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20220429001282InstrumentNumber:20220429001282Document:OPTRec:S210.50Page-Iof8RecordDate:4/29120223:05PMElectronicallyRecordedKingCounty,WACITY0pRENTONMAY182022DIptVEDAfterrecordingreturndocumentto:ICECftyClerkCityofRenton10555.GradyWayRenton,WA98057DOCUMENTTITLE:OPTtONTOPURCHASEANDRIGHTOFfIRSTREFUSALRECORDINGNUMBEROFDOCUMENT(S)ASSIGNEDORRELEASED:N/AGRANTOR(S):ROBERTG.PERELLI,asaseparateestateGRANTEE(S):CITYOFRENTON,aWashingtonmunicipalcorporationABBREVIATEDLEGALDESCRIPTION:LOT11,BLOCK3,RENTONFARMPLATADDITIONALLEGALDESCRIPTIONONPAGE(S):oASSESSOR’STAXPARCELNO(S):OLDREPUBLICTITLELTD7224000205t2c2?—7OPTIONTOPURCHASEANDRIGHTOFFIRSTREFUSALThisOptiontoPurchaseandRightofFirstRefusal(“Agreement”)isenteredIntothisdayof?‘t,2022,byandbetweentheCityofRenton,aWashingtonmunicipalcorporationfcjy),andRobertG.Pereill,asaseparateestate(“Owner”).WHEREAS,RobertG.Perelli,theownerofthatcertainrealpropertylocatedat144ParkAvenueNorth,Renton,Washington98057,legallydescribedasfollows(hereinafterreferredtoasthe“Property”):1 Afterrecordingreturndocumentto:CityClerkCityofRenton1055S.GradyWayRenton,WA98057DOCUMENTTITLE:OPTIONTOPURCHASEANDRIGHTOFFIRSTREFUSALRECORDINGNUMBEROFDOCUMENT(S)ASSIGNEDORRELEASED:N/AGRANTOR(S):ROBERTG.PERELLI,asaseparateestateGRANTEE(S):CITYOFRENTON,aWashingtonmunicipalcorporationABBREVIATEDLEGALDESCRIPTION:LOT11,BLOCK3,RENTONFARMPLATADDITIONALLEGALDESCRIPTIONONPAGE(S):q2(oASSESSOR’STAXPARCELNO(S):OLDREPUBLICTITLELTD72240002050_it2—7OPTIONTOPURCHASEANDRIGHTOFFIRSTREFUSALThisOptiontoPurchaseandRightofFirstRefusal(“Agreement”)isenteredintothiscP0dayofk?Yt,2022,byandbetweentheCityofRenton,aWashingtonmunicipalcorporation(“City”),andRobertG.Perelli,asaseparateestate(“Owner”).WHEREAS,RobertG.Perelliistheownerofthatcertainrealpropertylocatedat144ParkAvenueNorth,Renton,Washington98057,legallydescribedasfollows(hereinafterreferredtoasthe“Property”):1 Lot11,Block3,RentonFarmPlat,accordingtotheplatthereofrecordedinVolume10ofPlats,page97,recordsofKingCounty,Washington;EXCEPTtheEast5feetthereofforalley.SITUATEintheCountyofKing,StateofWashington.TheCityandOwnerherebyauthorizetheinsertionovertheirsignaturesofthecorrectlegaldescriptionofthePropertyifunavailableatthetimeofsigning,ortocorrectthelegaldescriptionpreviouslyenterediferroneousorincomplete.WHEREAS,theCityandtheOwnerhaveenteredintoapurchaseandsaleagreementforthepropertylocatedat140ParkAvenueNorth,Renton,Washington98057(“AdjacentProperty”)andCityalsodesirestopurchasethePropertyinordertopotentiallycombineusesofthePropertyandAdjacentProperty;andWHEREAS,theOwnerisnotreadytosellthePropertyatthecurrenttimebutiswillingtogivetheCityanOptiontoPurchaseandRightofFirstRefusalinexchangeforconsiderationprovidedforintheconcurrentlyexecutedpurchaseandsaleagreementfortheAdjacentPropertyandsuchfurtherconsiderationasprovidedherein;NOW,THEREFORE,thepartiesagreeasfollows:A.AGREEMENTTERM:ThisAgreementshallremaineffectiveandbindinguponthePartiesandanysuccessorininterestuntilsix(6)monthsaftertheexpirationoftheOptionPeriod,asdefinedbelow.B.OPTIONTOPURCHASE:1.OptionPeriod.OwnergrantstheCityanexclusiveoptiontopurchasethePropertyforitsfairmarketvalue(“Option”).ThetermoftheCity’sexclusiveOptionshall2 