The monthly rental fee hereinbefore set forth shall remain in effect
for a period of five years from the date of executfon of this Land Use
Contract and shall be renegotiated then and at every subsequent five year
interval during the term of this Land Use Contract, subject to referral to
arbitration under the Arbitration Act in the event of disagreement.

The Municipality reserves the right to cease supplying the parking
Space. hereinbefore referred to and upon the Municipality so ceasing the
requirenent for’ payment of a monthly rental shell cease.

In the event that the Developer should provide of fstreet parking spaces
oa property owned by it and located within six hundred feet of the land to
which there is annexed a condition or covenant in favour of the Municipality
the property is to be used for she purpose of a public parking of vehicles
and for no other purpose whatscever thea the rental fee provided shall be
reduced by $7.00 per month for each rarking space thus provided.

In the event that the Municipality, pursuant to the Municipal Act,
should establish a special tenefiting area to provide off-street parking
for an area within the Municd-ality which includes the said lands of the
Developer and upon which a spectal cate or tax is levied for such Purpose,
the monthly rental payment by the Developer to the Municipality for the use
of the parking space as a‘oresaid shall cease to be payable.

12. The Developer covensnts and agrees to apply for a building permit
under the provisions of the "City of Port Coquitlam Building and Plumbing
Code Administration By-Law, 1974, No. 1298" and pay the requisite budiding
permit and plunving pernit fees prescribed therein.

13. As security for the due and Proper performance of all the covenants
and agreements in this contract contained, the Developer covenants and
agrees to deposit with the Municipality by Letter of Crecit the sum of
$2,000.00 drawn on a Canadian chartered bank or other Canadian financial
institution customaril+ issuing Letters of Credit.

14. The Developer cov :nants and agrees not to deposi any material or
debris upon any roads suring the construction of the said work and to
continucusly carry on tha construction of the said work in a good and
proper workmanlike manier causing as little disturbance to neighbouring
Properties as is reasorable under the Circumstances, In the event thar
any material or debris should be deposited upon any road during the

construction of the work or should the construction by ‘the Developer

-6- .
constitute a nuisance to neighbouring properties of the work the Developer
covenants and aprees that the Municipality may forthwith remove such
material or debris or put right such nuftsance at the expense of the
Developer, the cost thereof to be determined by the Engineer, In the
event that construction of the work ceases for any perfof of tine in
excess of thirty days the Developer covenants and agrees that the Municipality
may forthwith enter upon the Property and construct thereon a solid board
fence not greater than eight feet in height nor less than six feet in
height surrounding the entire perimeter of the project and that in so doing
the Municipality accepts no responsibility for the suitability or adequacy
of the satd fence erected for the benefit of the said Developer and for
which the Developer covenants and agrees to accept full responsibility and
to save harmless the Municipality from each and every action aad claia
which may be brought or ardse us a result thereof. in the event that any
Anvoice of the Municdpality for the removal of such material or debris or
construction of the fence shall remain unpaid after thirty days of receipt
of the sane by the Developer the Municipality is authorized to deduct the
amount ef such invoice from the deposit referred to in Section 13 hereof.
15. Subject to this agreement, the within works and the developzenct herein
ehall comply with all the By-laws of The Corporation of the City of Port
Coquitlan.

16. Notwithstanding any provisions of this contract hereinbefore contained
and notwithstanding the provisions of the “City of Port Coquitian Building
and Plumbing Code Administration By-law, 1974, No. 1298" and of Section
TL4(k) of the "Municipal Act", R.S.8.C., 1960, Chapter 255 and anendneats
thereto, the Developer covenants and agrees that the Municipality may
withhold the granting of cn occupancy permit for the occupancy and/or

use of any building or part thereof, constructed upon the said lands uatzl
the same have been completed to the satisfaction of the Building Inspector
and until the amount of $7,200.00 referred to in Section 11 of this Land

Use Contract has been paid to the Municipality.

17. (a) The Developer agrees to pay all arrears of taxes outstanding

against the property hercin described before the formal approval
of the said scheme of use and development upon the land ts given.

The Developer further undertakes to pay all current taxes