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B. The Grantor Property and other properties are the location of Everett Mall (now <br />known as "Everett Place"), a portion of which Grantor is redeveloping. As of the date of this <br />Agreement, the City has an existing transit platform at Everett Mall for its Everett Transit <br />operations, which must be relocated to accommodate Grantor's redevelopment. The City's <br />existing license and use of the Current Transit Platfoiin is governed by that certain License and <br />Memorandum of Agreement Regarding the South Everett Transit Center at Everett Mall dated <br />as of March 8, 2005 as amended by Amendment No. 1 dated August 29, 2005 (the "Current <br />Transit Platform License"). The Current Transit Platform is located as shown on Exhibit A of <br />the Current Transit Platform License. <br />C. The City is commencing construction in Spring 2025 of a new transit platform <br />(such platform, the "New Transit Platform") to be located on the Grantor Property in the <br />approximate location shown on the attached Exhibit A attached hereto (the "New Transit <br />Platform Easement Area"). The New Transit Platform Easement Area (including its adjacent <br />parking spaces designated for Transit vehicle parking during service is approximately 49,030 <br />square feet. The City's investment in the New Transit Platform will be approximately $2.5 <br />million. The City and its engineers prepared a bid set of plans and specifications for the <br />construction of the New Transit Platform. Grantor previously reviewed and approved these <br />plans and specifications (the "Approved Plans and Specifications"). The City called for bids <br />for the New Transit Platform and received bids on February 18, 2025 <br />D. The purpose of this Agreement is for Grantor to grant an easement to the City <br />for the New Transit Platfon n and to set forth the Parties' agreements as to the construction, <br />maintenance, and long-term operation of New Transit Platform. <br />E. The Parties intend that upon the completion of installation of the New Transit <br />Platform and relocation of its transit operations from the Current Transit Platform to the New <br />Transit Platfonn, the Current Transit Platform License will automatically terminate and be of <br />no further force or effect and will be superseded in all respects by this Agreement. <br />AGREEMENT <br />In consideration of the above recitals, the mutual promises and covenants contained <br />herein, and other good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged, the Parties agree to the following: <br />1. Grant of Easement. Grantor hereby grants to the City for the New Transit Platform <br />a perpetual non-exclusive easement across, along, in, and upon the New Transit <br />Platform Easement Area portion of the Grantor Property depicted on Exhibit A <br />attached hereto, together with: <br />Page 2 of 14 <br />