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2 <br /> (1) Bond/Obligation Deed of Trust. To secure the Owner's <br /> Obligations,including payment of the Installment Payments under Section 1.15 <br /> below and the Transfer Lot 3 work under Section 1.2(d) and the conveyance of <br /> Transfer Lot 3 to the City, Owner shall deliver the Bonds,in accordance with <br /> Exhibit I,to the City in the total amount of Three Million Six Hundred and <br /> No/100 Dollars ($3,600,000). In exchange for the delivery of the Bonds,the City <br /> will concurrently execute two Request for Reconveyance to release and cause to <br /> be fully reconveyed those certain Deeds of Trust dated July 1,2001, and recorded <br /> under Snohomish County Recording No.200107110598 and 200107110599 (the <br /> "Reconveyances"). Thereafter, at Owner's election, Owner may submit a <br /> Binding Site plan to the City to legally create the Lots. Upon the Binding Site <br /> Plan Notice of Decision being signed and the Binding Site Plan being approved <br /> by the City and recorded by Owner, all so that the Lots are legal parcels,the <br /> parties agree that the City will surrender the Bond upon the recording of a Deed <br /> of Trust, in the form attached to this Amendment as Exhibit F-1, against the Lots <br /> in first lien position(the "Obligation Deed of Trust"). In addition, Owner shall <br /> cause to be delivered to the City at Owner's sole cost and expense extended <br /> coverage 2006 ALTA lender's title insurance policies for the Obligation Deed of <br /> Trust insuring such first lien position,both in a form acceptable to the City. <br /> (2) Assignment/Transfer. Regardless of any other provision in this <br /> Amendment or in the Development Agreement, Owner shall not prior to the <br /> satisfaction of all Owner Obligations assign Owner's rights and obligations in this <br /> Amendment or transfer Owner's interest in Transfer Lot 3 unless (a) Owner has <br /> 20 <br /> 131047136.14 <br /> 27 <br />