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1 <br /> ItJI, <br /> PLJp11C UTILITY DISTFICT\O. 1 <br /> OPTION AGREEMENT <br /> THIS OPTION AGREEMENT ("Option Agreement") is entered into by and between <br /> Public Utility District No. 1 of Snohomish County, a Washington municipal corporation <br /> ("District"), and the City of Everett, a Washington municipal corporation ("City"). The District and <br /> the City are sometimes referred to individually herein as "Party" and collectively as "Parties". <br /> WHEREAS, the District owns certain real property situate in the Snohomish County, <br /> Washington, and legally described on attached and incorporated Exhibit "A" ("Property"). <br /> WHEREAS, the District Board of Commissioners recently passed Resolution No. 5758 <br /> recognizing that the Property is surplus to the needs of the District except for the need to <br /> reserve a high-voltage, primary and secondary easement along the west seventeen feet (17') of <br /> the Property, and authorizing the District to sell the property for fair market value. <br /> WHEREAS, the City desires to obtain an option to purchase the Property. <br /> WHEREAS, District is willing to grant the City an option to purchase the Property in <br /> accordance with the terms and conditions of this Option Agreement. <br /> NOW, THEREFORE, the Parties agree as follows: <br /> 1. Option Granted to the City. In consideration of the payment of the sum of Ten Thousand <br /> and 00/100 Dollars (US $10,000.00) by the City to the District, receipt of which is hereby <br /> acknowledged, the District hereby grants the City the exclusive right, privilege and option <br /> ("Option") to purchase the Property from the District in accordance with the term and conditions <br /> of this Option Agreement. In the event the City exercises the Option provided herein, this Option <br /> Fee will be credited toward the Purchase Price at closing. In the event that the City does not <br /> exercise the Option provided herein, this Option fee will be retained by the District. <br /> 2. Option is Exclusive. The District represents and warrants that this is an exclusive Option <br /> and that no option to purchase the Property has been granted to any other person or entity by <br /> the District. <br /> 3. Term of Option. The term of this Option shall commence upon the date of mutual <br /> acceptance hereof by the District and the City and shall expire at midnight of the ninetieth (90th) <br /> calendar day thereafter unless extended as herein provided. <br /> 4. Extension. The City may extend the term of this Option Agreement for three consecutive <br /> periods of thirty (30) calendar days each upon giving to District a written notice as hereinafter <br /> provided prior to the expiration of the preceding term of this Option. Except as provided in <br /> Subsection 7(a), the City will pay to the District for each such extension the sum of Five <br /> Thousand Dollars (US $5,000.00) per extension ("Extension Fee"). In the event the City <br /> exercises the Option provided herein, any Extension Fees will be credited toward the Purchase <br /> Everett Option Agreement Page 1 <br /> 2 <br />