2009/10/07 Council Agenda Packet

12 THIS DECLARATION OF COVENANT (this "Declaration of Covenant") is made the date stated below by ECLIPSE PROPERTIES LLC, a Washington limited liability company ("Eclipse"), pursuant to its agreement with the CITY OF EVERETT, a municipal corporation under the laws of the State of Washington (the "City"). PURPOSE A. For good and valuable consideration, receipt of which is acknowledged by Eclipse, Eclipse has agreed with the City to execute and record this Declaration of Covenant. B. This Restrictive Covenant documents Eclipse's intent and obligation that the real property described in the attached Exhibit A (the "Propert y") will become part of the Riverfront Planned Development Overlay. COVENANT NOW, THEREFORE, Eclipse hereby declares on behalf of itself, its successors and assigns that all of the Property shall be held, sold and conveyed subject to and together with the following restrictions, covenants and conditions: 1. Unincluded Property Part Of Riverfront PDO. The Property shall become part of the Riverfront Planned Development Overlay Zone as that land use planning entitlement designation is developed and approved by the City. Eclipse shall execute such documentation, including a mutually-acceptable Development Agreement, as the City shall require to process the Unincluded Property as part of the Riverfront Planned Development Overlay Zone in a timely manner. Eclipse shall be responsible for all costs for permit fees and other required approvals associated with this Covenant. In the event a legal proceeding is initiated to enforce this Covenant, the substantially prevailing party shall be entitled to an award of reasonable attorney fees and costs in addition to any other relief to which that party is entitled. 2. General. This Covenant shall touch, concern and run with the real property legally described in Exhibit A. DATED this day of , 2009. ECLIPSE PROPERTIES, LLC By Stuchell Enterprises, Inc., its Manager By: Harry Stuchell, Its Chairman, Board of Directors 40