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HomeMy WebLinkAbout2004 - Assignment of Rents - H2 Hotel / Frontier Bank - 2004021200032220040212000322 Branch :GOK,User :BLOE .. RETURN ADDRESS: Frontier Bank Redmond 17000 Avondale Way NE PO Bea 805 Redmond, WA 99073-0805 Legal Descnptlon. W 1/2 24 -23-04 Assessor's Tax Parcel ID# • 242304- 9013-07 Comment: ASSIGNMENT OF RENTS KING,WA Page 1 of 6 Document: 2004.0212000322 IN 2200032 TM �,. RPM 24 00 RECEIVED MAR 2 3 2007 cal Reference N (if applicable). REDM- XX1793/TITLE NO 555202 Additional on page Grantor(s) 1. 112 HOTEL, LLC ? ` i 2)�`i Grardee(s) , �Jry� r Y C' K: 1 Frontier Bank F IL= r; Additional on page 2 20040212000322.001 THIS ASSIGNMENT OF RENTS dated February 12, 2004, Is made and executed between 112 HOTEL, LLC, WHICH ACQUIRED TITLE AS WHICH AND IS IDENTICAL WITH H2 HOTELS, LLC, whose address Is 7200 FUN CENTER WAY, TUKWILA, WA 98188 (referred to below as "Grantor ") and Frontier Bank, whose mailing address Is 17000 Avondale Way NE, PO Box 805, Redmond, WA 98073-0805 (referred to below as "Lender"). COMMUNITY DEVELOPMENT Station Id :EGUI Printed on 2/13/2007 7:20:58 AM Branch :GOK,User :BLOE Comment: ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security Interest In, and conveys to Lender all of Grantor's right, title, and Interest in and to the Rents from the following described Property located N KING County, State of Washington: See SEE EXQtiBIT A, which is attached to this Assignment and made a part of this Assignment as if fully set forth herein. The Property or its address is commonly known as 7200 FUN CENTER WAY, TUKWILA, WA 98188. The Property tax identification number Ia 242304- 9013-07 THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS Of GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS PAYMENT AND PERFORMANCE. Except as otherwise provided in the Assignment or any Related Documents. Grantor she pay to Lender all amounts secured by this Assignment as they become due. and shall sturdy perform all of Grantees obligations under the Assignment Urhless and until Lender exercises its right to collect the Rents as provided below and so long as these is no default under this Assignment. Grantor may remain in possession and control of and operate and manage the Property and collect the Rents, provided that the granting of the night to cried the Rents shall not constitute Lender's consent to the use of cash collateral m a barkruptoy proceeding GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that Ownership. Grantor a entitled to receive the Rents free and clear of at rights, loans, hes, encumbrances, and claims except as disclosed to and accepted by Larder in wnbng Right to Assign Grantor has the full right, power and authority to enter into the Assignment and to assign and convey the Rents to Lender No Prior Assignment Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in face No Farther Transfer Grantor ail not sett assign, encumber, or otherwise depose of any of Grantor's rights in the Rents except as provided in Ws Assignment LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS Lender shat have the right at any turn. and even though no debut suet have occurred under trs Assignment, to coteet and receive the Rents For tins purpose, Lender is hereby given and granted the followrg rights, powers and authouty Notice to Tenants. Lender may sand notices to any and et tenants of the Property advising them of the Assignment and directing at Rents to be paid directly to Lender or Lender's agent Enter the Properly Lender may enter upon and take possession of the Properly, demand, eztect and reserve from the tenants or from any other persons table therefor, at of the Rents, institute and cony on d legal proceedings necessary for the protection d the Properly. including such proceedings as may be necessary to recover possession d the Property. cote! the Rents end remove any tenant or tenants or other persons from the Property Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repar, to pay the coats thereof and of services of at employees, including tlar equipment. and of all eonknung costs and expenses ol mentahnng the Property in proper rapes and condition. and also to pay at taxes, assessments and wafer utilities. and the premiums on hire and other insurance effected by Lender on the Prepay Compliance with Laws. Lender may do any and at twigs to execute and comply with the laws of the State of Washington and also at other laws, rules, cyders, ordinances and requirements of at other governmental agencies affecting the Properly Lease the Property Lender may rent or Leese the whole or any part of the Property for such term or terms and on such conditions as Lender may deem appropriate Employ Agents Lender may engage such agent or agents as Lender may deem appropriate. other in Lender's name or in Grantor's name, to rent and manage the Property, including the collection and application of