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6 <br /> Agreement shall automatically terminate unless this Agreement has been mutually <br /> extended by the Everett and Artspace. If a Ground Lease is signed and submitted by <br /> Artspace to Everett on or before expiration of the Negotiation Period,then this <br /> Agreement and the Negotiation Period herein shall be extended without further action by <br /> Everett for forty-five (45)days from the date of such submittal during which time Everett <br /> shall take all steps legally necessary to(1)consider the terms and conditions of the <br /> proposed Ground Lease, (2)if deemed appropriate by Everett,take the action necessary <br /> to authorize Everett to enter into the Ground Lease and (3) execute the Ground Lease. <br /> If Everett has not executed the Ground Lease by such forty-fifth(45th) day <br /> this Agreement shall automatically terminate, unless the forty-five (45) day period has <br /> been mutually extended by Everett and Artspace. <br /> B. Development Concept <br /> 1. Scope of Development <br /> The negotiations hereunder shall be based upon a development concept <br /> described as follows: <br /> a. The Site shall be leased to Artspace for a period of 100 years(the <br /> "Ground Lease"). <br /> b. Artspace shall develop the Site with forty (40)residential rental units <br /> for artist' live/work housing(the "Housing") affordable to low and very <br /> low income households, together with parking for the Housing and ground <br /> floor space for a regional arts center that may be developed under sublease <br /> of the Site to the Arts Council of Snohomish County ("ACSC") or other <br /> tenant acceptable to Everett if ACSC is unable to move forward with the <br /> project. These several components of the contemplated development shall <br /> be referred to as the Project. <br /> 2. Ground Lease Provisions <br /> The Ground Lease shall include, but is not limited to, the following <br /> provisions: <br /> a. Subject to the requirements of funding sources relating to income <br /> thresholds and income mix of Housing residents, rental units in the <br /> Housing Project shall be made affordable for rent by households <br /> meeting the definition of Low or Very Low Income Households as <br /> defined by the United States Department of Housing and Urban <br /> Development(HUD), or any other department or agency that shall <br /> succeed to HUD's functions, for the Seattle-Bellevue-Everett <br /> Primary Metropolitan Statistical Area, for a <br /> period of one hundred (100)years. <br /> 1 <br />