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8. Annual Easement Fee. The City will pay an easement fee of one dollar ($1.00) <br />per year, payable within thirty (30) days after receiving an invoice from Grantor. <br />The City's first payment will be within thirty (30) days after the recording of this <br />Agreement, with the City paying twenty-five dollars ($25.00) to prepay the annual <br />easement fee payments for twenty-five (25) years. <br />9. Insurance and Liens. <br />A. Insurance Each Party shall maintain an insurance program appropriate for its <br />operations and properties and liabilities. Grantor acknowledges that, as of the <br />date of this Agreement, the City is a member of the Washington Transit <br />Insurance Pool and maintains a self-insurance program in accordance with <br />applicable law. City contractors using the Easement will be required to maintain <br />insurance as set forth in the City's standard construction contract documents. <br />Insurance requirements for the New Transit Platform contractor are as set forth <br />in the Approved Plans and Specifications. <br />B. Neither Party shall permit any lien or claim of preconstruction, construction, <br />mechanics, laborers or materialmen to be filed against the property of the other <br />Party, or any part thereof, for any work, labor or materials furnished, alleged to <br />have been furnished or to be furnished. Notwithstanding the foregoing, if any <br />such lien is so filed, within thirty (30) days after the date of the filing or recording <br />of any such hen, the Party to which such hen is related shall cause the same to <br />be paid and discharged of record, or, if the such Party contests the amount <br />allegedly due or the right of the hen or to make its lien claim, such Party shall <br />cause a bond for at least one -hundred -twenty-five percent (125%) of the amount <br />of the disputed lien claim to be issued in favor of the other Party. <br />10. Title. The Grantor represents and warrants to the City that Grantor is lawfully <br />seized and possessed of the Grantor Property; Grantor has a good and lawful right <br />and power to execute this Agreement and to grant the Easement hereunder; and that <br />Grantor will forever warrant and defend the title to the New Transit Platform <br />Easement Area and the City's quiet possession thereof against any and all claims <br />and demands of all persons whomsoever, so long as Grantor remains legal owner of <br />the property on which Easement is granted. <br />11. Assignment; Binding Effect. This Agreement and the Easement hereunder and the <br />conditions herein contained shall be covenants running with the land and shall inure <br />to the benefit of and be binding upon the Parties and their respective successors and <br />assigns, including any subsequent owners of the Grantor Property. The City may <br />not transfer or assign this Agreement or the Easement hereunder without the prior <br />written consent of the Grantor, except the City may transfer and assign this <br />Page 7 of 14 <br />