Rents Other Acts. Lender may do at such other things and acts with rasped to the Property as Lender may deem appropriate and may act exclusively and alley in the place and stead of Grantor and to have al of the powers of Grantor for the purposes stated above No Requirement to Act. Lender stet not be required to do any of the foregoing acts or ewes, and the tad that Lender shah have performed one Of more of the foregoing acts or things ehst not require Lender to do any other specitio act or thing APPLICATION OF RENTS At costs and expanses Incurred by Lender in connection with the Property shall be for Grantor's account and Lender may pay such costs and epenses from the Rents L ender, in its sole discretion, that determine the appkcabon of any and at Rents received by it however, any such Rants received by Lender wrath are not applied to such coats and expenses shat be applied to the Indebtedness Al expenditures made by Lender under this Assignment and not reimbursed from the Rets that become a part of the Indebtedness secured by the Assignmerd, and shat be payable on demand, with interest at the Note rate from date of expenditure until pad FULL PERFORMANCE If Grantor pays al of the Indebtedness when due and otherwise performs al the obligations imposed upon Grantor under this Assignment, the Note, and the Related Documents, Lender shall execute end deliver to Grantor a suitable satisfaction of this Assignment and suitable statements of terms abon of any t ancing statement on be evidencing Lender's security interest in the Rents and the Properly Any termnabon tee requred by law shall be paid by Grantor, if permitted by applicable taw LENDER'S EXF ENDITURES If any action or proceeding is commenced that would malenaty affect Lender's nt rest m the Properly or if Grantor tats to comply with any provision of this Assignment or any Related Document, including but not limited to Grantor's lecture to discharge or pay when due any amounts Grantor is required to discharge or pay under this Assortment or any Related Documents. Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying at taxes, hies, security interests, encumbrances and other dams, at any time levied or placed on the Rents or the Property and paying al costs for reurug, membrane and preserving the Property AI such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor Alt such expenses will KING,WA Document: 2004.0212000322 ASSIGNMENT OF RENTS (Continued) Page 2 20040212000322.002 Station Id :ECU' Page 2 of 6 Printed on 2/13/2007 7:20:59 AM Branch :GOK,User :BLOE Comment: become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand, (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due dung either (1) the term of any applicable insurance policy, or (2) the remaining term of the Note, or (C) be treated as a balloon payment which wa be due and payable at the Note's maturity The Assignment also will secure payment of these amounts Such right shat be in addition to ell ot rights and remedies to which Lender may be entitled upon Default DEFAULT Each of the follows g, at Lender's option, shall constitute an Event of Default under the Assignment Payment Default Grantor tads to make any payment when due under the Indebtedness Other Defaults Grantor fads to comply with or to perform any other term, obligation. covenant or condition contained as this Assignment or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained as any other agreement between Lender and Grantor Default on Other Payments Failure of Grantor within the time required by the Assignment to make any payment for taxes or insurance, or any other payment necessary to prevent ling of or to effect discharge of any ken Default In Favor of Third Pathos. Grantor defaults under any loan. erdensron of credit, seemly agreement. purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may =knell affect any of Grantors properly or Grantor's absty to perform Grantors obbgatiore under the Assignment or any of the Related Documents Environmental Default Failure of any parry to comply with or perform when due any term. obligation, conversant or condition contained in any environmental agreement eracuted as connection with the Property False Statements Any warranty, representation or statement made or finished to Lander by Grantor or on Grantors behalf under this Assignment or the Related Doganene is false or =leading in any material respect, ether now or at the time made or furnished or becomes false or misleading at any time thereafter Defective Coltateratlmtlon The Assignment or any of the Related Documents ceases to be in full force and effect (including lecture of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason Death or Insolvency The dissolution of Grantor's (regardless of whether election to continue a made), any member withdraws from the bided liability company, or any other termination of Grantor's a cstance as a going business or the death of any member, the