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10 <br /> Now, therefore, EVERETT AND ARTSPACE HEREBY AGREE TO AMEND AND <br /> MODIFY THEIR OCTOBER10, 2006 AGREEMENT AS FOLLOWS: <br /> 1. The negotiation period set forth in the October 10, 2006 Agreement shall be extended <br /> to read as follows: <br /> A. Negotiations <br /> 2. Duration of This Agreement <br /> The duration of this Amended Agreement(the"Amended Negotiation <br /> Period")shall extend the original Negotiation Period by one year so that the Amended <br /> Negotiation Period expires one year from the date of execution of this Amended <br /> Agreement by Everett. If upon expiration of the Amended Negotiation Period,Artspace <br /> and Everett have not executed a Ground Lease,then this Amended Agreement shall <br /> automatically terminate unless this Amended Agreement has been mutually extended by <br /> the Everett and Artspace. If a Ground Lease is signed and submitted by Artspace to <br /> Everett on or before expiration of the Amended Negotiation Period,then this Amended <br /> Agreement and the Amended Negotiation Period herein shall be extended without further <br /> action by Everett for forty-five(45)days from the date of such submittal during which <br /> time Everett shall take all steps legally necessary to(1)consider the terms and conditions <br /> of the proposed Ground Lease,(2)if deemed appropriate by Everett,take the action <br /> necessary to authorize Everett to enter into the Ground Lease and(3)execute the Ground <br /> Lease. <br /> If Everett has not executed the Ground Lease by such forty-fifth(45th) <br /> day this Amended Agreement shall automatically terminate,unless the forty-five(45)day <br /> period has been mutually extended by Everett and Artspace. <br /> 2. The subsection that describes the contemplated ground lease provisions in the October <br /> 10, 2006 Agreement shall be modified to avoid prematurely prescribing the terms of an <br /> Artist Preference Policy. The subsection shall read as follows: <br /> B. Development Concept <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 <br /> income thresholds and income mix of Housing residents,rental <br /> units in the Housing Project shall be made affordable for rent by <br /> households meeting the definition of Low or Very Low Income <br /> Households as defined by the United States Department of <br /> Housing and Urban Development(HUD), or any other <br /> • department or agency that shall succeed to HUD's functions,for <br /> the Seattle-Bellevue-Everett Primary Metropolitan Statistical <br /> Area,for a <br /> 2 90 <br />