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CONTRACT REZONE AGREEMENT.doc CONTRACT REZONE AGREEMENT THIS INSTRUMENT is executed this date in favor of the City of Edmonds, a Municipal Corporation (herein called "City") by ESC Associates, the owner of property legally described below (herein called "Owner"). WITNESSETH: WHEREAS, Owner owns a fee simple and/or substantial beneficial interest in the properties described in Exhibit A attached hereto and incorporated by reference; and WHEREAS, Owner has filed a petition (C.F. ____________) with the City to rezone the Property from Community Business (BC) to CG on the southern portion of the proeprty and CG 2 on the northern portion; and WHEREAS, the Planning Board of the City of Edmonds held a public hearing on _____________________________ , and thereafter recommended to the City Council that the petition be granted subject to certain conditions, and the Council granted the petition; NOW, THEREFORE, Owner hereby covenants, bargains and agrees on behalf of itself and its successors and assigns that it will comply with the following limitations and conditions in consideration of the rezone of the Property from Community Business (BC) to CG on the southern portion of the property and CG 2 on the northern portion. Section 1. Use and development of the Property shall be accomplished in accordance with the following conditions: A. Development shall substantially comply with the design presented to the Planning Board, as shown in Exhibit B attached hereto and incorporated by this reference. Any major change to the design or to the proposed project, shall require further review and approval by the City Council of the City of Edmonds. B. All future development of the property shall comply with the Edmonds Municipal Code and all rules adopted in connection therewith. Section 2. This Contract Rezone Agreement (hereinafter "Agreement") shall be recorded in the records of Snohomish County by the City Clerk. The convenants hereof shall be deemed to attach to and run with the Property and shall be binding upon the Owner, his heirs, successors, and assigns, and shall apply to after- acquired title of the Owner of the Property; provided that the convenants herein and the rezone shall expire and be of no force and effect _____________ years from the effective date of the approval of this rezone. Section 3. This Agreement may be further amended or modified by agreement between Owner and the City; provided, such amended agreement shall be approved by the legislative authority of the City by ordinance. Nothing in this Agreement shall prevent the City Council from making such further amendments to the Zoning Ordinance or Municipal Code as it may deem necessary in the public interest. Nothing in this Agreement is intended to authorize any use or dimension not otherwise permitted in the CG and CG 2 zones. The conditions contained in this Agreement are based on the unique circumstances applicable to this Property, and this Agreement is not intended to establish precedent for other rezones in the surrounding area. Section 4. Owner acknowledges that compliance with the condition of this Agreement is a condition of the subject rezone and that if Owner avails himself of the benefits of this rezone but then fails to comply with the conditions of this Agreement with the City, in addition to pursuing any other remedy, the City may revoke the rezone by ordinance and require the use of the Property to conform to the requirements of the Community Business (BC) zone. DATED this _______ day of _______________________ CITY OF EDMONDS _________________________________ By _________________________________ Its ESC ASSOCIATES _________________________________ By _________________________________ Its State of Washington ) ) ss. County of _________ ) I certify that I know or have satisfactory evidence that ________________ is the person who appeared before me, and said person acknowledged that _____ signed this instrument, on oath stated that he is authorized to execute the instrument and acknowledged it as the _______________ of ____________________to be the free and voluntary act of such party for the uses and purposes mentioned in this instrument. SUBSCRIBED AND SWORN TO before me this day of __________, 200___. NOTARY PUBLIC, in and for the State of Washington, residing at . My Comm. Expires: . State of Washington ) ) ss. County of _________ ) I certify that I know or have satisfactory evidence that _____________________ is the person who appeared before me, and said person acknowledged that he signed this instrument, on oath stated that he is authorized to execute the instrument and acknowledged it as the _______________ of ___________________to be the free and voluntary act of such party for the uses and purposes mentioned in this instrument. SUBSCRIBED AND SWORN TO before me this day of __________, 200___. NOTARY PUBLIC, in and for the State of Washington, residing at . My Comm. Expires: .