mmolency of Grader, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any baNnptcy or insolvency laws by or against Grantor Creditor or Forfeiture Proceedings. Commencement of foreclosure or foreiture proceedings, whether by Judaea/ proceeding. self-help, repossession or any other method, by any creditor of Grantor or by any governmental agency against the Rents or any property securing the Indebtedness Ths ndu des a gannhmerd of any of Grantor's accounts, including deposit accounts, with Lender However, Um Event of Default slat not apply If there a a good huh dispute by Grantor as to the validity or reasonableness of the dam watch a the bean of to creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute Property Damage or Loss. The Property a bat, stolen, substantalty damaged, sold, or borrowed against Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes Cr dgtutes the validity of or kabnhy under. any Guaranty of the Indebtedness In the event of a death. Lender, at its option, may, bul shall not be required to, permit the Guarantor's estate to assume unconditionally the obtgabore arising under the guaranty in a manner satisfactory to Lander, and, n doing so, cure any Event of Default Adverse Change A material adverse change occurs in Grantor's financial condition, or Lender behaves the prospect of payment or performance of the Indebtedness is unpaired Cure Provleto a If any default, other than a default n payment a curable and if Grantor has not been given a notice of a breach of the same provision of this Assignment wehn the preceding twelve (12) months, it may be cured (and no event of default will have occurred) if Grantor. atter mew= written notice from Lender demanding cure of such default (1) cum the default mites ten (10) days, or (2) if the cure requires more than ten (10) days, mmedmtely initiates steps which Lender deems in Lender's sale discretion to be sufficient to are the default and thereafter continues and completes al reasonable and necessary steps sufficed to produce compliance as soon as reasonably practical RIGHTS AND REMEDIES ON DEFALLT Upon the occunnerce of any Event of Default and at any time thereafter, Lender may exercise any one or more of the following nettle and remades, in addition to any other rights or remedies provided by law KING,WA Document: 2004.02 1 20003 22 ASSIGNMENT OF RENTS (Continued) Page 3 Accelerate Indebtedness Lander shat have the right at Is option without notice to Grantor to declare the entire Indebtedness mnnedialely due and payable, including any prepayment penalty which Grantor Word be required to pay Collect Rents Lender shall have the ngN, without notice to Grantor, to take possession of the Property and coded the Rents, minding amounts past due and unpaid, and apply the net proceeds, oar end above Landers costs. seams! the Indebtedness In furtherance of the right. Lender shall have as the ngMS provided for in the Lender's Right to Receive and Collect Rents Seaton, above If the Rents are collected by Lender, then Grantor rrevacaby designates Lender as Grantors attorne er -lad to enders instruments received in payment thereof at the name of Grander and to negotiate the same and collect the proceeds Payments by tenants a other users to Lender in response to Lender's demand that satisfy the obligations for which the payments are made, whether or not any proper grounds be the demand vested Lender may exercise as rights under the subparagraph either in person, by agent, or through a receiver Appoint Receiver. Lender that have the nght to have a receiver appointed to take possession of at or any part of the Property, with the power to protect and preserve the Property, to operate the Property preceding or pending terelmus or sale, and to collect the Rents from the Property and apply the proceeds, over and above the Cost of the recoverahip, egamat the Indebtedness The recover may serve without bond if permitted by law Lender's tight to the appointment of a recover shall east whether or not the apparent value of the Property exereds the Indebtedness by a substantial amount Employment by Lender shall not disqualify a person from serving as a receiver Other Remedies Lender shalt have of other rights and remedies provided in the Assignment or the Note or by taw Election of Remedies.. Election by Lender to pursue any remedy shall not exclude ptesut of any other remedy, and an election to make mpendihres or to take action to perform an obligation of Grantor under this Assignment. after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies Attorneys' Fees, Expenses If Lender estilutes any sal or action to enforce any of the terms of this Assignment, Lender shall be enheed to recover such sum as the court may adjudge reasonable as attorneys' tees at foal and upon 20040212000322.003 Station Id :EGU] Page 3 of 6 Printed on 2/13/2007 7 :21:00 AM Branch :GOK,User :BLOE Comment: KING,WA Document: 2004.0212000322 ASSIGNMENT OF RENTS (Continued) Page 4 any appeal Whether or not any court eaten is meshed, and to the extent not prohibited by law, al reasonable expenses Lender incurs that in Lender's opinion are necessary at any time tar the protection of its interest or the enforcement of its rights shall become a pad of the Indebtedness payable on demand and shell bear merest at the Note rate from the date of the expenditure until repaid Expenses covered by the paragraph allude, without limitation, however subject to any Mob under applicable law, tender's attorneys' fees and Lenders legal expenses. whether or not there s a lawsuit, inducting attorneys' fees and expenses for bankruptcy proceedings (edudup efforts to modify or vacate any automatic stay or njunctan). appeals, and any anticipated post - judgment collection services. the cost of searching records, obtaining bee reports (including toredosure mods), suveyos' reports, and appraisal lees, title insurance. and fees for the Trustee, to the extent permitted by applicable law Grantor abo wall pay any court costs. in addition to all other sums provided by law MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of are Assignment Amendments This Assignment, together with any Related Documents, constitutes the entse understanding and agreement of the parties as to the mattes set forth n this Assignment No alteration of or amendment to the Assignment shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment Caption Headings. Caption headings in the Assignment are for convenience purposes only and are not to be used to interpret or define the provisions of this Assignment Governing Lew This Assignment wIll be governed by, constmed and enforced In aaadence with federal law and the laws of the State of Washington. This Assignment has been accepted by Lender in the State of Washington. Choice of Venn If there is a lawsuit, Grantor agrees seen Lenders request to submit to the jurisdiction ot the courts of King County, State of Washington Merger There shall be no merger of the interest or estate treated by the assignment with any other interest or estate in the Property at any time held by or for the benefit of Lender in any capasty, without the written consent of Lender Interpretation. (1) In all cases where there is more than one Borrower or Grantor, then all words used in this Assignment in the singular shall be deemed to have been used in the Mural where the contend end construction so require (2) If mare than one person wens this Assignment as 'Grantor,' the obligations of each Grantor are lard and several This means that it Lender bangs a lawstd, Lender may we any one or more of the Grantors If Borrower and Grantor are not the same person, Lender need not sue Borrower test, and that Borrower need cad be joined in any lawsuit (3) The names given to paragraphs or sections m the Assignment am for conversance purposes only They as not to be used to interpret or define the provisions of he Assignment No Waiver by Lender. Lander shat not be deemed to have waived any fights under this Assignment Wen such waiver is given in writing and signed by Lander No delay or omission on the pat of Lender n asresrg any rigid ahal operate as a waiver of such right or any other right A waiver by Lander of • provision d the Assign nod shell not prejudice or constitute a wawa' of Lender's right otherwise to demand stint compliance with that women or any other nor any 'curse ol dealing between Lender and Granter, shall provision of the co • waiver of any of Lendees rights o n o any of�Granfa'a obligations as to any Mum transactors Whenever the consent of Lander is required under the Assignment, the granting of such consent by Lender in any nstance shat not constitute continuing consent to subsequent tletefees where such consent Is required and in el cases such consent may be granted or withheld in the sole discretion of Lender Notices Subject to applicable law, and swept for notice required or slowed by haw to be given at another manner, any notice rectured to be given under this Assignment shall be given at writing, and shall be affective when actually delivered, when actually received by lelefa esele (unless otherwee required by law), when deposited with a natonaly recognised overnight courser, or, if mated, when deposited in the United Slates mad, as Vat class, carded or registered mad postage prepaid. directed to the addresses shown neer the bepaurrhp of Ms Asa pnmad Any party may change its address for notices under the Assignment by givi formal written no Lo the other pates, speodying that the purpose of the notice is to change the parties address For notice purposes, Grantor agrees to keep Lender informed at at times of Grantors current address Subject to applicable law, and except for notice required or dewed by law to be given in another manner, if there is more than one Grantor, any notice given by Lender to any Grantor a deemed to be notice given to all Grantors Powers