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FIRST AMENDMENT <br /> TO <br /> AMENDED AND RESTATED PROPERTY DISPOSITION AGREEMENT <br /> EVERETT RIVERFRONT DEVELOPMENT <br /> (LANDFILL) <br /> This First Amendment to Amended and Restated Property Disposition Agreement <br /> (this "Amendment") is dated for reference purposes mQ,y 4-, 2021,and is made <br /> and entered into by and between (i) PNW RIVERFRONT, L/L,.C., a Washington limited <br /> liability company ("PNW'), and RIVERFRONT COMMERCIAL INVESTMENT, <br /> L.L.C. ("Riverfront"), a Washington limited liability company, and RIVERFRONT <br /> PHASE 1, LLC, a Washington limited liability company,with respect to the Phase 1 Lots, <br /> RIVERFRONT PHASE 2,LLC,a Washington limited liability company,with respect the <br /> Phase 2 Lots, RIVERFRONT PHASE 3, LLC, a Washington limited liability company, <br /> with respect the Phase 3 Lots, RIVERFRONT PHASE 4, LLC, a Washington limited <br /> liability company, with respect to the Phase 4 Lots, RIVERFRONT GROCER LLC, a <br /> Washington limited liability company, with respect to the Grocer Lot, RIVERFRONT <br /> THEATER, LLC, a Washington limited liability company, with respect to the Theater <br /> Lot(collectively,"Developer"); and(ii)the CITY OF EVERETT, a municipal corporation <br /> of the State'of Washington(the"City"). <br /> RECITALS <br /> A. The City and Developer are parties to the Amended and Restated Property <br /> Disposition Agreement (this "Agreement") dated May 10, 2019. All capitalized terms in <br /> this Amendment have the meaning set forth in the Agreement. The names of the lots in the <br /> paragraph above are as defined in the Assignment and Assumption Agreement by and among <br /> the parties dated December 20, 2019. <br /> B. The COVID-19 pandemic has occurred since the execution of the Agreement. <br /> The pandemic has made the cinema element of the First Phase unrealistic for the First Phase <br /> and the viability of a cinema as part of the Riverfront project uncertain. One purpose of this <br /> Amendment is to transfer the cinema from the First Phase to a later Project Phase called(as <br /> defined below)the "Cinema Element Phase." <br /> C. The COVID-19 pandemic has also affected certain Project deadlines set forth <br /> in the Agreement. Another purpose of this Amendment is to amend those deadlines. <br /> D. Contemporaneously with this Amendment, the parties are executing an <br /> Addendum to the Second Amendment to the Development Agreement (the "DA <br /> Addendum"). <br /> E. Accordingly, the Parties hereto have agreed to amend the Agreement as set <br /> forth herein. <br /> 1 <br />