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1 <br /> <br />Property Transfer Agreement <br />in Support of <br />Grade Crossings Elimination and Highway Connections Project <br /> <br /> <br /> <br />1. AGREEMENT. This Property Transfer Agreement in Support of Grade Crossings <br />Elimination and Highway Connection Project (“Agreement”) is entered by and between (a) the <br />City of Everett, a Washington municipal corporation (“City”) and (b) Smith Island Terminal LLC; <br />Miles Sand & Gravel Company; Cedar Grove Composting, Inc.; Sumner Capital LLC; WSG LLC; <br />and, M.A.P. #2, LLC (collectively, the “Grantors”). The City and Grantors are each a “Party” <br />and, collectively, the “Parties” to this Agreement. The City and Grantors agree as follows. <br /> <br /> <br />2. RECITALS. <br /> <br />2.1 The Smith Island Safety Grade Crossings Elimination and Highway Connections Project <br />(“Project”) includes constructing an overpass over a busy BNSF Railway mainline in the City, <br />closing two at-grade railroad crossings, and making safety improvements to an adjoining highway <br />intersection. The new overpass will safely host more than 1,500 trucks daily that travel between <br />industrial facilities and regional roads in northwest Washington. The Project will eliminate the <br />threat of vehicle collisions with passenger and freight trains at the crossings, reduce air and noise <br />pollution, and create transportation efficiencies. Further, the Project will mitigate congestion and <br />safety concerns at an adjoining highway/road intersection. <br /> <br />2.2 The City is the sole applicant for grant funding in support of the Project. Grantors are adjacent <br />property owners working with the City in cooperation with and support of Project funding and <br />management of environmental permitting, preliminary design and engineering. <br /> <br />2.3 Through this Agreement, Grantors commit to the transfer of property interests necessary for <br />the Project in support of the City’s grant application(s) and other efforts. The City and Grantors <br />will enter further agreements as may be necessary to fund the Project should grant funding be <br />insufficient. Nothing in this Agreement commits the City to appropriate any funds for this Project. <br /> <br /> <br />3. GRANTOR OBLIGATIONS – PROPERTIES TRANSFERED. <br /> <br />3.1 General. <br /> <br />3.1.1 Each Grantor shall transfer to the City (or City-designated governmental entity) the <br />property interests identified by legal descriptions attached at Agreement Exhibit 1 (collectively, <br />the “Property”). The transfer shall be by dedication, quit claim deed, or other form acceptable to <br />the City. The property transfer shall be completed by each Grantor (a) upon the City entering into <br />grant agreement for Project with the federal funding source(s) and (b) no later than the time <br />necessary for the City to satisfy its obligations under any applicable grant agreement or other