of Attorney. The venous agencies and powers of attorney conveyed on Lender under the Assignment are lgraahnted for purposes of security and may not be revolted by Grantor wild such time as the same am renounced by Severabary If • coed of competent predistioni finds any provision of was Assignment to be illegal, swain, or unenforceable as to any acumstahce that twang shall not make the offending provaan begatt invalid, or unenforceable as to any other circumstance II feasible, the offending provision shall be considered modeled so that it becomes legal, valid and enforceable If the offending provision cannot be so modified, it shill be considered deleted from this Assignment Unless otherwise rsgtwed by law, the illegality, invalidity, or t erdaioeabmy of any provision of has Assignment shell not affect the legality, validity or erdorceabfty of any other provision of ass Assignment Successors end Assigns Subject to any limitations staled in this Assiguni•nt on transfer Of Grantor's interest Iles Assigrment duo be binding upon and anima to the benefit of the prise, flew auoaseas and assigns m ownership of the Property becomes vested n a person other than Grantor, LaMar. without notice to Grantor. may deal with Grantors successors with reference to the Assignment and the Indebtedness by way of forbearance or extension without releasing Grantor from the oblgations of this Assignment or battery under the Indebtedness This Is of tie Essence Time is of the essence in the performance of he Assignment WAIVER OF HOMESTEAD EXEMPTION Grantor hereby teems and wares all rights and benefits of the homestead exemption laws of the Stale of Washington as to at Indebtedness seared by the Assignment WAIVER OF RIGHT OF REDEMPTION NOTWTTHSTAPDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS ASSIGNMENT, GRANTOR HEREBY WAIVES ANY AND ALL RIGHTS OF REDEMPTION FROM SALE UNDER ANY ORDER OR JUDGMENT CF FORECLOSURE ON GRANTOR'S BEHALF AND ON BEHALF OF EACH AND EVERY PERSON, EXCEPT JUDGMENT CREDITORS OF GRANTOR, ACQUIRING ANY INTEREST IN OR Tn.E TO THE PROPERTY SUBSEQUENT TO THE DATE OF TI-0S ASSIGNMENT DEFINITIONS The foaming g capdeared words and terms shall have the following meanings when used in the Assignment Unless speahaly stated to the contrary, all references to dollar amounts shall mean amounts m lawful money of the United States of America Words and terms used in the singular shall include the plural, and the plural shad include the singular, as the context may require Words and tears not otherwise defined in the Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code Assignment The word 'Assignment* means this ASSIGNMENT OF RENTS, as this ASSIGNMENT OF RENTS may be 20040212000322.004 Station Id :EGUI Page 4 of 6 Printed on 2/13/2007 7:21:00 AM Branch :GOK,User :BLOE Comment: amended or modified from time to lime, together with if exhibits and schedWos attached to this ASSIGNMENT OF RENTS from time to time Borrower The word 'Borrower' means 112 HOTEL, LLC Default. The word'Defaulr means the Default set forth in this Assignment in the section tilted "polar Event of Default The words 'Event of Default' mean any of the events of default set forth in this Assignment an the default section of this Assignment Grantor. The word 'Grantor" means H2 HOTEL, LLC Guarantor. The word 'Guarantor means any guarantor, surety. or axommodabon party of any or as of the Indebtedness Guaranty The word - Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of el or part of the Note Indebtedness The word "Indebtedness' means ore pnncpal. interest. and other amen*, costs and easiness payable under the Note or Related Documents, together with al renewals of, imIensons of, mod bons of, consobdebons of and substitution for the We or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's abbgabae or expenses incurred by Lender to enforce Grantor's obgaaons under this Assignment, together with interest on such amounts as provided in this Assignment Lender. The word 'Lender" means Frontier Bank, its successors and assigns Not The word 'Note' means the promissory note dated February 12, 2004, in the original principal amount of $5,500, 000.00 from Grantor to Lander, together with al renewals of, extensions of, modifications of, refinancings of, consolidations of, and srbsbtukons for the promissory note or weemerd Property. The word 'Property' means al of Grantor's right, tulle and interest in and to al to Property as described in the Assignment' section of this Assignment Related Documents The words 'Related Documents" mean eA economy notes. credit agreements, loan agreements, emronmenlal agreements, guaranties, securely agreements, mortgages, deeds of bust, seamy deeds, caldera, mortgages, and al other aetrumenls, agreements and doorurents, whether now or hereafter costing, executed in connection with the Indebtedness Rents. The word "Rents" means of of Grantor's present and future rights, sae and interest n. to and