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AG 91-081• 0 City of Federal Way City Clerk's Office To: Electronic File — Ordinance No. 91 -108 From: Krystal Roe CC: Date: 2/19/2013 Re: Scanned Documents SCANNED Comments: The following pages are part of the recorded document file pertaining to this ordinance. The original hard copy of the ordinance has been transferred to the state archivist. The original recorded documents are on file in the Clerk's Office with all other recorded documents. The AG referenced is No. 91 -081 Ll To Stephen L. Anderson a Assistant City Manager 0 City of Federal Way From Speed Message Wendie Carlson Executive Assistant 0 Polygon 2000, Inc. Subject Purchase & Sale Agreement for Campus Crest Property Date 8/12/ 192-1- Enclosed please find the return of the fully executed Purchase and Sale Agreement as we discussed earlier today. RECEIVED City 71 "T1��1 3 1991 - City ianacinr'S Offir_e RECEIVED AUG 1 � 1991 Signed WilsonJones t "A" PRINTED IN USA. Carbonless 88 0 CHICAGO TITLE INSURANCE COMPANY 44) r:a 4.41 FILED FOR RECORD AT REQUEST OF THIS SPACE PROVIDED FOR RECORDE'R'S USE w CHICAGO TITLE INSURANCE COMPANY 1800 COLUMNIA CENTER 701 FIFTH AVENUE o SEATTLE, WASHINGTON 98104 WHEN RECORDED ItEI'URN TO SANDRA DRICOLL, CITY ATTORNEY o TH8 CITY OF FEDERAL WAY 33530 1ST WAY SOUTH m FEDERAL WAY, WASHINGTON 98003 0 7, 215518 0' cm STATUTORY WARRANTY DEED x THE GRANTOR THE QUADRANT CORPORATION, A WASHINGTON CORPORATION 6 c. for and in consideration of TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION in hand paid,conveys and warrants to SEE ATTACHED DESCRIPTION cY- Lr) the following described real estate situated in the County of KING State of Washington; 0 LEGAL DESCRIPTION IS SET FORTH IN EXHIBIT A WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE. CT. SUBJECT TO MATTERS SET FORTH IN EXHIBIT B WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE. Dated: September 24, 1991 'V c� 441 4c c InE QUADRANT CORPORATION 9Y: il ` 1 °• ) WASHINGTON CORPORATION ITS: 'Rre.stac�wT en NE ei (.4 STATE OF WASHINGTON ss v N•- COUNTY OF KING s� .o ink 11 Id1 certif; that I know or have satisfactory evidence that �• tt6/-1 .� , .z rz 4L Z is the person who appeared before me, and said person acknowledged that /,_ signed this instrument, on oath stated that /(E was authorized to execute the instrument and acknowledged it as fResrpokir of THE QUADRANT CORPORATION to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. Dated: SEPTEMBER 4'1 -5-- , 1991. . , Notary Public /_ ' _ „ ,. � ��o g� . - My appointment expires: _ RESIDING AT: li(-r-t2A'� • - - _ • • - 1991' 25856.28' 1452600.00 • E1209960 09/25/1991 25856.28 1452600.00 ' c • STATUTORY WARRANTY DEED(continued) Conveys and warrants to(continued): SEATTLE—FIRST NATIONAL BANK, AS TRUSTEE FOR THE BENEFICIAL INTERESTS OF OWNERS OF CERTIFICATES OF PARTICIPATION IN LEASE PAYMENTS BY THE CITY OF FEDERAL WAY, WASHINGTON, SUBJECT TO THE INTERESTS OF THE CITY OF FEDERAL WAY, WASHINGTON (INCLUDING LESSOR'S GRANT OF IMMEDIATE POSSESSION AND USE (IN ACCORDANCE WITH RCW 84.36.010) ) , UNDER THE SEPTEMBER 25, 1991 GROUND LEASE WITH OPTION TO PURCHASE BETWEEN SEATTLE—FIRST NATIONAL BANK AS TRUSTEE, LESSOR, AND CITY OF FEDERAL WAY, A WASHINGTON MUNICIPAL CORPORATION, AS LESSEE. Cr') (O L N QD Cr) GPBI00EC • 2HICAGO TITLE INSURANCE COMPA. Escrow No.: 215 518 EXHIBIT A LEGAL DESCRIPTION The land referred to is situated in the State of Washington,County of K1NO ,and is described as follows: THAT PORTION OF GOVERNMENT LOT 1, SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 19; THENCE ALONG THE NORTH LINE THEREOF SOUTH 89°00'18" EAST 335.78 FEET; THENCE SOUTH 01°35'16" WEST 42.00 FEET TO THE SOUTHERLY MARGIN OF THE LANDS DESCRIBED IN DEED RECORDED UNDER RECORDING NUMBER 8501170665, IN KING COUNTY, WASHINGTON, AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY MARGIN SOUTH 89°00'18" EAST 18.07 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 658.00 FEET; THENCE EASTERLY AND SOUTHEASTERLY 700.54 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 60°59'59"; THENCE SOUTH 28°00'19" EAST 422.43 FEET TO THE BEGINNING OF A NON-TANGENT CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 897.03 FEET (A RADIAL LINE THROUGH SAID BEGINNING BEARS NORTH 28°00'19" WEST); THENCE SOUTHWESTERLY AND SOUTHERLY 732.77 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 46°48'15" TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 74°48'34" WEST AND THE SOUTH LINE OF SAID GOVERNMENT LOT 1; THENCE ALONG SAID SOUTH LINE NORTH 88°59'20" WEST 376.79 FEET TO A LINE PARALLEL WITH AND DISTANT 335.76 FEET EASTERLY, WHEN MEASURED AT RIGHT ANGLES, FROM THE ) WEST LINE OF SAID GOVERNMENT LOT; Lt.) THENCE ALONG SAID PARALLEL LINE NORTH 01°35'16" EAST 1,273.00 FEET TO THE TRUE POINT OF BEGINNING. l.f) CV C7D O CHICAGO 1TULE INSURANCE COMPANY • r CHICAGO TITLE INSURANCE COMPANY Escrow NO.: 215 518 EXHIBIT B SUBJECT TO: A 1. UNDERGROUND UTILITY EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: PUGET SOUND POWER & LIGHT COMPANY, A WASHINGTON CORPORATION PURPOSE: ELECTRIC TRANSMISSION AND/OR DISTRIBUTION SYSTEM TOGETHER WITH ALL NECESSARY OR CONVENIENT APPURTENANCES THEREFOR AREA AFFECTED: PORTIONS OF SAID PREMISES AND OTHER • PROPERTY ADJOINING THE EXTERIOR MARGINS OF SOUTHWEST CAMPUS DRIVE RECORDED: APRIL 2, 1986 RECORDING NUMBER: 8604020489 • CONTAINS COVENANT PROHIBITING STRUCTURES OVER SAID EASEMENT OR OTHER ACTIVITIES WHICH MIGHT ENDANGER THE UNDERGROUND SYSTEM. 8 2. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: FEDERAL WAY WATER AND SEWER bISTRICT, A MUNICIPAL CORPORATION Cr") PURPOSE: SEWER FACILITIES AND ALL APPURTENANCES CCD RELATED THERETO Ln AREA AFFECTED: PORTION OF SAID PREMISES Lr, RECORDED: NOVEMBER 17, 1987 CT) RECORDING NUMBER: 8711170788 O Cr. � 3. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: KING COUNTY PURPOSE: SLOPES, DRAINAGE AND UTILITIES AREA AFFECTED: PORTION OF SAID PREMISES WITHIN A STRIP . OF LAND 10 FEET IN WIDTH LYING PARALLEL TO AND ADJOINING SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 11, 1989 RECORDING NUMBER: 8908110283 p 4. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: WASHINGTON NATURAL GAS COMPAIIY, A WASHINGTON CORPORATION PURPOSE: GAS PIPELINE(S) AND APPURTENANCES AREA AFFECTED: PORTION OF SAID PREMISES AND OTHER PROPERTY LYING WITHIN A STRIP Or LAND 15 FEET WIDE LOCATED SOUTHERLY OF, PARALLEL TO AND ADJOINING THE SOUTH BOUNDARY LINE OF SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 7, 1990 RECORDING NUMBER: 9008070651 CHICAGO TITLE INSURANCE COMPANY Escrow No.: 215 518 EXHIBIT B SUBJECT TO: E 5. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BETWEEN: CITY OF FEDERAL WAY AND: THE QUADRANT CORPORATION RECORDED: MARCH 5, 1990 RECORDING NUMBER: 9003051119 REGARDING: RESTRICTIONS AND REQUIREMENTS RELATED TO THE DEVELOPMENT OF SAID PREMISES F 6. RIGHT TO MAKE NECESSARY SLOPES FOR CUTS OR FILLS UPON PROPERTY HEREIN DESCRIBED AS GRANTED IN DEED: • GRANTEE: KING COUNTY RECORDED: JANUARY 17, 1985 • RECORDING NUMBER: 8501170665 " 0 AFFECTS: THAT PORTION OF SAID PREMISES AND OTHER PROPERTY ABUTTING SOUTHWEST CAMPUS DRIVE Cr.) J 9. FACILITY CHARGES, IF ANY, INCLUDING BUT NOT LIMITED TO HOOK—UP OR CONNECTION CHARGES AND LATECOMER CHARGES FOR WATER OR SEWER FACILITIES OF WATER DISTRICT NO. 124, AS DISCLOSED BY INSTRUMENT RECORDED UNDER RECORDING NUMBER ale N 8106010916. CT) O Q: r-sr►r-•r:A 9Ttl.P INSURANCE COMPANY c Recorded at the Request of and After Recording Return to THIS DOCUMENT IS BEING RE—RECORDED TO Preston Thorgrimson Shidler INCLUDE EXHIBIT A. Gates & Ellis 701 5th Avenue, Suite 5400 Seattle, WA 98104 Attention: David O. Thompson MEMORANDUM OF GROUND LEASE WITH OPTION TO PURCHASE THIS MEMORANDUM OF GROUND LEASE, gives notice of that certain Ground Lease with Option to Purchase ("Lease") made as of September 25, 1991, by and between Seattle-First National Bank, Seattle, Washington, as Trustee under that certain Trust Agreement dated September 25, 1991 ("Lessor"), and the City of Federal Way, Washington, a municipal corporation duly formed and existing under the laws of the State of Washington ("Lessee"). The Lease provides for the lease of the real property described on Exhibit A hereto and grants immediate possession and use of such real property(in accordance with RCW 84.36.010). The Lease is for the term of approximately fifteen (15) years, commencing on September 25, • 1991, and terminating on December 1, 2006. The Lease contains an option to prepay such i� Lease and to purchase the Leased Premises upon the terms, covenants and conditions specified in the Lease, reference to which is made for the particular terms thereof. IN WITNESS whereof, the parties have executed this document as of the date first above written. CITY: THE CITY OF FEDERAL WAY, TAX NOT REQUIRED WASHINGTON :tii rg Co Recd ,s Di ion Dew By cf:1 Mayor Uri J= qft : • "R I ' AS TO FORM: . °w By:/- _ %�/__ By Sa.