7000 HARDESON RD 2018-01-02 MF Import

A� r Ouadiant Plata. Sucre 500 y[� ��■�N.E. r'h at 112th A Wormtwtm cw"W P.O. Box 130 Bellewe, Washington 98009 Tel (2061455 2900 Fax (206) 646-8300 May 16, 1996 1ytl7 my 3 1 1999 RECEIVED John Solberg ..t.1 ............. Intracorp 2505 Second Avenue Suite 300 Seattle WA 98121 RE: Stormwater Detention Agreement for Merrill Creek, Everett Properties Dear John, " - �JeeN.uet� This Agreement binds the Intracorp Merrill Creek L.L.C., a J y� Limited Liability Company ("Intracorp") and Seaway Associates, A Washington General Partnership, whose managing general partner is The Quadrant Corporation ("Quadrant"), to the following Terms and Conditions with respect to the provision of additional stormwater detention facilities to serve the Merrill Creek properties as defined in the attached legal description ("Exhibit A"). BACKGROUND Quadrant is the owner of Lots 1 and 2 and Intracorp is the owner of Lots 3 and 4 of that certain Binding Site Plan described in Exhibit A (together, "the Property"). The City of Everett has determined that there is insufficient stormwater detention capacity in the existing common stormwater detention pond serving the Property. The City has determined that an additional 0.75 acre feet of detention capacity must be provided within the boundaries of the Property prior to full development of all the Property. Intracorp and Quadrant have determined that it is in their mutual interest and those of successor owners for this additional stormwater detention capacity to be provided at a single location on the Property. It has been agreed between Intracorp and Quadrant that the logical location for the additional stormwater detention facility is within Lot 3 or 4 as owned by Intracorp. In as much as both the Quadrant properties and Intracorp properties will benefit equally from the construction of this single facility, Intracorp and Quadrant have agreed to share equally in the cost of providing the land and constructing the improvements for said detention facility. In consideration of the mutual promises, covenants and conditions contained herein, and other good and valuable consideration, the sufficiency of which is acknowledged by the parties hereto, the parties agree as follows: