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600 Ninth Ave Apts 'i1 COAST <br /> LEASE BUYOUT AGREEMENT <br /> This Lease Buy-Out Agreement(this"Agreement")dated the 5th day of August,2022, is hereby entered into by and between <br /> Owner of 600 Ninth Ave Apts("Owner") and City of Everett ("Residents") in connection with the lease of the premises <br /> located at 600 Ninth Ave Apts in 600 9th Ave. #1 -401. Seattle, WA 98104(the "Leased Premises"). All capitalized terms <br /> used but not defined herein shall have the meaning set forth in the Residential Lease Contract(the"Lease"). <br /> This Agreement provides Residents an opportunity to buy out early from the Residential Lease Contract. Residents must <br /> comply with all provisions and conditions of this Agreement in order to terminate liability under the full length of the Residential <br /> Lease Contract. <br /> WHEREAS the parties to this Agreement seek to terminate the Lease between Owner and all Residents; <br /> NOW THEREFORE, in consideration of the foregoing, the mutual covenants herein contained and other good and valuable <br /> considerations,the parties agree as follows: <br /> 1. Lease Buy-Out Conditions. <br /> a. Notice. Residents must provide Owner with written notice of buy-out at least 20 days prior to the Residents' <br /> intended termination/move-out date; such date must be the last day of the month. This notice must be signed by all <br /> signatories to the Residential Lease Contract. Owner has the right to begin showing the Leased Premises to <br /> prospective residents upon receiving notice of the buy-out and termination date from Residents. <br /> b. Good Standing. Residents must not be in default under the Residential Lease Contract on the date Residents <br /> provide notice to Owner about the buy-out,or through the intended termination/move-out date. Residents must also be <br /> current for all rent payments and all other amounts due and owing under the terms of the Residential Lease Contract <br /> through the termination/move-out date. <br /> c. Move Out. Residents must vacate the Leased Premises on or before the intended termination/move-out date. <br /> d. Consideration. In consideration for early termination of the Residential Lease Contract, Residents must pay Owner <br /> a buy-out fee of $4,390.00. Owner must receive the buy-out fee no later than 20 days after notice to buy-out is <br /> provided by Residents. Residents are also liable to Owner for the total dollar amount of any concessions received upon <br /> signing or during the term of the Residential Lease Contract and any other monetary obligations due. No refund of the <br /> buy-out fee is due to Residents regardless of when the unit is re-rented. <br /> 2. Owner's deposit of the amounts detailed above constitutes Owner's acceptance of the intended termination/move-out date <br /> contained in Residents' buy-out notice. The buy-out will automatically be voided if Residents fail to comply with all the <br /> provisions and conditions of this Agreement or the Residential Lease Contract, or if Residents make any false statements <br /> or provide false documentation to Owner. If the buy-out is voided (1)the Residential Lease Contract will continue through <br /> its full term; (2) Residents will be subject to all available remedies under the Residential Lease Contract; and (3) any <br /> amounts paid by Resident for the buy-out will become part of Residents'security deposit. <br /> 3. Residents are not permitted to hold over after the intended termination/move-out provided on the buy-out notice. Residents <br /> should contact the Owner about any anticipated problems with moving out by or before the intended termination/move-out <br /> date from the buy-out notice. Any extension to the intended termination/move-out date will only be effective if agreed to <br /> and signed by all parties in writing. <br /> 4. Residents' opportunity to buy-out is not limited to certain situations. If limited, Residents may only exercise the buy-out <br /> opportunity in the situations described below or with written approval by Owner. In the event that any terms and conditions <br /> contained in the situations below conflict with provisions or conditions described above,the terms and conditions described <br /> below will control. Permissible buy-out situations include: N/A. <br /> INTENDING TO BE UND,the parties hereto have executed this Agreement as of the day and year first above written. <br /> 8 /a- Z2 1Z12_71.2Z <br /> City of E ident) Date Youn ang ner/Agent) Date <br /> by Cassie Franklin, <br /> APPROVED AS TO FORM <br /> e. <br /> OFFICE OF THE CITY ATTORNEY <br /> VERFTT pi <br /> ATTEST: <br /> Cri y Clerk <br /> 0Initial: COE 27 p ;ta LEASE.CONTRACT (,,�.> <br />