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10 <br /> F <br /> IRST AMENDMENT TO AGREEMENT TO NEGOTIATE EXCLUSIVELY <br /> The City of Everett, a Washington municipal corporation ("Everett") and Artspace <br /> Projects, Inc., a Minnesota nonprofit corporation("Artspace") agree to amend and <br /> modify their October 10, 2006 Agreement to Negotiate Exclusively as follows: <br /> WHEREAS, in furtherance of the objectives of Everett for redevelopment of certain real <br /> property owned by Everett located at 2919 Hoyt Ave. and legally described as Lots 6 <br /> through 12, Block 682, Plat of Everett, according to the plat thereof recorded in Volume <br /> 3 of Plats, page 32, records of Snohomish County,Washington ("Site"), Everett passed a <br /> resolution on April 26, 2006, authorizing Everett's Mayor to negotiate a ground lease for <br /> a term up to 100 years; and <br /> WHEREAS, on October 10, 2006, Everett and Artspace entered into an Agreement to <br /> Negotiate Exclusively with regard to the Site; and <br /> WHEREAS, the October 10, 2006 Agreement states that if Artspace has not signed a <br /> ground lease agreement for the Site by October 10, 2007, the Agreement automatically <br /> expires—unless both Everett and Artspace agree to an extension; and <br /> WHEREAS,the October 10, 2006 Agreement established a development concept that <br /> included a general scope of development and the parties' understanding that the <br /> affordability of the housing developed by Artspace would be maintained for a period of <br /> 100 years, that the housing would be managed in accordance with an"Artist Preference <br /> Policy" and that the Site would be leased to Artspace for$1 per year for a term of 100 <br /> years; and <br /> WHEREAS,the October 10, 2006 Agreement established the respective responsibilities <br /> of Artspace and Everett during the exclusive negotiating period; and <br /> WHEREAS,Artspace has been diligently pursuing necessary financing for the <br /> development and construction of its project at the Site, conducting due diligence <br /> investigation of the Site and keeping Everett informed of progress in fulfilling Artspace's <br /> responsibilities under the October 10, 2006 Agreement; and <br /> WHEREAS, Artspace and Everett require additional time to negotiate a ground lease; <br /> and <br /> WHEREAS,the purpose of this Amended Agreement is; (i) to provide a definitive time <br /> period during which Artspace will have the exclusive right to negotiate with Everett for <br /> the lease and development of the Site; and (ii)to enable Everett and Artspace to negotiate <br /> the final terms and provisions of the documents necessary for the lease and development <br /> of the Site; <br /> 89 <br /> 1 <br />