RP Investment Co - Termination of Restrictive Covenant - Recorded 202110270302202110270302
TERMINATION
Rec: $207.50
10/27/2021 11:03 AM 1 of 5
SNOHOMISH COUNTY, WA
Electronically Recorded
After Recording Return to:
R&P Investments, LLC
2101 41" Ave, Ste 310
Seattle, WA 98020
TN4S DOA COURTESY ONLRECORDED
f1RSiAs uME
As NO LMB LM FORE
SUFFICIENCY,YALIDIV OR ACCURACY
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TER -MINA <Z,
'ND RELEASE OF RESTRICTIVE COVENANT
(` TI-FAMILY RESIDENTI.AL)
This TERMINATION AND RELEASE OF RESTRICTIVE COVENANT is made as of
th _' . Vy of October, 2021, by R&P Investment Company, LLC, a Washington limited
liability company, having an address of 2101 4" Ave, Ste 310, Seattle, Washington 98121 (the
"Owner") and the City of Edmonds, a political subdivision of Snohomish County in the State of
Washington (the "City"), having an address of 121 5tt' Ave N, Edmonds, Washington 98020, for
the express purpose of terminating and forever releasing and discharging the "Restrictive
Covenant" (as hereinafter defined).
RECITALS
WHEREAS, Owner holds title in fee simple in and to the real property legally described
on Exhibit 1, attached hereto and made a part hereof, also identified as Assessor's Tax Parcel No.
004519-001-009-00 (formerly tax parcel numbers 4519-001-009-0005 and 4519-001-012-0307)
(the "Property"); and
WHEREAS, Owner submitted an application for a building pen -nit to develop an apartment
building on the Property (the "Project"); and
WHEREAS, as a condition of approval of Owner's application, the City required Owner
to grant the City a Declaration of Restrictive Covenant (Multi -Family Residential) (the
"Restrictive Covenant"), which restricted the size of the building on the Property to no more than
52 units. The Restrictive Covenant was recorded with the Snohomish County Auditor's Office at
Recording No. 200209230980, and
WHEREAS, the City issued a building permit to Owner to develop a 52-unit apartment
building on the Property; and
WHEREAS, Owner elected not to proceed with the Project and received a partial
reimbursement of permit fees; and
R&P Investment Company, LLC/City of Edmonds
Termination and Release of Restrictive Covenant Page I of 5
202110270302 Document: TERMINATE Rec: $207.50 Page-2 of 5
Record Date:10/27/2021 11:03 AM Snohomish County, WA
WHEREAS, the Restrictive Covenant is no longer required pursuant to any regulatory
requirement of the City; and
WHEREAS, Owner now desires to terminate the Restrictive Covenant, which by its terms
cannot be extinguished or terminated without the written approval of the City; and
WHEREAS, the City has agreed to consent and allow the termination, release, and
discharge of the Restrictive Covenant.
AGREEMENT
NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Owner and the City, intending to be legally bound,
do hereby agree as follows:
1. The foregoing recitals are true and correct and are incorporated herein by this
reference as if repeated at length.
2. Effective as of the date hereof, the Restrictive Covenant is hereby terminated,
released, and discharged in its entirety; shall be of no further force or effect; and shall no Longer
be a burden or encumbrance on title to the Property. The parties hereby direct the Snohomish
County Auditor's Office to cancel same of record.
[Signatures and notary acknowledgements follow on the next pages.]
v 11:;Pr '14
R&P Investment Company, IJ.C/City of I3dmonds
Termination and Release of Restrictive Covenant.
Page 2 of 5
202110270302 Document: TERMINATE Rec: $207.50 Page-3 of 5
Record Date:10/27/2021 11:03 AM Snohomish County, WA
EN WITNESS WHEREOF, this Termination and Release of Restrictive Covenant has
been executed as of day and year first written above,
OWNER:
By: R&P Investment Company, LLC
Bv:
Stant V. Piha, Member
/ cy
STATE OF WASHINGTON
It )ss
COUNTY OF KING
The foregoing instrument was acknowledged before me this 2 �"l day of October, 2021.
by Stanley Piha, as member of R&P Investment Company, LLC, a Washington limited liability
company, on behalf of the company. Ile is personally known to ine.
Nota:4 Public in and for the State of Washington
Notary Fuwc
,State of Washington
JOEL MORRIS OSI'ROFF
LICENSE #4012
My COMMISSION EXPIRES
SETTEMBER 26,2023 1
R&P Investment Company, LLC/City of Edmonds
Termination and Release of Restrictive Covenant
Residing at: S 410 *1
My commission expires: — 01 A 6 /
Page 3 of 5
202110270302 Document: TERMINATE Rec: $207.50 Page-4 of 5
Record Date:10/27/2021 11:03 AM Snohomish County, WA
CITY OF EDMONDS:
By, a
kobert'Chave, Development Services, City of Edmonds
STATE OF WASHTNGTON )
)Ss
COUNTY OF
The foregoing instrLnnent was acknowledged before me this ` :' day of October, 2021,
by ,?r, r ; „! s`<'` > ':'4 -.. s%ti < - ,:' of the City of Edmonds, on behalf of
the City of Edmonds. He is personally known to me.
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�lr p`Aq`so�
� 201998
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Approved as to form and
Legal sufficiency
City Attorney
R&P Investment Company, LLC/City of Edmonds
Termination and Release of Restrictive Covenant
Notary Public in aid for the State of Washington
Residing at:
My 19
ission expires:
�4 '6
Page I of 5
202110270302 Document: TERMINATE Rec: S207.50 Page-5 of 5
Record Date:10/27/2021 11:03 AM Snohomish County, WA
EXHIBIT 1
Legal Description
LOTS 9, 10 AND 11 IN BLOCK 1 OF FRUITLAND ACRES TO LAKE BALLINGER, ACCORDING TO PLAT
RECORDED IN
VOLUME 10 OF PLATS AT PAGE(S) 47, IN SNOHOMISH COUNTY, WASHINGTON;
EXCEPT THE EAST 120.00 FEET THEREOF.
TOGETHER WITH THE WEST 60.00 FEET OF THE EAST 250 FEET OF LOT 12 IN BLOCK 1 OF FRUITLAND
ACRES TO LAKE
BALLINGER, ACCORDING TO PLAT RECORDED IN VOLUME 10 OF PLATS AT PAGE(S) 47, IN SNOHOMISH
COUNTY,
WASHINGTON;
EXCEPT THE WEST 8.47 FEET OF THE NORTH 30.00 FEET THEREOF;
ALSO, THE WEST 30 FEET Of THE EAST 220.00 FEET OF LOT 13 AND THE WEST 35.00 FEET OF THE
EAST 225.00 FEET
OF LOT 14 IN SAID BLOCK 1.
(ALSO KNOWN AS SNOHOMISH COUNTY LOT LINE ADJUSTMENT NO. LL-2001-01 RECORDED
SEPTEMBER 10, 2001
UNDER RECORDING NO. 200109105002)
Tax ID No. 004519-001-009-00
0
Ow
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R&P Investment Company, LLC/City of Edmonds
Termination and Release of Restrictive Covenant Page 5 of 5