Ordinance 2971-07 - Laserfiche WebLink

Exhibit "B" Deferred Payment Agreement between the City of Everett and Port of Everett for unpaid compensation for vacated 12th 13th and 14th Streets at Everett Marina This Deferred Payment Agreement (this "Agreement") is entered into this Ste'day of Mar• t , 2007, by and between the City of Everett ("City") and the Port of Everett ("Port"), both municipal corporations under the laws of the State of Washington,specifying certain terms and conditions relating to the payment of required compensation of street vacations. In consideration of the City granting Port's application for right-of-way vacation per Ordinance No. 2.911-o? (the"Ordinance"),the Port agrees to the provisions of this Agreement. 1. DUE DATE: The entire balance of compensation owed to the City for the rights of way vacated by the Ordinance 41a11 be due and payable in full by the Port as specified under Section 4 of the Ordinance. 2. DEFAULT INTEREST: The Port agrees that if the full or any unpaid portion of the compensation owed by the Port has not been paid as specified in the Ordinance by the due date,then,in addition to the unpaid compensation owed, interest shall also be owed at the rate of twelve percent (12%)per annum from the date the Ordinance was recorded on the unpaid amount of the required vacation compensation. Interest shall continue to accrue at the same rate during the default period until the unpaid street vacation compensation amount owed plus interest has been provided in full. 3. ATTORNEY'S FEES AND COSTS: In the event of a dispute as to payment of the compensation for the street vacations as required by the Ordinance,each party shall be responsible for their own attorney's fees and other legal costs. 6