THE CONPORATION OF Tile CITY oF PONT COQUITLAN THIS AGREENCUT Bade the day of A.D. 1s *. BOTICENG THE CONPORATION 0; COMITLAN, a cea ot 2272 neanl lator Avenue, in the City of Port Coquitiaa, in the Province of seitich Colusbia, (hereinafter called the "Corporation®) OF TUS FIRST PARTE (hoteinatter called the Applicant?) OP THE SECOWD PART: KITEACAS the applicant is the owner tn fee alaple Of thet certain parcel o¢ tract of tand and Premises, oftuate lying and being in the Clty of Poet Coyuittam, Province of British Coluahia, and nore pacticularty know end desceibed ase (heceinatter refereed to as the “said Lande}, AND UNEREAS the said lands ace not of malficient area to pormie the appticant to provide the ofl-atceet Parking facklitses cequiced by the® Clty of Poet Coquitlas soning Oy-low®, Currently in forces . -36 with the requirczents of the "City of ort Coquitian faning By~law* for eff-streat parking factiltics for the bulldtng of atructure thereon, to the same extont and Subject ta the sane Linktations aa though the 16 off-atrect parking facile ities had been provided on the $0 Landay and chal? be sub- Ject lo the provisions of claupos fa) and (e) ef thie secticn, Provided that the said fees are pula. fc) The peralssion to pack hereby granted shalt be subject to autonstic cancellation without cefund by the Care Potation, Sf et any time during the term thereof, the buliding Of Structure on the said lenge and for which such off-atcoct Packing has heen provided, is destroyed of ia removed from * aald Jande and an not ceptaced by anather building of atruce ture having the e off-street parking ftequicenents, within © perlod of one (1) your from the date of such deatruction or Tenoval, ‘ (4) This eight to park shall not be construed te convey of voak any property o¢ rights in such parting spaces of real property, in the Appticant or hle suce: jor in title to the sald lends, nor shall the Appticant be enticled to any allocation of specific parking apaces of to any Sarhing thereof indicating thae auch apacevs have been authorized for his use. All obligations of the Corporacian under thie pecaie ahall be Uinited to the provicion of the Number Of off-street packing Spaces vithin the parking facility for vhteh thie tlybe ts granted, 2 The Applicant agroen with the Corpatation te accept Chie right subject to tne te and conmtitions of Section 1 hereof, and to be bound by the sane, 3. The Applicant agrees with the Corporation thas if AC any ties tho Municipal Counci? may deca Jt aupedient to” Cecover any costs incurred by the Corporation in the operation, -2- ANO WHEREAS tho Corporation holda and haa inproved @ parcol of real property (hereinaltes cefertcd to en the "Packing racility*), foe the Purpose Uf providing offeatcect parking facilitics for tno ute ef the publle and said Porking faciticy t6 situate within 200 fect from the said land, ae Sequitcd dy the city of Foret Coquitian toning oy-law® for alternate patiing; AND WITREAS the said Applicant desires to provide the Seoquired off-atruct parking. for the seid loncs withia the parking Cactiity in substieution for the off-sesect parking upon hie lands, and has asd application to the Corporation for pero mlasion to use auch packing facslities and the Corporation has agreed to grant auch use in the focm and to the extent hareine alter provided . WOd THEREFORE THIS Acaceacut WITNESSETH that in consideration of tha payuent of the sun of . Dollars (§ a} now patd by the Applicant to the Corporation, the ceceipt of vhich ts hesedy acknowledged, the Parties hereto covenant end agree each wlth the othec as follows; 1. (a) The Corporation agrees, subject to psyaent of the fece set out in Section 2 hereot, teqerant and doce hareby grant to the Applicant the use ef eleven (13} packing spe within the ofocceaid packing fecility, ‘nm oubseitution for the Bane nusber of off-strcet parking emces which the id Applicant is cequiced to provide by the Clty of Port Coquitisn Toning By-law, for the bullding OF otructure cituate on the said lands of the Apsiicant and hereinbefore defined, and such parking gaces shail be for the free une by the public. (>) This right to pork shall te valid notwithstanding any changa In the ownceship of sald land, and chal) romain attached te the sald lands and provide aibsctantial coaptiance maintenance and managenent of tho off-atcout parking Cacilitios Provided pursuant to any Dy-law then In. force, the Corporation sha2l hava tho unrestricted right and liverty to close to the free use by the public the parking faciticios and tho parkiug spaces therein, and to fin and to chargo foes or conte for the wae of any parking apace in such parking facility, and pending such action by tho Corporation, the Appiicant ahell pay to the Corporetion the eus of . Dollars (¢ «1 ) on the first ay of the sonth folloving the granting of its occupancy persit and on tha firet day of aach and every month thercaftar for each parking apace. a {a} the monthly rental feo horainbefore sot forth shall renein in effect fora period of five (3) yaars from the Gate of axscution of this docurent and shall be ronegotlated + than and at every subsequent five-year interval thereafter, eubjoce to referral to artitration under the Arbitration Act in the evont of disagresnent. The Corpuration ressrvos tha right to cease supplying the parking spaces hereinbefore “sofersed to and upon the Corporation ac ceanlng tho sequiresent for payment of a monthly rental fee shall ¢ {b) In tho event that the Corporation, pursuant to tha Municipal Ace, should establish » spectal benefiting aras te provide off-streat parking for an arcs within tho city which Inciudos the sald tande and upon which @ special rate os tan fe Loving for such purpose, the monthly rental paymonts by the Applicant to the Corporation for the use of the pasking spaces 08 aforcnald shall coase to be payable. s Tho Applicant covenants and ageces that the wontorly 35 feat Of ALL AND SINGULAR Chat cortala parcel of tract of land and pronisce eituata, ying and bolng In the Chty of Pore Coquitlam, in tha Province af frltish Columbia, and being rove Particulorly known and doncrived as Lot 1 . : *, Ned dustalnstor Dhotelet, ahati ba weed to pack wotor veblelea and for no othee Purpose, . Thle restrictive covorant la granted by the Appiicans to the Corporation pursuant to Section 24A of tha Land fagiatry Mot of the Province of Mritiah Columbia and shall run with the Applicant's Jand herointefore described, IN WITHLES WiEREOr Lhe Corporation and the Appilcank have hereunto effaced thelr Corporate 1a attested by the Nande of their duly avthoriued officers the dey and your ficee above written, +