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AFTER RECORDING RETURN TO: <br /> BNSF Railway Company <br /> 2650 Lou Menk Drive, MOB-2 <br /> Fort Worth, Texas 76131-2830 <br /> Attn: Corporate Real Estate Department <br /> Document Title: Declaration of Restrictive Covenants <br /> Licensee: LBG 38, LLC <br /> Licensor: BNSF Railway Company <br /> Abbr. Legal Descr.: See Exhibit"A"attached hereto and made a part hereof <br /> Tax Parcel No.: 280403-002-001-00 <br /> DECLARATION OF RESTRICTIVE COVENANTS <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS("Declaration") is made to be effective as of the day <br /> of June, 2021 (the"Effective Date"), by LBG 38, LLC, a Delaware limited liability company ("Licensee") pursuant to that <br /> certain license agreement with BNSF RAILWAY COMPANY, a Delaware corporation ("Licensor"). <br /> RECITALS <br /> A. Licensee owns certain real property located in or near the station of Mukilteo, County of Snohomish, State <br /> of Washington, legally described on Exhibit"A" attached hereto (the"Licensee Property"). <br /> B. Licensor owns certain real property located in or near the station of Mukilteo, County of Snohomish, State <br /> of Washington, as depicted or described on Exhibit"B"attached hereto(the"Premises"). <br /> C. Licensor and Licensee have entered into a Stormwater Discharge and Pipeline License, dated June_ <br /> 2021 (the "License"), which sets forth the terms and conditions of a license granted by Licensor to Licensee over and <br /> across the Premises. The License provides for: (i)the construction, location, maintenance,and operation of certain drainage <br /> improvements on the Licensee Property and the Premises as described in the License(collectively, the "Pipeline") and (ii) <br /> the discharge/drainage of storm water from the Licensee Property through the Pipeline onto the Premises. The License <br /> also set forth certain obligations of the Licensee, as of the owner of the Licensee Property, in connection with Licensee's <br /> use of the Premises as set forth above. <br /> D. The construction, maintenance and operation of the Pipeline and the resulting discharge/drainage of storm <br /> water from the Licensee Property through the Pipeline onto the Premises will enhance the safety and use of the Licensee <br /> Property by preventing or reducing possible erosion and other issues that could arise from uncontrolled drainage of storm <br /> water from the Licensee Property. Accordingly, as a material condition of the grant of the License to Licensee, Licensee <br /> agrees to place restrictive covenants on the Licensee Property to provide for the continuing obligations under the License <br /> for the mutual benefit of Licensor, Licensee and their respective successors and assigns. <br /> AGREEMENTS <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby <br /> acknowledged, the parties hereby covenant and agree as follows: <br /> 1. License Terms and Conditions.All of the terms,conditions, provisions,covenants and obligations contained <br /> in the License are incorporated herein by this reference for all purposes as though written out at length herein, and both the <br /> License and this Declaration shall be deemed to constitute a single instrument or document.This Declaration is not intended <br /> 32330630.2 <br />