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HomeMy WebLinkAbout2010 - Amendment to Possession and Use Agreement - Lily Pointe Investments - 20100913000903 (Revised) After Recording Return to: I► City of Tukwila 20100 913000903 Office of City Clerk CITY 65.00 6200 Southcenter Blvd. KING COUNT Y, WA 12 A KING COUNT Tukwila, WA 98188 Amendment to Possession and Use Agreement Revised Grantor: Lily Pointe Investments, LLC, a Washington limited liability company Grantee: The City of Tukwila, a Washington municipal corporation Legal Description (abbreviated): Ptn. NW1 /4, 36 -23 -04 Full legal on p. 4 Assessor's Tax Parcel Number: 362304- 9087 -04 Reference Number of Documents Assigned, Released or Amended: 20081103000918 THIS AMENDMENT TO POSSESSION AND USE AGREEMENT REVISED (this "Amendment is made this day of Aat-L— 2010 by and between the City of Tukwila, a Washington municipal corporation the "City and Lily Pointe Investments, LLC, a Washington limited liability company "Lily Pointe The City and Lily Pointe are parties to that certain Possession and Use Agreement Revised dated October 14, 2008 and filed under King County Recording No. 20081103000918 (the "PURR The PUAR concerns the underlying property described on EXHIBIT A attached hereto and incorporated herein. Section 4 of the PUAR requires the City to pay to Lily Pointe the amount determined as the final valuation of the Easement Area "Final Value plus twelve percent (12 interest per annum as accrued from May 19, 2008 through the date of final payment "Original Rate Due to the recent financial downturn, the City seeks and Lily Pointe has agreed to grant a reduction of the Original Rate on the terms and conditions set forth herein. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the City and Lily Pointe hereby amend the PUAR as follows: 1. Reduction of Interest Rate. The parties agree to reduce the Original Rate to nine percent (9 interest per annum "Reduced Rate Therefore, the second sentence of Section 4 of the PUAR is hereby revised to read as follows: "The City agrees that upon final 67893 -0003 /LEGAL 19014185.1 valuation of the Easement Area, whether by mutual agreement or by trial, the City shall pay to Owner the amount determined plus nine percent (9 interest per annum as accrued from the Date of Possession through the date of final payment." 2. Condition of Reduced Rate. The Reduced Rate is conditioned upon Lily Pointe receiving payment in full of the Final Value, plus all interest that has accrued thereon, no' later than October 15, 2010. If full and final payment is not received by such date, then the Reduced Rate shall become void and the Original Rate shall be automatically reinstated. 3. Ratification; Interpretation. Except as expressly amended herein, the PUAR remains in full force and effect unamended, and all of the terms and provisions of the PURR are ratified and confirmed. 4. Execution of Amendment. This Amendment may be executed in as many counterparts as may be deemed necessary and convenient, and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written. "CITY" "LILY POINTE" The City of Tukwila, Lily Pointe Investments, LLC, a Washington municipal corporation a Washi on limited liability company By: y N e. m Name: Carol -Ann O'Mack T� Title: Manager U -2- 67893-0003/LEGAL 19014185.1 STATE OF WASHINGTON ss. COUNTY OF `K l /N67 1 On this 6 day of 3CAQ ht6LY 2010, before me, the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn, personally appeared IWO 4u, +Vn to me known to be the person who signed as 1�'A l l Q of the City of Tukwila, a Washington municipal corporation, the corporatioL) that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said corporation for the uses and purposes therein mentioned, and on oath stated that 4-V, was duly elected, qualified and acting as said officer of the corporation, that -4le- was authorized to execute said instrument and that the seal affixed, if any, is the corporate seal of said corporation. IN WITNESS WHEREOF I have hereunto set my hand and official seal the day and year first above written. Print Name: ti Note V Notary Public in and for the State of Washington, D 70 residing at C— fl.�l:wc(G� My commission expires: 111q ka r 41 STATE b9 PL8+fK N ss. COUNTY OF KI N On this day of SC—, PTZ- -MS E P 2010, before me, the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn, personally appeared CAROL -ANN O'MACK, to me known to be the person who signed as Manager of Lily Pointe Investments, LLC, the limited liability company that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said limited liability company for the uses and purposes therein mentioned, and on oath stated that she was duly elected, qualified and acting as said officer of the limited liability company, and that she was authorized to execute said instrument on behalf of said limited liability company. IN WITNESS WHEREOF I have hereunto set my hand and official seal the day and year first above written. Print Name: U 1:3 "P, S A NKA SA1-iN 0rL A Notary Public Notary Public in and for the State of Washington, State of Wasftington i VIJAYA SANKAR SANNAiA residing at C O M O N O Commission B#mt 03 -M2011 My commission expires:�3 °©q 2 6 11 -3- 67893-0003/LEGAL 19014185.1 EXHIBIT A UNDERLYING PROPERTY LEGAL DESCRIPTION That portion of Section 36, Township 23 North, Range 4 East, W.M., in King County, Washington, described as follows: Beginning at the northwest corner of said Section 36; Thence south 01 °19'01" west along the west line of said Section 36, a distance of 1,355.89 feet; Thence easterly along a curve to the left, the center of which bears north 02 °45'45" east, having a radius of 336.00 feet, an arc distance of 9.00 feet, through a central angle of 01'32'04" to the south line of the north 36 feet of Government Lot 4 in said Section 36; Thence south 88'46'19" east along said south line a distance of 372.81 feet; Thence south 01'13'41" west a distance of 305.00 feet; Thence north 88'46'19 west a distance of 50.00 feet to the TRUE POINT OF BEGINNING; Thence south 88 °46'41" east along a line 100 feet south of and parallel to the south line of that parcel of land leased to Sperry Rand Corporation as surveyed and monumented on the ground in 1968, and recorded under King County Recording Number 6356645, a distance of 420.58 feet, more or less, to the top of the left bank of the Green River; Thence along said top of the left bank of the Green River the following courses and distances: south 07 °00' east a distance of 115 feet; south 01 °06' west a distance of 104 feet; south 09 °12' west a distance of 106 feet; south 26 °49' west a distance of 102 feet; south 47 °21' west a distance of 103 feet; south 60 °15' west a distance of 40 feet; south 74 °35' west a distance of 60 feet; Thence west a distance of 106 feet; north 67 °30' west a distance of 107 feet; north 26'19' west a distance of 104 feet; north 20 °22' west a distance of 103 feet; north 21 °54' west a distance of 105 feet; north 32 °38' west a distance of 116 feet; north 44 °04' west a distance of 34 feet, more or less, to a point from which the TRUE POINT OF BEGINNING bears north 69 °38'41" east; Thence leaving said top of left bank north 69 °38'41" east a distance of 225 feet more or less, to the TRUE POINT OF BEGINNING. -4- 67893-0003/LEGAL 19014185.1