�d,r�•& it ity alrr City A *my (Seal) 00.6 Of E00 SO#103311 A1NI103 9NIX Rd tWat=E0 Sstt-100f6 1 a (t LESSOR: SEATTLE-FIRST NATIONAL BANK, as Trustee BY / Its -rcv,tiT or-Fc �,a- STATE OF WASHINGTON ) ss. COUNTY OF KING h4x'e I certify that I know or havefsatisfactory evidence that Debra Ertel, Maureen Swaney and Stmi „r4.e o�=1 signed this instrument, on oath stated that they were authorized to execute the instrument and acknowledged it as the Mayor, City Clerk and City Attorney of the CITY OF FEDERAL WAY, the Municipal corporation to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. / r Air•-�� Notary Public . My commission expires: VI 'V1/92 VI P1 STATE OF WASHINGTON ) r ) ss. 0 COUNTY OF KING ) 0 rl' I certify that I know or have satisfactory evidence that 14 e4% sat`, / signed this instrument, on oath stated that • W4 he d212owas authorized to execute the instrument and acknowledged it as a Trust Officer of SEATTLE FIRST-NATIONAL BANK to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. i'°,44,4t.R_ 91406 Notary Public My c mm ssion expires: 49/1)9'3 -2- D0T460 91/09/20 sti CHICAGO TITLE INSURANCE COMP/ Order No.: 215 518 EXHIBIT A LEGAL DESCRIPTION THAT PORTION OF GOVERNMENT LOT 1, SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN RING COUNTY, WASHINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 19; THENCE ALONG THE NORTH LINE THEREOF SOUTH 89°00'18" EAST 335.78 FEET; THENCE SOUTH 01°35'16" WEST 42.00 FEET TO THE SOUTHERLY MARGIN OF THE LANDS DESCRIBED IN DEED RECORDED UNDER RECORDING NUMBER 8501170665, IN RING COUNTY, WASHINGTON, AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY MARGIN SOUTH 89°00'18" EAST 18.07 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 658.00 FEET; THENCE EASTERLY AND SOUTHEASTERLY 700.54 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 60°59'59"; THENCE SOUTH 28°00'19" EAST 422.43 FEET TO THE BEGINNING OF A NON—TANGENT CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 897.03 FEET (A RADIAL LINE THROUGH SAID BEGINNING BEARS NORTH 28°00'19" WEST); THENCE SOUTHWESTERLY AND SOUTHERLY 732.77 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 46°48'15" TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 74°48'34" WEST AND THE SOUTH LINE OF SAID GOVERNMENT LOT 1; THENCE ALONG SAID SOUTH LINE NORTH 88°59'20" WEST 376.79 FEET TO A LINE PARALLEL WITH AND DISTANT 335.76 FEET EASTERLY, WHEN MEASURED AT RIGHT ANGLES, FROM THE WEST LINE OF SAID GOVERNMENT LOT; THENCE ALONG SAID PARALLEL LINE NORTH 01°35'16" EAST 1,273.00 FEET TO THE TRUE POINT OF BEGINNING. '.4 N 0 1 CI CHICAGO TITLE INSURANCE COMPANY r` /196' 9/-.P/ ,4 Recorded at the Request of and After Recording Return to Preston Thorgrimson Shidler Gates & Ellis 701 5th Avenue, Suite 5400 Seattle, WA 98104 Attention: David O. Thompson MEMORANDUM OF GROUND LEASE WITH OPTION TO PURCHASE THIS MEMORANDUM OF GROUND LEASE, gives notice of that certain Ground Lease with Option to Purchase ("Lease") made as of September 25, 1991, by and between Seattle-First National Bank, Seattle, Washington, as Trustee under that certain Trust Agreement dated September 25, 1991 ("Lessor"), and the City of Federal Way, Washington, a municipal corporation duly formed and existing under the laws of the State of Washington ("Lessee"). The Lease provides for the lease of the real property described on Exhibit A hereto and grants immediate possession and use of such real property (in accordance with RCW 84.36.010). The Lease is for the term of approximately fifteen (15) years, commencing on September 25, 1991, and terminating on December 1, 2006. The Lease contains an option to prepay such Lease and to purchase the Leased Premises upon the terms, covenants and conditions specified in the Lease, reference to which is made for the particular terms thereof. IN WITNESS whereof, the parties have executed this document as of the date first above written. CITY: THE CITY OF FEDERAL WAY, WASHINGTON By „ ./Ati ., Mayor ATTES • 'PR I TO FORM: By: / _ �� /1-. By F Steak” Otisarli ity Cl- rir City ttorney (Seal) ORIGINAL I ' ^ r LESSOR: SEATTLE-FIRST NATIONAL BANK, as Trustee By , rip Its 1 R'LAL,T 0 lefr STATE OF WASHINGTON ) ss. COUNTY OF KING ) 694 ocYd 4/946" I certify that I know or have7satisfactory evidence that Debra Ertel, Maureen Swaney and Br' --gl signed this instrument, on oath stated that they were authorized to execute the instrument and acknowledged it as the Mayor, City Clerk and City Attorney of the CITY OF FEDERAL WAY, the Municipal corporation to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 57 ,C62.44.c-741L44,._ Notary Public My commission expires: STATE OF WASHINGTON ) ss. COUNTY OF KING ) I certify that I know or have satisfactory evidence that Ct}4.` Sala,,,,/it signed this instrument, on oath stated that • h e was duthorized to execute the instrument and acknowledged it a Trust Officer of SEATTLE FIRST-NATIONAL BANK to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 474- / i*/ 0- Notary Publ ., = My_gidmm�3 ion expires: -2- D0T460 91/09/20 4 s N Recorded at the Request of ti and After Recording Return to Preston Thorgrimson Shidler Gates&Ellis 701 5th Avenue, Suite 5400 i Seattle,WA 98104 n Attention: David O. Thompson MEMORANDUM OF GROUND LEASE WITH OPTION TO PURCHASE THIS MEMORANDUM OF GROUND LEASE, gives notice of that certain Ground g Lease with Option to Purchase ('Lease') made as of September 25, 1991, by and between a Seattle-First National Bank,Seattle,Washington,as Trustee under that certain Trust Agreement dated September 25, 1991 ('Lessor'), and the City of Federal Way,Washington, a municipal corporation duly formed and existing under the laws of the State of Washington('Lessee'). N s The Lease provides for the lease of the real property described on Exhibit A ham and grants immediate possession and use of such real-property(in accordance with RCW 84.36.010). N The Lease is for the term of approximately fifteen(15)years, commencing on September 25, cr)0 1991, and terminating on December 1, 2006. The Lease contains an option to prepay such Lease and to purchase the Leased Premises upon the terms,covenants and=editions specified Q; in the Lease, reference to which is made for the particular terms thereof. IN WITNESS whereof,the parties have executed this document as of the date first above written. CITY: THE CITY OF FEDERAL WAY, TAX NOT REQUIRED WASHINGTON •;142 Co Reco =D.r ion .4:26.1 �.r Deputy By , ,D Lv ) Mayor no. , Alto_ . . • N. AS TO FORM: �- <� By p ' 1 i .� City A..., Bey (Seal) 1115-BY: - CHric TITIL EP2 �: LESSOR: SEATTLE-FIRST NATIONAL BANK, as Trustee By `/1.