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