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AGREEMENT <br />NOW, THEREFORE, for the mutual benefits and obligations contained herein, <br />and for other good and valuable consideration, the receipt of which is hereby <br />acknowledged, Owner and the District agree as follows: <br />1. Mitigation Payment <br />Owner agrees to fully mitigate the impacts caused by the proposed development of <br />the Project by the payment of $3,484.18 to the District. The payment of $3,434. l8 is <br />based upon the approximate number of unhoused students expected to be enrolled from the <br />project . Any adjustment in the number of dwelling units shall result in a corresponding <br />pro rats adjustment or refund in the mitigation payment. Said payment shall constitute a <br />full and complete mitigation for the direct impacts to the District of the Project. <br />2. Time Payment Due <br />Owner shall pay the sum identified herein prior to and as a condition of, issuance <br />of a building permit for the Project by the City of Everett. This agreement shall be <br />binding on the successors, heirs, and assigns of the parties hereto, and the payment <br />obligations hereunder shall constitute a lien upon the property. Owner may assign its <br />rights and delegate its duties under this Agreement to any entity formed for the purposes <br />of developing the Project; provided Owner shall remain jointly liable for performance of <br />its duties hereunder unless and until such entity obtains title to the property. <br />3. Covenant Not to Sue <br />Owner hereby covenants and undertakes that it forever refrains and desists from <br />instituting, asserting, filing or bringing any lawsuit, litigation, claim, challenge or <br />proceeding to challenge this Agreement or any of its terms and conditions, or claim any <br />repayment or reimbursement of funds, performance or improvements provided for herein, <br />on any ground or basis whltsoever. <br />DATED: May 13�2003 <br />Owner: <br />JIM MORGAN <br />7423 Beverly Blvd. <br />Everett, WA 98203 <br />By: Jlm (WWtry6 <br />Signu e: <br />n: <br />District: <br />EVERETT SCHOOL DISTRICT NO. <br />4730 Colby Avenue (P. O. Box 2098) <br />Everett, WA 98203 <br />By y Jl1L�w. YL4C/lt� <br />Karen Madsen AS Board President <br />Signature Carol Whitehead i s Supt. of Schools <br />