- I` Its cgtAht Or-Ft c4.4- , STATE OF WASHINGTON } ss. COUNTY OF KING ) ire I certify that I know or have/satisfactory evidence that Debra Ertel, Maureen Swaney and signed this instrument, on oath stated that they were authorized to execute the instrument and acknowledged it as the Mayor, City Clerk and CV City Attorney of the CITY OF FEDERAL WAY, the Municipal CFA corporation to be the free and voluntary act of such party for lr) the uses and purposes mentioned in the instrument. Notary Publ c My commission expires: /////gi • STATE OF WASHINGTON ) ss. COUNTY OF KING I certify that I know or have satisfactory evidence that t , Sa,�l signed this instrument, on oath stated that • he was auhorized to execute the instrument and acknowledged it as a Trust Officer of SEATTLE FIRST-NATIONAL BANK to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. • ej!.41171ILM'_ 2,4 Notary Public = My c mm4s sion expires: .gizf?3 -2- 007460 91/09/20 -FIIY•BY C CA° TITLE L , © CHICAGO TITLE INSURANCE COMPANY ro FILED FOR RECORD AT REQUEST O! THIS SPACE PROVIDED PO RECO RDL'RS USE P CHICAGO TITLE INSURANCE COMPANY 1800 COLUMBIA CENTER 701 FIFTH AVENUE $ SEATTLE, WASHINGTON 98104 a�afCU�p�y� gyp R s. HEN A&MIWED RETUM•O SANDRA DRICOLL, CITY ATTORNEY C' TES CITY OF FEDERAL WAY i 33530 1ST WAY SOUTH FEDERAL WAY, WASHINGTON 98003 , Y 215518 a STATUTORY WARRANTY DEED a THE GRANTOR THE QUADRANT CORPORATION, A WASHINGTON CORPORATION 8 for and in consideration of TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION • in hand paid,conveys and warrants to • SEE ATTACHED DESCRIPTION M Ln LC) the following dcscrbed real estate situated in the County of xiwc State of Washington: O LEGAL DESCRIPTION IS SET FORTH IN EXHIBIT A WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE. C, SUBJECT TO MATTERS SET.FORTH IN EXHIBIT B WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE. Dated: September 24, 1991 9 i3HE QUADRANT CORPORATION `�'U( vCy 45 R. WASHINGTON CORPORATION 1TSI 'WesIbce r Ir.( Mat OF WASHINGTON SS C., COUNTY OF KING �' aft 13 id I certify that I know or have satisfactory evidence that liet4!•H J. fltrz 6 E/fi D is the person who appeared before me, and said person acknowledged that /f/= signed this instrument, on oath stated that sfe was authorised to execute the instrument and acknowledged it as Qr2ESs 1/r" of THE QUADRANT CORPORATION to be the free and voluntary act of such party foe the uses and purposes mentioned in the instrument. Dated: SEPTEMBER c1-5--, 1991. - , • Notary Public /i/c . My appointment expires: /9/1/04/ V : - : ,' CHlCAG4 BYTIE:" RESIDING AT: I K F L +aoon e s 1 .-2 5856.28', 1452600.00 - . . . E1209960 09/25/1991 25856.28 1452600.00 1 STATUTORY WARRANTY DEED(continued) Conveys and warrants to(continued): SEATTLE—FIRST NATIONAL BANK, AS TRUSTEE FOR THE BENEFICIAL INTERESTS OF OWNERS OF CERTIFICATES OF PARTICIPATION IN LEASE PAYMENTS BY THE CITY OF FEDERAL WAY, WASHINGTON, SUBJECT TO THE INTERESTS OF THE CITY OF FEDERAL WAY, WASHINGTON (INCLUDING LESSOR'S GRANT OF IMMEDIATE POSSESSION AND USE (IN ACCORDANCE WITH RCW 84.36.010)), UNDER THE SEPTEMBER 25, 1991 GROUND LEASE WITH OPTION.TO PURCHASE BETWEEN SEATTLE—FIRST NATIONAL BANE AS TRUSTEE, LESSOR, AND CITY OF FEDERAL WAY, A WASHINGTON MUNICIPAL • CORPORATION, AS LESSEE. Lr) N 07 • Pb• • • FM-BY:- - UM= TITLE CHICAGO TITLE WSURANC' '‘OMPANY Escrow No.:215518 EXHIBIT A - LEGAL DESCRIPTION The land referred to is situated is the State of WashinEton.County of XINC and is described as follows THAT PORTION OF GOVERNMENT LOT 1, SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN RING COUNTY, WASHINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 14; THENCE ALONG THE NORTH LINE ?HEREOF SOUTH 89'00'18" EAST 335.78 FEET; THENCE SOUTH 01.35'16' WEST 42.00 FEET TO THE SOUTHERLY MARGIN OF THE LANDS DESCRIBED IN DEED RECORDED UNDER RECORDING NUMBER 8501170665, IN RING COUNTY, WASHINGTON, AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY MARGIN SOUTH 89.00'18" EAST 18.07 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 658.00 FEET; THENCE EASTERLY AND SOUTHEASTERLY 700.54 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 60.59'59"; _ THENCE SOUTH TO EAST THE LINEE CURVE THROUGH SAID BEGINNING BEARS NORTH 28.00'19' WEST); THENCE SOUTHWESTERLY AND SOUTHERLY 732.77 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 46•48'1S' TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 74.48'34' WEST AND THE SOUTH LINE OF SAID GOVERNMENT LOT I; THENCE ALONG SAID SOUTH LINE NORTH 88•S9'20' WEST 376.79 >ZEE? TO A LINE PARALLEL WITH AND DISTANT 335.76 FEST EASTERLY, WHEN MEASURED AT RIGHT ANGLES, FROM THE C WEST LINE Of SAID GOVERNMENT LOT; 05 THENCE ALONG SAID PARALLEL LINE NORTH 01.35.16' LAST 1,273.00 FEET TO THE TRUE POINT OF BEGINNING. Ln i (■ • • • MAY BY Mari TIT'IE CHICAGO TITLE WM:RANCE CONFANY P2 CHICAGO TITLE INSURANCE_.JMPANY • Esaow No.:215518 . EXHIBIT B SUBJECT TO: A 1. UNDERGROUND UTILITY EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: PUGET SOUND POWER i LIGHT COMPANY, A WASHINGTON CORPORATION_ • PURPOSE: ELECTRIC TRANSMISSION AND/OR DISTRIBUTION SYSTEM TOGETHER WITH ALL NECESSARY OR CONVENIENT APPURTENANCES THEREFOR AREA AFFECTED: PORTIONS OF SAID PREMISES AND OTHER PROPERTY ADJOINING THE EXTERIOR MARGINS OP SOUTHWEST CAMPUS DRIVE RECORDED: APRIL 2, 1986 RECORDING NUMBER: 8604020489 • CONTAINS COVENANT PROHIBITING STRUCTURES OVER SAID EASEMENT OR OTHER ACTIVITIES WHICH MIGHT ENDANGER THE UNDERGROUND SYSTEM. 8 2. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: . GRANTEE: FEDERAL WAY WATER AND SEWER DISTR=CT, A MUNICIPAL CORPORATION M PURPOSE: SEWER FACILITIES AND ALL APPURTENANCES CEO, RELATED THERETO ARIA !AFFECTED: PORTION OF SAID PREMISES N RECORDED: HOVEMDER 17, 1987 EB RECORDING NUMBER: 8712170788 CT. C 3. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: • GRANTEE: RING COUNTY PURPOSE: SLOPES, DRAINAGE AND UTILITIES AREA AFFECTED: PORTION OF SAID PREMISES WITHIN A STRIP . OF LAND 10 FEET IN WIDTN LYING PARALLEL TO AND ADJOINING SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 11, 1989 RECORDING NUMBER: 8908110283 D • 4. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: WASHINGTON NATURAL GAS COMPANY, A WASHINGTON CORPORATION PURPOSE! • CAS PIPELINE(S) AND APPURTENANCES AREA AFFECTED: PORTION OF SAID PREMISES AND OTHER PROPERTY LYING WITHIN A STRIP OF LAND 15 FEET WIDE LOCATED SOUTHERLY OF, PARALLEL TO AND • ADJOINING THE SOUTH BOUNDARY LINE OF SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 7, 1990 RECORDING NUMBER: 9008070651 iIL11)-BY CHICAGO Trill CHICAGO TITLE INSURANC=E \PPANY • Escrow No.:215518 EXHIBIT s SUBJECT TO: [• S. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BETWEEN: CITY OF FEDERAL WAY AND: THE QUADRANT CORPORATION RECORDED: MARCH S, 1990 RECORDING NUMBER: 9003051119 REGARDING: RESTRICTIONS AND REQOIREMENTS RELATED.TO THE DEVELOPMENT OF SAID- PREMISES F 6. RIGHT TO MAKE NECESSARY SLOPES FOR CUTS OR PILLS UPON PROPERTY HEREIN DESCRIBED AS GRANTED IN DEED: • GRANTEE: RING COUNTY RECORDED: JANUARY 17, 1985 • RECORDING NUMBER: 850117066S' 8 AFFECTS: THAT PORTION OF SAID PREMISES AND OTHER PROPERTY ABUTTING SOUTHWEST CAMPUS DRIVE Cr) J 9. FACILITY CHARGES, IF ANY, INCLUDING BUT NOT LIMITED TO 80OK-1* OR CONNZCTI0S CHARGES AND LATECOMER CHARGES FOR WATER OR SEWER FACILITIES OP WATER DISTRICT NO. 124, AS DISCLOSED BY INSTRUMENT RECORDED UNDER RECORDING NUMBER N 8106010916. • •CT' • • • ill )-BY:-- - C®CAGO u rme.r'A11TI1 P:NCURANCE COMPANY AG ?/-- b'/ - ORIGINAL REAL ESTATE PURCHASE AND SALE AGREEMENT WITH EARNEST MONEY PROVISION The City of Federal Way (hereinafter "Purchaser") agrees to purchase and Quadrant Corporation, a corporation qualified to do business in the State of Washington and Polygon 2000, Inc. , a corporation qualified to do business in the State of Washington (hereinafter "Seller") agrees to sell, on the following terms, approximately 16.14 acres of property, commonly known as Parcel A of Campus Crest (Parcel 5) , in Federal Way, Washington, legally described in Exhibit A, attached hereto and incorporated herein by this reference. 1. Purchase Price. The total purchase price is One Million Four Hundred Fifty-Two Thousand Six Hundred Dollars ($1,452, 600. 