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at no cost to the City and dedicated to the City for public use. The purpose of this <br /> Covenant is to formalize that agreement, under the terms and conditions as set forth herein. <br /> D. This Covenant runs with the land. Grantor enters into this Covenant on <br /> behalf of itself and behalf of its successors-in-interest to the Property. <br /> E. Grantor and Grantee entered into the Public Access Covenant and <br /> Agreement dated December 28, 2015, and recorded under 201601140239 (the "Old <br /> Covenant"). For purposes of clarity,the parties have decided to replace and supersede <br /> entirely the Old Covenant with the amended and restated Covenant hereunder. <br /> AGREEMENT <br /> In consideration of the mutual promises set forth herein, and for other good and <br /> valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br /> Grantor and Grantee hereby covenant and agree as follows: <br /> 1. Definitions <br /> In addition to terms defined elsewhere in this Covenant, the following terms <br /> are defined for this Covenant as follows: <br /> A. "Property Development Permit"means any City-issued permit for <br /> development of the Property, including without limitation permits such as shoreline <br /> permits, building permits and grading permits. <br /> B. "First Property Development Permit" means the first Property <br /> Development Permit issued after the date of this Covenant. <br /> C. "Public Access Improvements" means an eight-foot shoreline trail <br /> constructed in accordance with City-standard requirements for pedestrian/bicycle trails and <br /> a viewpoint constructed in substantially the same manner as other shoreline viewpoints in <br /> the Riverside Business Park. <br /> D. "Performance Bond" means a payment and performance bond in <br /> favor of the City for the construction of the Public Access Improvements in a bond form <br /> reasonably acceptable to the City and issued by a surety listed in the U.S. Department of <br /> Treasury's Listing of Approved Sureties (Department Circular 570) or other surety <br /> acceptable to the City in the City's sole discretion, accompanied by a power of attorney for <br /> the surety's representative empowered to sign the bond. <br /> E. "Lot 7" means Lot 7 as legally described in the boundary line <br /> adjustment and survey recorded under Snohomish County recording number <br /> 201207265001. <br /> Public Access Covenant and Agreement Signature Page <br />