Park as follows. RECITALS A. The City and the District are parties to a Property Use Agreement dated November 19, 1996 (the "Agreement"). The Agreement concerns property known as Doyle Park which is described as: Lots 17 through 30, Block 826, Plat of Everett Division "H", County of Snohomish. This property is referred to in this Amendment as the "Property." B. The City and the District desire to amend the Agreement for the purpose of formalizing their agreement regarding capital improvements made by the City to the property. AGREEMENT The City and District agree as follows: 1. The Agreement is hereby AMENDED as follows. The sentence in such paragraph reading: "The agreement shall remain in effect until either party provides at least 90 days written notice of its intent to terminate the agreement" is DELETED and REPLACED with the following: The agreement shall remain in effect until either party provides at least 90 days written notice of its intent to terminate the agreement. If such notice is provided by the District,then, in order for such termination to be effective,the District must pay to the City a Termination Payment no later than the termination date of the agreement. The"Termination Payment"is the value as of the termination date of the agreement of all improvements made to the property by the City after March 1, 2021 that remain on the property after the termination date. For purposes of determining the value of an improvement, the parties agree that an improvement's value is deemed to be the City's cost to construct the improvement depreciated on a straight-line basis for 15 years. (For example,this means that an improvement that cost$100,000 would have $50,000 value 7.5 years after construction and zero value on the 15th anniversary of construction.) 2. All provisions in the Agreement shall remain in effect except as expressly modified by this Amendment. (signatures on following page)