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02.04•'07 13:12 PAZ 200 848 8300 4U.40PUNT CORP +.. PUBLIC PROM AIM a004 <br />QUADRAM <br />A NAIAO av CMWN <br />May 16, 1996 <br />John Solberg <br />Intracorp <br />2505 Second Avenue Suite 300 <br />Seattle WA 98121 <br />Rr-CEIVED <br />MAY 3 1 t9% <br />aveft, nta. Sue No <br />N.E. aT x. I IIN <br />PC am 130 <br />arl*.e. Wwliv" 9039 <br />7e (XV 455-ms <br />Fe. (20a16464300 <br />RECER ED <br />RE: Stormwater Detention Agreement for Merrill Creek, Everett Properties <br />Dear John, <br />1AIo+,+t�Airt+�+ <br />This Agreement binds the Intracorp Merrill Creek L,L.C., aWyermag Limited Liability Company <br />("Intracorp") and Seaway Associates, A Washington General Partnership, whose managing <br />general partner is The Quadrant Corporation ("Quadrant'), to the following Terms and <br />Conditions with respect to the provision of additional stormwater detention facilities to serve the <br />Merrill Cheek properties as defined in the attached legal description ("Exhibit A"). <br />BACKGROUND <br />Quadrant is the owner of Lots I and 2 and Intracorp is the owner of Lots 3 and 4 of that certain <br />Binding Site Plan described in Exhibit A (together, "the Property"). The City of Everett has <br />determined that there is insufficient srormwater detention capacity in the existing common <br />stormwater detention pond serving the Property. The City has determined that an additional 0.75 <br />acre feet cf deOntion capacity must be provided within the boundaries of the Property prior to f ill <br />development of, It the Property <br />Intracorp and Quadrant have determined that it is in their mutual interest and those of successor <br />owners for this additional stormwater detention capacity to be provided at a single location on the <br />Property. It has been agreed between Intracorp and Quadrant 'that the logical location for the <br />additional stormwater detention facility is within Lot 3 or 4 as owned by Intracorp. In as much as <br />both the Quadrant properties and Intracorp properties will benefit equally from the construction <br />of this single fatality, Intracorp and Quadrant have agreed to share equally in the cost of providing <br />the land and constructing the improvements for said detention facility. <br />Jn consideration of the mutual promise3, covenants and conditions contained herein, and other <br />good and valuable consideration, the sufficiency of which is acknowledged by the patties hereto, <br />the parties agree as follows: <br />02/04/97 15:13 TX/RX N0.0445 P.004 0 <br />