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600 Ninth Ave Apts <br />ICOAST <br />LEASE BUYOUT AGREEMENT <br />This Lease Buy -Out Agreement (this "Agreement") dated the 2nd day of August, 2023, 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 $4,630.00. 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 BOUND, the parties hereto have executed this Agreement as of the day and year first above written. <br />City of Everett (Resident) <br />Date Young Yang (Owner/Agent) Date <br />ICI Initial: <br />27 cODD LEASE CONTRACT V & Q <br />