00) , Ninety Thousand Dollars ($90,000.00) per acre. chcC F( �jj 2 . Method of Payment. Cash or Warrznt° at closing. --1%e 3 . Earnest Money. The Purchaser shall place in escrow a check for One Thousand Dollars ($1,000.00) at Chicago Title Insurance Company, Seattle, Washington, as earnest money in partial payment of the purchase price. This earnest money shall be applied to the total purchase price. 4. Condition of Title. Unless otherwise specified in this Agreement, title to the property is to be free of all encumbrances or defects, except that rights reserved in federal patents or state deeds, building or use restrictions general to the area, other than platting and subdivision requirements, and utility easements shall not be deemed encumbrances or defects Encumbrances to be discharged by the Seller shall be paid by the Seller ron or before closing. L pu✓,A.,, ..rA+at1 riel,f4 lie✓ L4./ /pupK,..i-t/ av, ili', of.lea ft.J?'*c'f e. will + t/e " set f tt• in 1k I)1e Ri1r.4 6r1f /-i_Ik ✓eef. f,s c44,fr 1 -o .s2 (,j GctJcL .fr G?ea G(eNcK..1oi.N�tei 5. Utilities. Seller warrants that the property is connected to fey,.'/"..Q -4 be `err`( .4 by f`-/4r A. public water main you/.1e..,4,4 -l. Orr a)✓te.4 , B. well C. public sewer main ,ki�-- D. septic tank "� _29 E. none of the above be Cora*hoviei Up er� Clb �s/ 9 41,411 ` Xa:537 jAEe ri 6()Closing of the Sale. This sale sha e c os within 7 " 41 oixty e6-O calendar days from the date of he City Council's Of p a roval as set forth in Section 17 below' atisfaction of all other conditions and contingencies herein, -or at another time -1 agrccd to in writing by the rartic3.• This sale shall be closed by Purchaser and Seller shall, immediately upon demand, deposit with closing agent all instruments and monies required to complete t., urchase in accordance with this Agreement. Pa' 4itj r'"""C•Ae '"S LChcca (.f1@ C4 / — . . r► 6 —� _ Kilo i G 1 •T R•sC✓rA‘Q SecMc a eta(ii0A.,( 1 10,1-1 (3 ) G1 y1f I� n l r�,0l e-- /fit ,14t . li cr�(co C u. �;,�� � fe f- 1-"c pulc40Je Li q�ti,ng (eke! w✓t tier• /lof'Ce, "T I e, ties+ :e5 01_0, YLt°.c`f L c oc /` -to OQ vt.o'(-tit e l' 0.---1 0 5 il d e(`F i k 02 d2 c.)ewc 2lz- A 7. losing Costs and Proration. Seller and Purchaser shall each pay o e-half of the escrow fees. Seller shall pay real estate excise tax and any real estate commissions. Taxes for the current year and all rents, interest, utilities and other liens and charges shall be prorated as of closing. Seller shall pay for the cost of the title insurance. Seller shall pay those charges accruing to the date of closing on or before the date of closing. 8. Possession. Purchaser shall be entitled to possession on closing. "Closing" means the date upon which all documents are recorded and the sale proceeds are available to the Seller. 9. Default and Attorney's Fees. If the Seller defaults in its contractual performance herein, the Purchaser may seek specific performance pursuant to the terms of this Agreement, damages, or recision. If the Purchaser seeks damages or recision, the earnest money, upon demand, shall be returned in full to the Purchaser. If the Purchaser defaults in its contractual performance herein, the earnest money, upon demand, shall be forfeited to the Seller and shall be the sole and exclusive remedy for default available to the Seller. In the event of litigation to enforce any of the terms or provisions herein, each party shall pay all its own costs and attorney's fees. 10. Title Insurance. The Seller, at Seller's expense, shall, immediately, upon execution by all parties to this Agreement, apply for a standard form of Purchaser's policy of title insurance. The preliminary commitment thereto, and the title policy to be issued, shall contain no exceptions other than general exclusions and exceptions in said standard form and any that may be excepted herein. If title cannot be made so insurable prior to the closing date, the earnest money shall be returned in full to the Purchaser, any and all costs shall be paid by the Seller, and this Agreement shall thereupon be terminated. The Purchaser may elect to waive any such defects or encumbrances. 11. Conveyance-Warranty Deed. Title shall be conveyed by statutory warranty deed. 12. Performance. Time is of the essence to this Agreement. 13 . Records, Studies and Documents. The Seller shall provide to the Purchaser within fourteen (14) calendar days of approval of this Agreement by the Federal Way City Council a copy of any and 4.5 ;9/Y4 all soils or hazardous materials reports or studies or preliminary reports or studies elated to this property or the approximately ' five acres adjacen to this property owned by the Seller. - Vf) 2d the dote of clesi - all maps, "es builts", pis`, studies, and X \,yj, PJ other reports re - - to the property and its �e�� Q 1 - r d C "- 2- ''t ;,,,, t' ' 41-40.-- - v. *Ail" 14. Seller's Representations and Warranties. It is the t,,,, Seller's obligation at its sole cost and expense to comply or ensure compliance with, and for matters arising out of all federal, state, foreign and local laws or administrative orders with respect to environmental conditions existing on the closing date including, without limitation, the Resource Conservation and Recovery Act, the ,� Comprehensive Environmental Response, Compensation and Liability spr Act, the Spill Compensation and Control Act, and the Environmental -Fee, Cleanup Responsibility Act, with respect to the purchased property 6421A- ® broach thoroe€ shall survive tho closing,. ' - - �' Vi-'' In the event Purchaser discovers or determines or is notified about the existence of any environmental condition (including, ,)(' if4 without limitation, a spill, discharge or contamination) that ' rL existed as of and/or prior to the closing date or any act or ' , omission occurring prior to the closing date, the result of which „ may require remedial action pursuant to any law or may be the basis for the assertion of any third party claims, includin g claims of :,; governmental entities, Purchaser shall promptly notify Seller thereof and Seller shall, at its sole cost and expense, proceed / with due diligence and in good faith to take the - . 'r. 'ri.to action ,P-e_,,,,,seei and response thereto In the - - t that Seller = _ _ - -•proceed ti psi with due diligence nd go., , 4h, the Pu haser may, at its r�O r'�5 option, proceed to t ke the(`411, 4A. . iate acti. and shall have the rights to indemnity s set f ;. .: del -4-� - 15. Seller's Indemnities. The eller agrees to indemnify and hold harmless the Purchaser, against and in respect of, any and all damages, claims, losses, liabilities, judgments, demands, fees, obligations, assessments, and expenses and costs, including without limitation, reasonable legal, accounting, consulting, engineering and other expenses which may be imposed upon or incurred by Purchaser, or asserted against Purchaser, by any other party or parties (including, without limitation, a governmental entity) , arising out of or in connection with any environmental condition existing as of and/or prior to the closing date, including the exposure of any person to any such environmental condition, regardless of whether such environmental condition or exposure resulted from activities of Seller or Seller's predecessors in interest. This indemnity shall survive the closing and be in addition to Seller's obligation for breach of a representation or warranty as may be set forth herein. 16. Notice. Unless otherwise specified, any notice required or permitted in or related to this Agreement, including any addenda .,. thereto, must be in writing, signed by the Purchaser or Seller and received by the Purchaser or Seller, as applicable. Facsimile ' transmission of any signed original document shall not be the same as transmission of an original_L_ C er Ai - O/ •N • C uJ Z P e/ >v�AWN c r C - eJ a t-, CJ �4 •�+�� / - f C-I " - 4 jeer C(`✓,4, �l a reile•- XI t& r e�(i/,N c-/ „.,of .10 tie 0Q, 0 rura.oxr ' eceic.i.e67 ✓eim-lou/1r - '' /a`re> 1 )' ' ( o7 elf Lcllf /ntue.er.