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1 Conveyance of Title <br />FORT DENT PARK <br />NOW, THEREFORE, in consideration of the mutual promises contained herein and other good <br />and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City <br />and the County agree as follows <br />1 1 Within thirty (30) days of execution of this Agreement, King County shall convey to the <br />City by deed all its ownership interest, and /or, when possible, by assignment, any <br />leasehold interest or shared use responsibility, in the following listed park/recreation <br />site(s), which are described more fully in Exhibits A and B (the "Property <br />1.2 All deeds shall also contain the following specific covenants pertaining to use, which <br />covenants shall run with the land for the benefit of the County and the County land that <br />makes up its public park, recreation and open space system. The County and the City <br />agree that the County shall have standing to enforce these covenants, which shall be set <br />forth as follows. <br />"The City, as required by RCW 36 89 050, covenants that the Property shall be continued <br />to be used for open space, park, or recreation facility purposes or that other equivalent <br />facilities within the County shall be conveyed to the County in exchange therefore <br />"The City covenants that it shall abide by and enforce all terms, conditions and <br />restrictions in King County Resolution 34571, including that the City covenants that the <br />Property will continue to be used for the purposes contemplated by Resolution 34571, <br />that the Property shall not be transferred or conveyed except by agreement providing that <br />such lands shall continue to be used for the purposes contemplated by Resolution 34571, <br />and that the Property shall not be converted to a different use unless other equivalent <br />lands and facilities within the County or City shall be received in exchange therefore <br />"The City acknowledges that there are outstanding bonds that were used to finance the <br />Property and covenants that it shall not use the Property in a manner that would cause the <br />interest on County bonds related to the Property to no longer be exempt from federal <br />income taxation. If the City intends to take an action that could affect the tax exempt <br />status of any outstanding bonds, such as transferring the property, limiting the public use <br />of the Property, or causing the Property to be privately managed, the City may request in <br />wntmg that the County concur that such action will not affect the tax exempt status of <br />any outstanding bonds. Such request must contain sufficient information regarding the <br />intended use of the Property for the County and its bond counsel to fully evaluate the <br />proposal. If the County concurs, the County may not subsequently assert that such action <br />violates this covenant. In determining whether a requested action will or will not affect <br />the tax exempt status of any outstanding bonds, the County agrees to use good faith, to <br />not unreasonably withhold concurrence, and to make its determination or to ask for <br />2 <br />