Richard Eitel 1/25/2023 - Laserfiche WebLink

2. The City will issue payment to the Owner of the Offer amount stated above, subject only to deduction of the value of interests of others therein, upon recording of this Agreement. 3. The City expressly acknowledges that any interest granted to the City in the fee interest or pursuant to any future agreement is AS IS, WHERE-IS, WITH ALL FAULTS, and the Owner makes no representations or warranties, express or implied with respect to the physical condition or any other aspect of the fee interest or easement areas, including without limitation, the existence or non- existence of asbestos, underground or above ground storage tanks, hazardous waste or other toxic or hazardous materials of any kind or any other environmental condition or whether the fee interest or easement areas are in compliance with applicable laws, rules and regulations. 4. Execution of this Agreement by the undersigned parties shall not prejudice the right of Owner to subsequent adjudication of just compensation pursuant to state law, and neither shall this agreement,nor the basis therefore,be construed as an admission of fair market value or just compensation by the Owner. 5. It is the intent of the parties to continue negotiating in good faith regarding the amount of just compensation to be paid by the City for the fee simple interest in the real property described and depicted on Exhibit C. If the parties are unable to reach an agreement on the just compensation due to Owner for the fee simple interest within three hundred and sixty-five (365) days from the date this Agreement is signed by both parties, the City may initiate eminent domain proceedings to acquire said real property interest by filing a petition for condemnation in Snohomish County Superior Court. 6. The date of valuation for the determination of just compensation for the property interest described herein shall be the date that the City issues payment to the Owner of the Offer amount. Once fully executed, the City agrees to promptly record this Agreement with the Snohomish County Recorder. If the City fails to do so it shall be liable to Owner for the reimbursement of any property taxes Owner is obligated to pay that otherwise would have ceased to accrue had the Agreement been timely recorded. 7. Owner and the City agree that in the event it becomes necessary for either of them to defend or institute legal proceedings as a result of the failure of the other to comply with this Possession and Use Agreement,the prevailing party in such litigation will be entitled to be reimbursed for all costs incurred or expended in {EFM2710126.DOCX;3/13113.000015/}