commenceuponthisAgreementbeingsignedbybothPartiesandexpireupontheearlierofthirty(30)yearsfromthedatethisAgreementissignedbybothPartiesorupontheCitydecliningorfailingtotimelyexerciseitsOptionpursuanttothetermsofparagraphs2—5below(“OptionPeriod”).2.DeliveryofOffertoExerciseOption.WhenOwnerdesirestosell,rent,lease,orotherwisetransferpossessionorrightstooccupytheProperty,oruponhisdeath,he,hisagent,oranauthorizedrepresentativeofhisestateshalldeliver,inwriting,anofferfortheCitytoexerciseitsOptionforapurchasepriceequaltotheProperty’sthencurrentfairmarketvalue.UnlessseparatemeansofdeliveryisagreedtoandacceptedinwritingbytheCity,deliveryoftheOwner’soffershallbemadebythethenlegalmeansforservinglegalprocessontheCityandtheCity’sAcceptancePeriodasprovidedhereinshallnotbegintorununtilsuchdeliveryhasoccurred.3.AcceptancePeriodandTermsofSale.TheOwner’sofferfortheCitytoexerciseexciseitsOptionshallremainopenandtheCity’soptionandrighttopurchaseshallbeexclusivetotheCityforthirty(30)daysaftersuchofferismade(“AcceptancePeriod”).TheCitywillrespondwithintheAcceptancePeriodinwritingtoeitheracceptordeclineitsOption.IftheCityexercisesitsOptionwithintheAcceptancePeriod,theCitywillpromptlyprepareandthePartieswillsignapurchaseandsaleagreementwithtermsandcontingenciessubstantiallythesameorsimilartotheParties’agreementfortheOwner’ssaletotheCityoftheAdjacentProperty,subjecttoanychangesnecessitatedbythenapplicablelegalorregulatoryrequirements.Thepurchaseandsaleagreementwillincludeaclosingdateofno3 laterthanninety(90)daysafterthedatetheCityacceptedtheoffertoexerciseitsOption.Unlessmutuallyagreedotherwise,theCity’sOptionandthepurchaseandsaleagreementshallexpireiftheCitycausesthesaletofailtoclosewithinninety(90)daysafterthedatetheCityacceptedtheoffertoexerciseitsOption.4.Appraisal.IftheCityexercisesitsOptionbutthePartiescannotagreetoafairmarketvaluewithintheAcceptancePeriod,thepurchaseandsaleagreementshallcontemplatethatthefairmarketvaluepurchasepriceshallbedeterminedbyanappraisal.TheappraisalshallbeperformedindependentofinfluencefromthePartiesbyaWashingtonstatecertifiedresidentialappraiserandbebasedupontheProperty’sinteriorandexteriorconditionatthetimeofsale.AtOwner’soption,OwnermayeitherobtainandpayforsuchappraisalorrequesttheCitytoobtainandpayfortheappraisal.IfOwnerdisputestheaccuracyofaCityobtainedappraisal,hemaypaytoobtainbeforetheclosingdateasecondindependentappraisalfromacertifiedappraiserthatisfreeofinfluencefromtheParties.ThehigherofthetwoappraisalswillbetheagreedfairmarketvaluepurchasepriceoftheProperty.5.DuringtheOptionPeriod,theOwnerwillnotsell,rent,lease,orotherwisetransfertherighttopossessorresideinthePropertytoanypersonorentityunlessagreedtoinwritingbytheCity.B.RIGHTOFFIRSTREFUSAL:1.Forsix(6)monthsaftertheexpirationoftheOptionPeriod(“RightofFirstRefusalPeriod”),Ownermaymarketforsale,rent,orleasetheProperty,butmaynotaccept4 anyofferorenterintoanyagreementthattransfersownershiporencumberstheOwner’sabilitytosellthePropertywithoutfirstprovidingtheCitytherighttomatchthetermsofanyofferreceivedbyOwner.IftheOwnerreceivesanofferfromathirdpartyduringtheRightofFirstRefusalPeriodtopurchaseorencumbertheProperty,theOwner,priortoacceptingsuchoffer,shalloffertoallowtheCitytopurchasethesameinterestsintheProperty.TheOwner’soffertotheCityshallincludeafullandcompletecopyofthethirdparty’sbindingoffer,includingthenameoftheproposedpurchaser.TheCityshallhavetherightoffirstrefusalforaperiodofthirty(30)daysafterreceiptofsuchnoticetoelecttopurchasethePropertyonthesameorbettertermsthanthethird-partyoffer(“OfferMatchPeriod”).2.TheCityshallnotifyOwner,inwriting,withintheOfferMatchPeriodofitsintenttoexerciseornotexerciseitsrightoffirstrefusalandmatchthetermsoftheofferreceivedbytheOwner.IftheCitychoosesnottoexerciseitsrightsandtheOwneracceptsthethirdparty’sofferthattheCitychosenottomatch,thisAgreementshallterminate.IftheCitychoosesnottoexerciseitsrighttomatchtheoffer,ordoesnotrespondwithintheOfferMatchPeriod,andtheOwnerdoesnottransferthePropertypursuanttothosesametermsoffered,thisAgreementshallcontinuetobeineffectthroughtheremainingportionoftheRightofFirstRefusalPeriod.C.GENERALTERMSANDCONDITIONS:ThefollowingtermsandconditionsapplytothisAgreement.1.ThePartiesagreethattheCitymayenforcethisAgreementjudiciallythrougharemedyofspecificenforcementandthatanytransferofownershiporrighttopossessionofS thePropertythatconflictswiththeCity’srightshereinshallbevoidtotheextentofsuchconflict.2.ThisAgreementshallberecordedintheKingCountyRecorder’sOfficetoplacepotentialpurchasersortenantsonnoticeoftheCity’sOptiontoPurchase.litheCityrejectsitsOptiontoPurchaseorfailstorespondwithintheAcceptancePeriod,OwnermaypreparefortheCity’ssignatureadocumentforrecordingthatconfirmstheCity’sagreementthatthetermoftheCity’sOptiontoPurchaseexpiredandthedateofsuchexpiration.TheCitywillnotunreasonablyrefuseorfailtosignsuchdocument.IfitdoesrefusetosigntheOwnerprovideddocument,theCitywillprovideadetailedwrittenexplanationofwhytheCitybelievesitsOptiontoPurchasehasnotexpiredorprovidespecificobjectionsastothelanguageproposedtobeusedbyOwner.3.Ownershallnotsell,rent,lease,orotherwiseencumberthePropertyduringtheAgreementTermwithoutwrittenpermissionoftheCity,excepthemayborrowagainsthisequityinthePropertywithoutfirstobtainingCitypermissionsolongasheremainstheprimaryresidentofthePropertyandtheholdersofthesecuredinterestareboundbythetermsofthisAgreement,includingtheCity’sOptiontoPurchaseintheeventtheholdersofthesecurityinterestforeclosetheirinterestorotherwiseforcethesaleoftheProperty.4.ThisAgreementshallrunwiththelandandbebindingonanyandallsuccessorsinintereststotheproperty.6 D.CONSIDERATIONFORTHISAGREEMENT:InadditiontotheconsiderationprovidedbytheCityforthesaleoftheAdjacentProperty,theCitywillpayOwnerthroughtheclosingprocessfortheAdjacentPropertythesumof$2,000.00,whichamountshallnotbedeductedfromanyfuturepurchasepriceofthePropertyandispaidtoOwnerasconsiderationforthisAgreement.TheCity’sobligationtopaythissumandtheeffectivenessofthisAgreementshallbecontingentuponthesaleoftheAdjacentPropertytotheCity.OWNER:ARobertG.PerelliCITYOFRENTON:By:04/01/2022ArmondoPavone,MayorATTEST:By:________JasonSeth,CityClerk7 STATEOF\jbJOMnj\n)ssCOUNTYOF__________Onthis______dayofI,beforemepersonallyappearedRobertG.Perelli,andtomeknowntobe(oruponsatisfactoryevidence)tobethepersonfswhoxecutedthewithininstrument,andacknowledgedtheexecutionofsaidinstrumenttobeisher/theirfreeandvoluntaryactanddeedfortheusesandpurposesthereinmentioned,anonoathstatedthatshe/theywereauthorizedtoexecutesaidinstrument.rint)MNotaryPublicinandfortheStateoJfto()Myappointmentexpires:O—O—%c(STATEOFWashington)SSCOUNTYOFKingOnthis1stdayofApril,2022,beforemepersonallyappearedArmondoPavone,andtomeknowntobe(oruponsatisfactoryevidence)tobetheperson(s)whoexecutedthewithininstrument,andonoathstatedthathe/she/theywas/wereauthorizedtoexecutetheinstrumentandacknowledgeitastheMayoroftheCityofRentontobefreeandvoluntaryactofsuchparty/partiesfortheusesandpurposesmentionedintheinstrument.Notary(Print)NotaryPublicinandfortheStateofc.JAMyappointmentexpires:______________8