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N. r •• <: t; 2.3 Public Portion of the Road:Southport West LLC Responsibilities and Waiver and Release: 2.3.1 Southport West LLC shall pay its share of the cost of the Public Portion of the Road as set forth in this Section 2.3.1. 2.3.1.1 Southport West LLC shall contribute 50% (fifty percent)of the actual cost for the Public Portion of the Road, including preliminary engineering, right-of-way acquisition, construction, and construction services costs,subject to the limitations herein. Southport West LLC's contribution shall be made by transfer from the Account to Renton, on a quarterly basis, in an amount equal to 50%of the City's actual costs for the Public Portion of the Road for the prior quarter, as set forth in an itemized statement sent by Renton to Southport West LLC, up to the balance available in the Account. 2.3.1.2 Southport West LLC's contributions set forth in Section 2.3.1.1 shall continue until the Account balance has reached$0.00(zero dollars). Following that,the City will be responsible for 100%(one hundred percent)of the actual cost of the Public Portion of the Road, up to a total project cost of$7.5 million. 2.3.1.3 If and at the time that the total project cost of the Public Portion of the Road exceeds$7.5 million, Southport West LLC shall become 100% responsible for the costs of completing the Public Portion of the Road in excess of$7.5 million. Southport West LLC shall pay for completion costs in excess of$7.5 million by paying to Renton,on a quarterly basis,the City's costs on the Public Portion of the Road for the prior quarter,within 30(thirty) days of receipt of an itemized statement sent by Renton to Southport West LLC. 2.3.1.4 Notwithstanding the provisions of Section 2.3.1.3, Renton shall provide Southport West LLC with a copy of the lowest responsive construction bid for the Public Portion of the Road at least 7 days prior to awarding such contract to the lowest bidder. If Southport West LLC reasonably determines that the amount of such low bid is likely to cause the total cost of the Public Portion of the Road to exceed$10 million, Southport West LLC may request in writing that the construction contract not be awarded. Such request must be made before the City Council awards the project to the lowest bidder. Within 7 days of Southport West LLC's request, Renton and Southport West LLC shall meet to determine next steps. Options for resolution include, but are not limited to, rejecting all bids and altering the design of the Public Portion of the Road to reduce the cost and then putting the project out to bid again; or mutually agreeing on how to cover the additional funding need. Should 30 days elapse with Renton and Southport West LLC not coming to mutual agreement upon a resolution, either Party may provide notice of its intent to terminate further obligations of the Parties to construct the Public Portion of the Road and the Private Portion of the Road. If the Parties do not reach a mutual agreement for continuing the construction within 10 days of such notice, both Parties' obligations for completion of the Public Portion of the Road and the Private Portion of the Road shall immediately terminate. 2.3.2 Upon the Effective Date,Southport West LLC, Hotel at Southport LLC and Office at Southport LLC and their respective heirs, successors and assigns,each forever and irrevocably waive and release any and all rights or claims to the Account or to other compensation or consideration from Renton with regard to the subject matter of the 2015 Transportation Credit Agreement existing as of the current date,except rights to the Account arising under the terms PARK AVENUE NORTH EXTENSION AND PRIVATE ROAD AGREEMENT -5 - ‘v.$5 A17 ,k�� FirstAmerican Title Insurance Company National Commercial Services • ' 920 Fifth Avenue, Suite 1200 Seattle, WA 98104 PR:NATLAC Ofc: 206(1598) DATE: 11/28/2018 fl RECEIPT NO.: 67204 RECEIPT FOR DEPOSIT FILE NO.: NCS-933854-WA1 FUNDS IN THE AMOUNT OF: WERE RECEIVED FROM: Southport West LLC CREDITED TO THE ACCOUNT OF: Buyer TYPE OF DEPOSIT: Wire REPRESENTING: Earnest Money Deposit Comments: Property Location: 900 Lake Washington Boulevard North,Renton,WA 98055 BY: Joseph Muriello, 11/28/2018 ESCROW OFFICER: Jean Couch "The validity of this receipt,for the deposit referenced, is subject to clearance by the depository financial institution and credit to our account." Other Copy Air Exhibit A REAL PROPERTY DESCRIPTION (LEGAL DESCRIPTION TO BE ADDED AFTER LLA IS COMPLETE) LOT A OF CITY OF RENTON LOT LINE ADJUSTMENT NO LUA 98-176-LLA RECORDING NO 9902019014 BEING A PORTION OF GOV LOT 1 IN NW 1/4 OF SECTION 08-23-05 &PORTION LAKE WASH SHORELAND LY NLY&WLY OP BURLINGTON NORTHERN RAILROAD CO R/W TCO 17-1681 AND LOT C OF CITY OF RENTON LOT LINE ADJUSTMENT NO LUA 98-176-LLA RECORDING NO 9902019014 BEING A PORTION OF GOV LOT 1!NNW 1/4 OF SECTION 08-23.05 LY NLY&WLY OF BURLINGTON NORTHERN RAILROAD CO R/W TCO 17- 1682 MINUS New Lot"2",AKA the Switch Arca,as described in Section 1.1(c)of the Agreement l Tx,.Iwo(_..wA .. .r Erkir.rit..„. i--1,,Li —' Vrei 417/7 I, ''. fi.SE:..v i f I� 1 r-' / NEW lAT2 ' 't. /;`I i ,.'::; .4/; 1.f J .A 1. : ` i .` ;,`/ / 41 F I • 3129/62 11/19/18 psa v15 clean tread\SECO Development\Puget Western LW Site