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LETTER OF UNDERSTANDING <br />BETWEEN <br />THE CITY OF EVERETT <br />AND <br />THE SABEY CORPORATION <br />WHEREAS, the Sabey Corporation desires the approval of the <br />City of Everett for Boundary Line Adjustment Application No. <br />28-87 and has met all the City's requirements for approval <br />excapt for the submission of a Declaration of Legal <br />Documentation ("Declaration") executed by John Fluke Mfg. Co., <br />Inc.; <br />WHEREAS, the City will not record the Boundary Line <br />Adjustment without receipt of this Declaration; <br />NOW, THEREFORE, it is hereby agreed and understood between <br />Sabey Corporation and the City as follows: <br />1. Sabey Corporation has provided the City with a letter <br />of credit in the amount of $200,000.00 to assure that the <br />Boundary Line Adjustment Application will be recorded not later <br />than thirty (30) days from the date of this Agreement. <br />2. Upon execution of this Agreement the City will <br />immediately issue a building permit for the property located at <br />1525 - 75th Street S.W. so that Sabey Corporation may begin <br />construction. <br />3. In the event Sabey Corporation has not provided the <br />City with the Declaration by Wednesday, November 25, 1987 at <br />5:00 p.m. the City will issue a stop work order to Sabey <br />Corporation for all construction at the site, which stop work <br />-1- <br />