11009 16TH AVE SE 2016-01-01 MF Import

AGRE=MEIVT NOW, 'I'F;EREFORE, for the mutual Uenefits and obligations contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, Developer and the District agree as follows: 1. Mitigation Payment Developer agrees to fuily mitigate the impacts caused by the proposed development of the Project by the payment of$16,084.80 to tlie District. The payment of$16,084.80 is based upon the approximate number of unhoused students expected to be enrolled from an additional 42 multi family drvelling units. Any adjustment in the number oi dwelling units shall result in a corresponding pro rata adjustment or refund in the ;nitigation paymen[. Said payment shall constitute a full and complete mi(igation for the direct impacts to tlie District of the Proiect. Z• Time Payment Due Ueveloper sliall pay the sum identified herein prior te, and as a condition of, issuance of building �ermits for the project by City of Everett. Since this project is to Ue built in hvo pllases, Developer may pay the proportionate share for Phase One (6 units) prior to issuance of the building permit for Phase One. The amount of mitigation for Phase One will be $2,304.00. Prior to issuance of the building permit for Phase Two (36 units) the remaining balance of $13,780.80 shall be paid. This agreement shall be binding on the successors, heirs, and assigns of the parties hereto. 3• Covenant Not to Sue Developer hereby covenants and undertakes that it forever refrains and desists from instituting, asserting, filing or bringing any lawsuit, ]itigation, claim, challen�e or proceeding to challenge this Agreement, claim any repayment or reimbursement of funds, performance or improvements provided for herein, or any of its terms and condiHons, on any ground or basis wliatsoever. DATED: I 1 I4, I y�� Dev ]oo r• Di ri • ENGINF,ERS INVESTMEIVT Cf�IvIPANY EVLRETT SCHOOL DISTRICT NO.2 By , � �, B Y Neil G. Wehme er Managing Partner ------ sy - 2