•� re Ic4J.. T' .f ac,� vie-feJmcn - -_ -.1 ,,` `Cal4ov of (A(`fC16.1v/t a1oc..-1 l).e eet1Iv-,-Ce cr Gnl env er...rhr r( Cost ten. �'7L,e f • . toe 5tl'e,., 174 0010c/f rt41 Ne- yy a file ' Pu/CA41e./ (.. Cu//1 ,s'ac11 Go11( w, Ai- tuc-& re1rgn(ourrc 1 o�P�1 f1 / _ - c. a e s A�A le e v o .x .t-) n.P f-).e i rJw S'ti,./0 �t ls,„-e �a.1� - /_ t do,-I i -- --- /V (a,frr a.r A.5.11 ce lrit,/. 17. Conditional Offer. This offer is subject to the final approval by the Federal Way City Council. Should this offer not be approved by the City Council,V the earnest money shall be immediately returned the City. No rights or responsibilities shall accrue to either Party and this Agreement shall be null and void if not approved by the City Council. 18. Property Segregation,. Purchaser understands Purchaser is purchasing a portion of Campus Crest, Parcel 5, that being Parcel A, and that Seller retains ownership of Parcel B. Purchaser acknowledges that the owner desires to segregate the Campus Crest Parcel into Parcel A and Parcel B pursuant to the provisions of RCW 58.17.040(2) . Under an independent analysis, the City has determined that there is no objection to the segregation and by separate letter has so informed the King County Assessor's Office. 0A 19. Concomitant Agreements. The Parties hereto understand and agree that this property and related property, commonly known as Campus Highlands, are subject to Concomitant Agreements relating to the zoning of Campus Crest Property (Parcel 5) and related to the zoning of Campus Highland Towne Home Property (Parcel 7) . The '_ ` Parties understand that, by entering into this Purchase and Sale ' ' Agreement and by the City's purchase of such property if such purchase occurs, the terms and conditions of the Concomitant je Agreements remain in full force and effect ex C ri -t�"I,-+ `+lae,� rratt, `-'" "„ g o`-Ko1 V P ti a 5 �. v-t' � k,ai I�bc red.ue- / reloc 6Z `-o 6R4h S,A-1 ovc a II rate 20. Agreement to Purchase and Time Limit for Acceptance. ba5i5 'Vo Purchaser offers to purchase the property on the terms and re-Pt� -Pk,. conditions set forth herein. Seller shall have until 11:59 p.m. ofr k-c-± 0I August 5„151991, by delivery of a signed copy hereof to J. Brent'��`� e°`e , 4R( McFall, City Manager, City of Federal Way, Washington, to accept kJ y this offer. Pt.wtltQ ser ac)dt , re 5 t-I 'I- Of 'f k 13 Dated this ` day of 04-1-5, , 1912. 5 re,Q na e r11', -i , v se,± t&.nwa,V- PURCHASER CI Y OF FEDERAL WAY se.5�0 .�v � By: ��� /-���/ fk y r 42_,Q "1It-Ycp-,.tom J. Brent M Fall, Cl y Manager 530 1st Way South ederal Way, Washington 98003 ►a i 21. Seller's Acceptance. Seller agrees to sell the property ,, on the terms and conditions herein. Seller acknowledges receipt of `" a copy of this Agreement, signed by all parties, having read the ' terms and conditions above and agreeing thereto. . � � doom.. Q�l't-�'/'fi, ; • :, * r _ ..Q rl .ryt m I ee lTe / Stiat( be re.)"or( t; - r OA. w i &I e, (Ay O f rite purNoel ' . 41,704,-, art f/,, f 'i PortU( 'AF c f (arc ,.',1 a cc c„cld«c r3. 'yr (rcc.LLQ A13- c +1.1 f7�ak d".1 --h, a Clow Tug ra c er` .-- .t (an a p/Toc "kg, Ow -_ I Ni rea.rce cf 0C1c upao ies �- I •/ �e #A6 ,.e. 01_,/�f-Ae �\`Oi pfo `ecT• " "c c f crc( eleci 4 C'r-J'r c'c C.:r"1-e." Tccfirre c�c�7. J n t' '-nr Occ .pa.�c. /le � jq►rlti�c l�nn5 i"Orte� JQ %.� w�e��. evc lo.t • - t e -relle,- far e(1)-e./ farce( S a-r-d or /arcs.( 7 ,To 5 .S'l. Q ( S I u e.Q 7� ! � I- ,( r ty�.�' Ore 07144 I - , ,( IPJ , FOCC t., ,. G1 dZ G / QOrr7-tt ire e.N• �C/ 1-1�i C y , r SELLER, iiiip GON 2000, INC. By: ' ....41 -4,40.P.- Gary A. YoVg, y for Vice President 4040 Lake Wash r ton Blvd.N.E. Ste.201 Kirkland, Washington 98033 QUADRANT CORPORATION By: 44µ ' I; 43 Hug .IFitz • =r.ald, President P. 0. Box 130 Bellevue, Washington 98009 20. Purchaser's Receipt. Purchaser acknowledges receipt of a Seller's signed copy of this Agreement on '17 , 192e". PURCHASER, CITY OF FEDERAL WAY By: ' i �i� J. . ent McFall, City Manager k ci,5 \ et 5+ 6 e,.,st e r..,e e `F v Pa v‘a ,r Q W 14 1 As +d tom-cli_re ly, 6t Aik a , • '-ke. c r o` c.,-i v r l P oz r e .1701'` Pat-Ir e e( 13 `�\a cee,1. 5 r ---)---ti e_ r-e 1.1i re_wk-edc.1 lf9 oke ac,_ w< w u-- - � Or b 0 u at ,'L- ^ w Qi- at s �v ac,r e e l Vol_ i A �e me --a )0e w a-t ve6e. 5 sGr I ler f r oe- 'e - �-/--' �} kQ- Pro j c3 e`-i- 'It az e o v c..u.ee La r 91L1027 �o vt @ 0-wc.. 'f- o~ v 4- q r ee wte_n.( 5 -5- Exhibit A to Real Estate Purchase and Sale Agreement for Portion of Campus Crest Property LEGAL DESCRIPTION PARCEL "A" THAT PORTION OP GOVERNMENT LOT 1, SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, W.M. , IN KING COUNTY, WASHINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 19; • THENCE ALONG THE NORTH LINE THEREOF S89'00'18"E 335.78 FEET; THENCE 801'35'16"W 42.00 FEET TO THE SOUTHERLY MARGIN OF THE LANDS DESCRIBED IN DEED RECORDED UNDER RECORDING NUMBER 8501170665, RECORDS OF SAID COUNTY AND THE TRUE POINT OP 8EG"mING THENCE ALONG SAID SOUTHERLY MARGIN S89'00'18"E 18.07 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 658.00 FEET: THENCE EASTERLY AND SOUTHEASTERLY 700.54 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 60.59'59": THENCE 826'00'19"E 422.43 FEET TO THE BEGINNING OF A NON•TANGENT CURVE CONCAVE TO THE SOUTHEAST HAVING•A RADIUS OP 897.03 FEET (A RADIAL LINE THROUGH SAID BEGINNING BEARS N28.00'19"W) ; THENCE SOUTHWESTERLY AND SOUTHERLY 732.77 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 46'48'15" TO A RADIAL LINE OP SAID CURVE WHICH BEARS N74•48'34"W AND THE SOUTH LINE O? SAID GOVERNMENT LOT 1? THENCE ALONG SAID SOUTH LINE N88•5c '2O"W 376.79 FEET TO A LINE PARALLEL WITH AND DISTANT 335.76 FEET EASTERLY, WHEN MEASURED AT RIGHT ANGLES, PROM THE WEST LINE OF SAID GOVERNMENT LOTS THENCE ALONG SAID PARALLEL LINE N01'35'36"E 1273.00 FEET TO THE TRUE POINT or BEGINNING. CONTAINS 702,969 SQUARE FEET (16.14), MORE OR LESS. SITUATE IN KING COUNTY, WASHINGTON. V1 4�' itr,, i�;., % A 'Se pESTO*1 5400 Columbia Center THORGRI MSON 701 Fifth Avenue ® Seattle,WA 98104-7078 SHIDLER GATES & ELLIS FEB 5 b Telephone:(206)623-7580 Facsimile:(206)623-7022 FEDERAL WAY ATTORNEYS AT LAW CITY ATTORNEY NANCY M. NERAAS, c_.:ebruary 4, 1992 •...-pc <d; , .Carolyn Lake 11 t k- Assistant City Attorney / , . . ",'' , City of Federal Way _ ��G /�I IICVW1 33530 1st Way South . ?hC� Federa'! Way, WA 9800'' Re: Ground Lease Dear Carolyn: Enclosed is the original recorded memorandum of ground lease for the Campus Center property for your records. Please let me know if I can ever be of any assistance. Very truly yours, PRESTON THORGRIMSON SHIDLER GATES & ELLIS By an Nancy M Neraas NMN: ih Enclosures K:\NMN\19406-89.010\21L.3U0 -- PRESTON MOO COLUMBIA CENTER THORGRIMSON 701 FIFTH AVENUE SEATTLE,WA%104-7078 i SHIDLER TELEPHONE:(206)623-7580 GATES & ELLIS FACSIMILE:(206)623.7022 ATTORNEYS AT LAW i NANCY M. NERAAS 9ELLEVUE SPOKANE TACOMA ANCHORAGE PORTLAND WASHINGTON,DC t Anchorage • Bellevue • Portland • Spokane •Tacoma • Washington,D.C. A Partnership Including A Professional Corporation ponp,...............___,.......__7.__7__.____ I) , , 6 1 i AMERICAN LAND TITLE ASSOCIATION .. k' LEASEHOLD OWNER'S POLICY „`= (4-6-90) CHICAGO TITLE INSURANCE COMPANY 4r , SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE INSURANCE COMPANY,a Missouri corporation,herein called the Company,insures,as of Date of Policy shown .-1 in Schedule A,against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense'of the title,as insured,but only to the extent provided in the Conditions and Stipulations. In Witness Whereo f,CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as ' • of Date of Policy shown in Schedule A,the policy to become valid when countersigned by an authorized signatory. 