7000 HARDESON RD 2018-01-02 MF Import

Stormwater Detention Agreement May 16, 1996 Page Two (2) AGREEMENT 1. Intracorp agrees to design, obtain permits for and construct on either Lot 3 or Lot 4 a stormwater detention facility which will accommodate a minimum of 0.75 acre feet of storage capacity that will meet all design requirements and satisfy the additional detention requirements for the Property as set forth by the City of Everett and any other review agency ("the Work"). Intracorp will provide Quadrant a copy of the submitted and approved plans for the Work. Intracorp agrees to perform the Work in a timeframe that will not delay the permitting and construction of other improvements on the Property and will complete the Work no later than December 31, 1996 vM(A% T„rttMaW 14 VO*Lt +a ob*K)W P%t tS fv%_-ft, 5, wen tL. Y 2. Intracorp will contract for all services and oversee management of the Work, including payment to the parties performing the Work to construct the facility and avoid or cure liens, if any, filed against the Property which are related to the Work. 3. Quadrant, or its successors and assigns, will pay Intracorp one-half the cost of the land area and estimated construction improvements to provide a detention pond similar to that shown on attached Exhibit B. It is understood that the actual constructed pond may be a different design and may be part of a larger pond developed by Intracorp at their discretion. Quadrant and Intracorp agreed that the total value of the land area and pond improvements is $100,000, of which Quadrant and Intracorp will share equally in the cost. 4. Quadrant or its successors and assigns will make payment of $50,000 to Intracorp upon commencement of construction or August 31, 1996, whichever is later. Said payment will fulfill in total the obligation of Quadrant and its successors and asigns toward the Work. 5. If Intracorp has not completed the Work as discussed above, in order that Quadrant's project(s) for Lots 1 and/or 2 not be delayed, Quadrant shall be able to perform the Work on Lot 3 or Lot 4 as applicable at a location approved by Intracorp to the extent that the stormwater detention facility will accommodate Quadrant's project. onies expended by Quadrant in performing the Work shall be deducted from Quadrant'l $50,000 payment. Any residual amount then owing to Intracorp shall then be made to Intracorp upon completion of the Work by Quadrant. 40P t+i**' Pram.'+) MRy bL Obf+lu¢a rlr,-44�-5 N404 t- 'N Wf iS a44A4'E +0 %#N