under any and all present and future leases, including, without tnatabon, al rents, revenue, mom, mues, royalties, bonuses, acoounts receivable, cash or seamy deposits, advance rentals, profits and proceeds from the Papery, and other payments and benefits derived or to be denwad from such bases of every kind and nature, whether due now or later, . during without Matatwn Grantor's ngtd to enforce such bases and to receive and coded payment and proceeds thereunder THE UNDERSIGNED AaaiOYN.EDGES HAVING READ AU. THE PROVISIONS OF THIS ASSIGNMENT, AND NOT PERSONALLY BUT AS AN AUTHORIZED SIGNER, HAS CAUSED THIS ASSIGNMENT TO BE SIGNED AND EXECUTED . ON BEHALF OF GRANTOR ON FEBRUARY 12, 2004. GRANTOR: KING,WA Document: 2004.02120003 22 ASSIGNMENT OF RENTS (Continued) Page 5 Prod and Chairman of H2 HOTEL, LLC LIMITED LIABILITY COMPANY ACKNOWLEDGMENT STATE OF W031/ rlg4st, COUNTY OF Ming J On this 1 & day of re brio 4vN Notary Pub's, personalty appeared SCOTT R. NUISH, pr and to me or proved to me on the bass of satisfactory evidence to be ASSIGNMENT OF RENTS and acknowledged the Ass company. by authority of statute, its adrdes of mentioned, and on oath stated that he or she on behalf of the limited liability company By_ _____ _ __ _ ___ _ _ Notary Public In and for the Stale of WA cQ ooTARy PUBLIC 12.2•2006 oN: wA 0 0 ' d` ) SS 20 0 4 before me, the undersigned Chairman of 112 HOTEL, LLC, and personalty known a of the limited liability company that mmcuted the tree and voluntary act and deed of the limited belly no agreement, for the uses and purposes therein Assignment and in tad a ercuted tat Assignment Residing att.5AMMra rn r S . , WA My comdssoonexprres 1Z - - iaae MO hr. Y., rN MM. Cyr W,W IYrJ /rd.M.ithr .w M. YNp..■••■■ .WA swnKrw.0 i►uw I4mwALm 20040212000322.005 Station Id :EGU1 Page 5 of 6 Printed on 2/13/2007 7:21:01 AM Branch :GOK,User :BLOE EXHIBIT A That portion of the west half of Section 24, Township 23 North, Range 4 East, W.M , in King County, Washington, being more particularly described as follows. Commencing at the intersection of the 2M -Line of Primary State Highway No. 1, Green River Interchange, all as conveyed to or condemned by the State of Washington by Deeds recorded under King County Recording Numbers 5499612, 5507291, 5510773, 5503778, 5536582, and proceedings under King County Superior Court Cause No 596089, STA POC (2M) 134 +28 56, with the A -Line, STA POT (A) 102 +82.12, as shown on that certain map on file with the State of Washington Department of Transportation labeled SR 405 Green river Interchange Right -of -way STA 99 +00 to STA 120 +00, Sheet 2 of 2, approval date of January 30, 1962, with last revision date of December 31, 1992; Thence north 42 ° 30'02" east along the centerline of said A -Line, 88 55 feet to STA 103 +70 67 of said A -Line, Thence north 47 ° 29'50" west, 60 00 feet to a point on the northerly right -of -way of said Primary State Highway No 1, said point being the beginning of a curve concave to the south, the radius point of which bears south 47 ° 29'58" east, 163 00 feet distant; Thence northerly, easterly and southerly along said right -of -way on the arc of said curve through a central angle of 64 ° 48'29" a distance of 184 37 feet, to the TRUE POINT OF BEGINNING, Thence continuing along said northerly right -of -way line on a curve through a central angle of 22 ° 45'54" an arc distance of 64.76 feet; Thence leaving said northerly right -of -way and bearing north 24 ° 09'32" east, 41.99 feet; Thence north 65 ° 34'09" east, 149 44 feet; Thence north 54 ° 43'56" east, 207.60 feet; Thence north 33 ° 14'15" west, 25.64 feet, Thence north S3 ° 52'52" east, 93 41 feet, Thence north 17 ° 03'48" east, 53 44 feet, Thence north 1749'32" west, 49 22 feet; Thence north 48 ° 58'55" west, 20.06 feet; Thence north 20 ° 08'22" west, 44 35 feet; Thence south 69 ° 51'38" west, 24 62 feet, Thence north 17 ° 22'51" west, 105.07 feet to a point on the ordinary high water line of the Green (White) River, as it was mapped by Barghaueen Consulting Engineers, Inc. on August 11, 1997; Thence along the ordinary high water line of said River the following courses and distances; south 77 ° 30'00 0 west, 3.45 feet; Thence south 72 ° 00'00" west, 80.00 feat, Thence south 71 ° 30'00" west, 55.00 feet, Thence south 79 ° 20'00" west, 70.00 feat; Thence south 69 ° 00'00" west, 65 00 feet, Thence south 66 ° 40'00" west, 55.00 feet; Thence south 70 ° 00'00" west, 15.94 feet; Thence leaving said Ordinary High Water Line and bearing south 22 ° 01'42° west, 229 49 feet; Thence south 22 ° 58'18" east, 166.10 feet; Thence south 64 ° 48'08" east, 5 90 feet; Thence south 21 ° 14"11" west, 38 16 feet to the point of beginning; (BEING KNOWN AS Adjusted Parcel 2 of Boundary Line Adjustment No L98 -0028, recorded under Recording Number 9806309017). Comment: Station Id :EGU1 20040212000322.006 KING,WA Page 6 of 6 Printed on 2/13/2007 7:21:02 AM Document: 2004.0212000322