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If the Company shall exercise its rights under this provided for under this 15olicy, together with any costs, attorneys' fees and paragraph,it shall do so diligently. expenses incurred by the insured claimant which were authorized by the (c)Whenever the Company shall have brought an action or interposed a Company up to the time of payment and which the Company is obligated to defense as required or permitted by the provisions of this policy,the Company pay may pursue any litigation to final determination by a court of competent juris- Upon the exercise by the Company of either of the options provided for in diction and expressly reserves the right,in its sole discretion,to appeal from paragraphs(b)(i)or(ii),the Company's obligations to the insured under this any adverse judgment or order. policy for the claimed loss or damage,other than the payments required to be (d)In all cases where this policy permits or requires the Company to prose- made,shall terminate, including any liability or obligation to defend, prose- cute or provide for the defense of any action or proceeding,the insured shall cute or continue any litigation. secure to the Company the right to so prosecute or provide defense in the 7, DETERMINATION,EXTENT OF LIABILITY AND COINSURANCE action or proceeding,and all appeals therein, and permit the Company to This policy is a contract of indemnity against actual monetary loss or dam- use, at its option, the name of the insured for this purpose. Whenever age sustained or incurred by the insured claimant who has suffered loss or requested by the Company,the insured,at the Company's expense,shall give damage by reason of matters insured against by this policy and only to the the Company all reasonable aid (i) in any action or proceeding, securing extent herein described. evidence,obtaining witnesses, prosecuting or defending the action or pro- (a)The liability of the Company under this policy shall not exceed the least ceeding,or effecting settlement,and(ii)in any other lawful act which in the of: opinion of the Company may be necessary or desirable to establish the title to (i)the Amount of Insurance stated in Schedule A;or, the estate or interest as insured.If the Company is prejudiced by the failure of (ii)the difference between the value of the insured estate or interest as the insured to furnish the required cooperation,the Company's obligations to insured and the value of the insured estate or interest subject to the defect, the insured under the policy shall terminate,including any liability or obliga- lien or encumbrance insured against by this policy. tion to defend,prosecute,or continue any litigation,with regard to the matter (b)In the event the Amount of Insurance stated in Schedule A at the Date of or matters requiring such cooperation. Policy is less than 80 percent of the value of the insured estate or interest or if 5. PROOF OF LOSS OR DAMAGE subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over In addition to and after the notices required under Section 3 of these Condi- the Amount of Insurance stated in Schedule A,then this policy is subject to the tions and Stipulations have been provided the Company, a proof of loss or following: damage signed and sworn to by the insured claimant shall be furnished to the (i)where no subsequent improvement has been made,as to any partial Company within 90 days after the insured claimant shall ascertain the facts loss,the Company shall only pay the loss pro rata in the proportion that the giving rise to the loss or damage.The proof of loss or damage shall describe amount of insurance at Date of Policy bears to the total value of the insured the defect in, or lien or encumbrance on the title, or other matter insured estate or interest at Date of Policy;or against by this policy which constitutes the basis of loss or damage and shall (ii)where a subsequent improvement has been made,as to any partial state,to the extent possible,the basis of calculating the amount of the loss or loss,the Company shall only pay the loss pro rata in the proportion that 120 damage.If the Company is prejudiced by the failure of the insured claimant to percent of the Amount of Insurance stated in Schedule A bears to the sum of provide the required proof of loss or damage,the Company's obligations to the Amount of Insurance stated in Schedule A and the amount expended for the insured under the policy shall terminate,including any liability or obliga- the improvement. tion to defend,prosecute,or continue any litigation,with regard to the matter The provisions of this paragraph shall not apply to costs,attorneys'fees or matters requiring such proof of loss or damage. and expenses for which the Company is liable under this policy,and shall only In addition,the insured claimant may reasonably be required to submit to apply to that portion of any loss which exceeds,in the aggregate,10 percent of examination under oath by any authorized representative of the Company the Amount of Insurance stated in Schedule A. and shall produce for examination,inspection and copying,at such reason- (c)The Company will pay only those costs,attorneys'fees and expenses able times and places as may be designated by any authorized representative incurred in accordance with Section 4 of these Conditions and Stipulations. of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which 8. APPORTIONMENT reasonably pertain to the loss or damage.Further,if requested by any autho- If the land described in Schedule A consists of two or more parcels which rized representative of the Company, the insured claimant shall grant its are not used as a single site,and a loss is established affecting one or more of permission, in writing,for any authorized representative of the Company to the parcels but not all,the loss shall be computed and settled on a pro rata examine,inspect and copy all records, books, ledgers,checks,correspon- basis as if the amount of insurance under this policy was divided pro rata as to dence and memoranda in the custody or control of a third party,which reason- the value on Date of Policy of each separate parcel to the whole,exclusive of ably pertain to the loss or damage.All information designated as confidential any improvements made subsequent to Date of Policy, unless a liability or by the insured claimant provided to the Company pursuant to this Section value has otherwise been agreed upon as to each parcel by the Company and shall not be disclosed to others unless, in the reasonable judgment of the the insured at the time of the issuance of this policy and shown by an express Company, it is necessary in the administration of the claim. Failure of the statement or by an endorsement attached to this policy. insured claimant to submit for examination under oath,produce other reason- g, LIMITATION OF LIABILITY ably requested information or grant permission to secure reasonably neces- (a)If the Company establishes the title,or removes the alleged defect,lien sary information from third parties as required in this paragraph shall termi- or encumbrance,or cures the lack of a right of access to or from the land,or nate any liability of the Company under this policy as to that claim. cures the claim of unmarketability of title, all as insured, in a reasonably 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION diligent manner by any method,including litigation and the completion of any OF LIABILITY appeals therefrom,it shall have fully performed its obligations with respect to In that matter and shall not be liable for any loss or damage caused thereby. ncase of a claim under this policy,the Company shall have the following additional options: (b)In the event of any litigation,including litigation by the Company or with dam- (a)To Pay or Tender Payment of the Amount of Insurance. the Company's consent,the Company shall have no liability for loss or dam- age until there has been a final determination by a court of competent jurisdic- To pay or tender payment of the amount of insurance under this policy tion,and