03-033 - King County - South Central Pool Transfer Agreement

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1 Conveyance of Title NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City and the County agree as follows 1 1 Within thirty (30) days of execution of this Agreement, King County shall convey to the City by deed all its ownership interest and /or, when possible, by assignment, any leasehold interest or shared use responsibility, in the following listed park/recreation site(s), which are described more fully in Exhibits A and B (the "Property SOUTH CENTRAL POOL 1.2 All deeds shall also contain the following specific covenants pertaining to use, which covenants shall run with the land for the benefit of the County and the County land that makes up its public park, recreation and open space system. The County and the City agree that the County shall have standing to enforce these covenants, which shall be set forth as follows "The City, as required by RCW 36 89 050, covenants that the Property shall be continued to be used for open space, park, or recreation purposes or that other equivalent facilities within the County shall be conveyed to the county in exchange therefore." "The City covenants that it shall abide by and enforce all terms, conditions and restrictions in King County Resolution 34571, including the City covenants that the Property will continue to be used for the purposes contemplated by Ordinance 34571, that the Property shall not be transferred or conveyed except by agreement providing that such lands shall continue to be used for the purposes contemplated by Resolution 34571, and that the Property shall not be converted to a different use unless other equivalent lands and facilities within the County or City shall be received in exchange therefore." "The City covenants that it shall not use the Property in a manner that would cause the interest on County bonds related to the Property to no longer be exempt from federal income taxation." "The City covenants that it will not limit or restrict access to and use of the Property by non -City residents in any way that does not also apply to city residents. The City covenants that if differential fees for non -city residents are imposed, they will be reasonably related to the cost borne by city taxpayers to maintain, improve or operate the Property for parks and recreation purposes." "The City covenants that it shall place the preceding covenants in any deed transferring the Property or a portion of the Property for public park, recreation or open space uses." 2