disposition of all appeals therefrom,adverse to the title as insured. together with any costs,attorneys'fees and expenses incurred by the insured (c)The Company shall not be liable for loss or damage to any insured for claimant,which were authorized by the Company,up to the time of payment or liability voluntarily assumed by the insured in settling any claim or suit without tender of payment and which the Company is obligated to pay. the prior written consent of the Company. Upon the exercise by the Company of this option,all liability and obligations 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF to the insured under this policy,other than to make the payment required,shall LIABILITY terminate, including any liability or obligation to defend, prosecute,or con- tinue any litigation,and the policy shall be surrendered to the Company for All payments under this policy,except payments made for costs,attorneys' cancellation. fees and expenses,shall reduce the amount of the insurance pro tanto. (b)To Pay or Otherwise Settle With Parties Other than the Insured or 11. LIABILITY NONCUMULATIVE With the Insured Claimant. It is expressly understood that the amount of insurance under this policy (i)to pay or otherwise settle with other parties for or in the name of an shall be reduced by any amount the Company may pay under any policy insured claimant any claim insured against under this policy,together with any insuring a mortgage to which exception is taken in Schedule B or to which the costs,attorneys'fees and expenses incurred by the insured claimant which insured has agreed, assumed, or taken subject, or which is hereafter ex- were authorized by the Company up to the time of payment and which the ecuted by an insured and which is a charge or lien on the estate or interest Company is obligated to pay;or described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 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'8ss81 eta u!Jossal 8144;0 4844 04 8111.3 3unoweJed Bu!neg uoSJed AUS pax!;Ale4!UI;Op ueeq say 86ewsp JO SSOI JO 4Ua4xa ay3 pus AUI!gs!!U84M(q) 03 Aed o3 pels6!lgo eq Aew 04else p!oyasS0!8143;o J°UMO se peJnsu!8143 y3U4M •Auedwo0 uo!33lne ay3 04 Jo!Jd pus!ay4;o Aouedn000 pus esn Jo;se6swep JO 3000(q) 8(4110 uo!43s;sl4SS ey3 03 pegS!uJn;eq Hogs uol33nJ35Op JO SSOI paid OSe3 •pex!IS s!Apedoid ey3(13!(1M o3 pus!8144 04 JO p0J0 1.13l1M U!'peAOJ3sep JO 3soi ueeq say A3!I0d 8144 ssa!un 3uewAsd all WOW -AGS Apedoid ey104 e65w5p elgs!oaJdde 6u!sne3 3n0g3!M woJ;aJel1 paJanes -esJopue JO;A3!!Od Slyl 6u!onpoJd 4no43!m epsw eq Heys 3UOWAsd oN(5) eq U53'pus!044 01 Uol35xl1;5;O JODUSW PUS J0435J5(13 S1!;0 esneoeq 4304m SSO1 401N31NAVd 'EL a 3ICAGO TITLE INSURANCE COMPA 1800 COLUMBIA CENTER, 701 5TH AVE, SEATTLE, WA 98104 PolicyNo.: 215518 EXTENDED OWNER POLICY SCHEDULE A Amount of Date of Policy. OCTOBER 7, 1991 at 3:24 PM Insurance: $1,452,600.00 L Name of Insured: CITY OF FEDERAL WAY, WASHINGTON, A MUNICIPAL CORPORATION 2. The estate or interest in the land which is covered by this policy is: SEE ATTACHED ESTATE OR INTEREST 3, Title to the estate or interest in the land is vested in: CITY OF FEDERAL WAY, WASHINGTON, A MUNICIPAL CORPORATION 4. The land referred to in this policy is described as follows: • SEE ATTACHED DESCRIPTION RECEIVED OCT 2 2 1991 FINANCE CITY OF FEDERAL WAY CHICAGO TITLE INSURANCE COMPANY —,HICAGO TITLE INSURANCE COMP Y Policy No.: 215 518 EXTENDED OWNER POLICY SCHEDULE A (Continued) INTEREST THE LEASEHOLD ESTATE, AS LEASEHOLD ESTATE IS DEFINED IN PARAGRAPH 1 (G) OF THE CONDITIONS AND STIPULATIONS OF THIS POLICY, CREATED BY THE INSTRUMENT HEREIN REFERRED TO AS THE LEASE. MEMORANDUM OF LEASE INCLUDING THE TERMS AND CONDITIONS OF THE LEASE DISCLOSED THEREIN: LESSOR: SEATTLE-FIRST NATIONAL BANK LESSEE: CITY OF FEDERAL WAY FOR A TERM OF: APPROXIMATELY 15 YEARS COMMENCING ON SEPTEMBER 25, 1991 AND TERMINATING ON DECEMBER 01, 2006 RECORDED: OCTOBER 07, 1991 RECORDING NUMBER: 9110071155 CHICAGO TITLE INSURANCE COMPANY • :HICAGO TITLE INSURANCE COMP Y Policy No.: 215 518 EXTENDED OWNER POLICY SCHEDULE A (Continued) LEGAL DESCRIPTION THAT PORTION OF GOVERNMENT LOT 1, SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 19; THENCE ALONG THE NORTH LINE THEREOF SOUTH 89°00'18" EAST 335.78 FEET; THENCE SOUTH 01°35'16" WEST 42.00 FEET TO THE SOUTHERLY MARGIN OF THE LANDS DESCRIBED IN DEED RECORDED UNDER RECORDING NUMBER 8501170665, IN KING COUNTY, WASHINGTON, AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY MARGIN SOUTH 89°00'18" EAST 18.07 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 658.00 FEET; THENCE EASTERLY AND SOUTHEASTERLY 700.54 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 60°59'59"; THENCE SOUTH 28°00'19" EAST 422.43 FEET TO THE BEGINNING OF A NON-TANGENT CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 897.03 FEET (A RADIAL LINE THROUGH SAID BEGINNING BEARS NORTH 28°00'19" WEST); THENCE SOUTHWESTERLY AND SOUTHERLY 732.77 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 46°48'15" TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 74°48'34" WEST AND THE SOUTH LINE OF SAID GOVERNMENT LOT 1; THENCE ALONG SAID SOUTH LINE NORTH 88°59'20" WEST 376.79 FEET TO A LINE PARALLEL WITH AND DISTANT 335.76 FEET EASTERLY, WHEN MEASURED AT RIGHT ANGLES, FROM THE WEST LINE OF SAID GOVERNMENT LOT; THENCE ALONG SAID PARALLEL LINE NORTH 01°35'16" EAST 1,273.00 FEET TO THE TRUE POINT OF BEGINNING. CHICAGO TITLE INSURANCE COMPANY CHICAGO TITLE INSURANCE COMP Y Policy No.: 215518 EXTENDED OWNER POLICY SCHEDULE B EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage(and the Company will not pay costs,attorneys'fees or expenses) which arise by reason of: GENERAL EXCEPTIONS: 1. TAXES OR SPECIAL ASSESSMENTS WHICH ARE NOT SHOWN AS EXISTING LIENS BY THE PUBLIC RECORDS. 2. ANY SERVICE, INSTALLATION, CONNECTION, MAINTENANCE, OR CONSTRUCTION CHARGES FOR SEWER, WATER, ELECTRICITY, OR GARBAGE COLLECTION AND DISPOSAL. 3. RESERVATIONS AND EXCEPTIONS IN UNITED STATES PATENTS OR IN ACTS AUTHORIZING THE ISSUANCE THEREOF; INDIAN TRIBAL CODES OR REGULATIONS, INDIAN TREATY OR ABORIGINAL RIGHTS, INCLUDING EASEMENTS OR EQUITABLE SERVITUDES. 4. WATER RIGHTS, CLAIMS, OR TITLE TO WATER. CHICAGO TITLE INSURANCE COMPANY owr4Erre/2-1391/EIC CHICAGO TITLE INSURANCE COMP Y Policy No.: 215 518 EXTENDED OWNER POLICY SCHEDULE B (Continued) SPECIAL EXCEPTIONS 1. UNDERGROUND UTILITY EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: PUGET SOUND POWER & LIGHT COMPANY, A WASHINGTON CORPORATION PURPOSE: ELECTRIC TRANSMISSION AND/OR DISTRIBUTION SYSTEM TOGETHER WITH ALL NECESSARY OR CONVENIENT APPURTENANCES THEREFOR AREA AFFECTED: PORTIONS OF SAID PREMISES AND OTHER PROPERTY ADJOINING THE EXTERIOR MARGINS OF SOUTHWEST CAMPUS DRIVE RECORDED: APRIL 2, 1986 RECORDING NUMBER: 8604020489 CONTAINS COVENANT PROHIBITING STRUCTURES OVER SAID EASEMENT OR OTHER ACTIVITIES WHICH MIGHT ENDANGER THE UNDERGROUND SYSTEM. 2. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: FEDERAL WAY WATER AND SEWER DISTRICT, A MUNICIPAL CORPORATION PURPOSE: SEWER FACILITIES AND ALL APPURTENANCES RELATED THERETO AREA AFFECTED: PORTION OF SAID PREMISES RECORDED: NOVEMBER 17, 1987 RECORDING NUMBER: 8711170788 3. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: KING COUNTY PURPOSE: SLOPES, DRAINAGE AND UTILITIES AREA AFFECTED: PORTION OF SAID PREMISES WITHIN A STRIP OF LAND 10 FEET IN WIDTH LYING PARALLEL TO AND ADJOINING SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 11, 1989 RECORDING NUMBER: 8908110283 4. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: WASHINGTON NATURAL GAS COMPANY, A WASHINGTON CORPORATION PURPOSE: GAS PIPELINE(S) AND APPURTENANCES AREA AFFECTED: PORTION OF SAID PREMISES AND OTHER PROPERTY LYING WITHIN A STRIP OF LAND 15 FEET WIDE LOCATED SOUTHERLY OF, PARALLEL TO AND ADJOINING THE SOUTH CHICAGO TITLE INSURANCE COMPANY owNEr /1 /mc CHICAGO TITLE INSURANCE COMP Y Policy No.: 215518 EXTENDED OWNER POLICY SCHEDULE B (Continued) SPECIAL EXCEPTIONS BOUNDARY LINE OF SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 7, 1990 RECORDING NUMBER: 9008070651 5. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BETWEEN: CITY OF FEDERAL WAY AND: THE QUADRANT CORPORATION RECORDED: MARCH 5, 1990 RECORDING NUMBER: 9003051119 REGARDING: RESTRICTIONS AND REQUIREMENTS RELATED TO THE DEVELOPMENT OF SAID PREMISES 6. RIGHT TO MAKE NECESSARY SLOPES FOR CUTS OR FILLS UPON PROPERTY HEREIN DESCRIBED AS GRANTED IN DEED: GRANTEE: KING COUNTY RECORDED: JANUARY 17, 1985 RECORDING NUMBER: 8501170665 AFFECTS: THAT PORTION OF SAID PREMISES AND OTHER PROPERTY ABUTTING SOUTHWEST CAMPUS DRIVE 7. FACILITY CHARGES, IF ANY, INCLUDING BUT NOT LIMITED TO HOOK-UP OR CONNECTION CHARGES AND LATECOMER CHARGES FOR WATER OR SEWER FACILITIES OF WATER DISTRICT NO. 124, AS DISCLOSED BY INSTRUMENT RECORDED UNDER RECORDING NUMBER 8106010916. 8. TERMS AND CONDITIONS OF THE LEASE SHOWN IN SCHEDULE A. 9. OPTION TO PURCHASE AS CONTAINED IN THE LEASE SHOWN IN SCHEDULE A. END OF SCHEDULE B IL AUTHORIZED SIGNATORY CHICAGO TITLE INSURANCE COMPANY Your' rence: QUADI,- .r CORP./CITY OF FEDERAL WAY ENDORSEMENT Attached to and forming a part of Policy No. 215518 Issued by CHICAGO TITLE INSURANCE COMPANY The Company insures the Insured against loss or damage sustained by reason of any final judgment of a court of competent jurisdiction that all of the land described in Schedule A violates the provisions of RCW 58.17 et seq.. or local laws or ordinances pursuant thereto relating to either a separation in ownership of all of said land prior to date of policy from any parcel of which said land was formerly a part or a change in the dimensions of all of the land prior to date of policy. This endorsement is made a part of the policy and is subject to all the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and prior endorsements,if any,nor does it extend the effective date of the policy and prior endorsements or increase the face amount thereof. DATED: October 7, 1991 CHICAGO TITLE INSURANCE COMPANY /2'1J.,5? ry Authorized Signatory Note: This endorsement shall not be valid or binding until countersigned by an authorized signatory SUBDIVISION ENDORSEMENT(7/88) ALTA Owner's Policy ENSUE0/11-1740/CJY © CHICAGO '1111.: INSURANCE COMPANY . _________ 1800 COLUMBIA CENTER, 701 FIFTH AVENUE, SEATTLE, WASHINGTON 98104 IMPORTANT: This is not a Survey. It is furnished as a convenience to locate the land indicated hereon with reference to streets and other land. No liability is assumed by reason of reliance hereon. C:1-1\1. C-'L- 1 w'w m :c 5 8•0018•r . 355.78• — • •(`/ R • 70040' `•HW CORNER . L • 745.75• SEC1ION r9-21-4 a . Cis \ A• 9059'39• R • 63640• *:Ts._o N L • 700.54• • N • ...I \ . to O • v,N P c v L • Z 7; \ 5 .a).- ` .z a▪ � x cx Lu CI 0 A- 14'4738' 5.1 R • 800.00' L..p l - 106.64• _"A.•..: 5.:r C.• 4C4r15. 143759.q R • 897.0.1. ,1 . 417.00' ..a.•/,;. L . 73277• `mss L • 111.49. 4 :7^ an ryr s 4 561.92' Na59'1► - N$810.20*W SOUTH LW( 3 N 117e;Jf=.— COVCRNMENT LOT 1 "fA/ ``., 0 '''liCI MAP .. ,. si, ,A.. ,A.: ,A.,.".„.,,-.,.: ----77,,, _.„." :,.::.., ...A.- ,..„.... .,:ift:::_..„:„.......„,„....e.,"' 'ifft:. _1"'...""--,"7-- '.:"..N. ....gAuT '4ftir' r.A7 "'"7'. . .. 34 b AMERICAN LAND TITLE ASSOCIATION LEASEHOLD LOAN POLICY (4-6-90) " ( CHICAGO TITLE INSURANCE COMPANY r / ( "' SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE Ni CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE INSURANCE COMPANY,a Missouri corporation,herein called the Company,insures,as of Date of Policy shown in Schedule A,against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or 4 incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; Cs 3. Unmarketability of the title; 4. Lack of a right of access to and from the land; 5. The invalidity or unenforceability of the lien of the insured mortgage upon the title; 6. The priority of any lien or encumbrance over the lien of the insured mortgage; 7. Lack of priority of the lien of the insured mortgage over any statutory lien for services,labor or material: / = (a) arising from an improvement or work related to the land which is contracted for or commenced prior to Date of Policy; or (b) arisin g an from improvement or work related to the land which is contracted for or commenced P subsequent to Date of Policy and which is financed in whole or in part by proceeds of the indebted- ness secured by the insured mortgage which at Date of Policy the insured has advanced or is ,44 obligated to advance; ,t, 8. The invalidity or unenforceability of any assignment of the insured mortgage,provided the assignment is shown in Schedule A,or the failure of the assignment shown in Schedule A to vest title to the insured 5 mortgage in the named insured assignee free and clear of all liens. The Company will also pay the costs,attorneys'fees and expenses incurred in defense of the title or the lien of the insured mortgage, as insured, but only to the extent provided in the Conditions and Stipulations. E, In Witness Whereof,CHICAGO TITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of Date of Policy shown in Schedule A,the policy to become valid when countersigned by an authorized signatory. CHICAGO TITLE INSURANCE COMPANY s. By: S. Issued by: CHICAGO TITLE INSURANCE COMPANY 1800 Columbia Center �-C• 701 Fifth Avenue Seattle,Washington 98104(206) 628-5666 ' " 5 ) ,) , . . A:. 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If prompt notice In case of a claim under this policy,the Company shall have the following shall not be given to the Company,then as to the insured all liability of the additional options: Company shall terminate with regard to the matter or matters for which prompt (a)To Pay or Tender Payment of the Amount of Insurance or to notice is required;provided,however,that failure to notify the Company shall Purchase the Indebtedness. In no case prejudice the rights of any insured under this policy unless the (i)to pay or tender payment of the amount of insurance under this policy Company shall be prejudiced by the failure and then only to the extent of the together with any costs,attorneys'fees and expenses incurred by the insured prejudice. claimant,which were authorized by the Company,up to the time of payment or tender of payment and which the Company is obligated to pay;or 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED (ii)to purchase the indebtedness secured by the insured mortgage for the CLAIMANT TO COOPERATE amount owing thereon together with any costs,attorneys'fees and expenses (a)Upon written request by the insured and subject to the options con- incurred by the insured claimant which were authorized by the Company up to tained in Section 6 of these Conditions and Stipulations,the Company,at its the time of purchase and which the Company is obligated to pay. own cost and without unreasonable delay,shall provide for the defense of an If the company offers to purchase the indebtedness as herein provided,the insured in litigation in which any third party asserts a claim adverse to the title owner of the indebtedness shall transfer,assign, and convey the indebted- or interest as insured,but only as to those stated causes of action alleging a ness and the insured mortgage,together with any collateral security,to the defect,lien or encumbrance or other matter insured against by this policy.The Company upon payment therefor. Company shall have the right to select counsel of its choice(subject to the Upon the exercise by the Company of either of the options provided for in right of the insured to object for reasonable cause)to represent the insured as paragraphs a(i) or(ii), all liability and obligations to the insured under this to those stated causes of action and shall not be liable for and will not pay the policy,other than to make the payment required in those paragraphs, shall fees of any other counsel. The Company will not pay any fees, costs or terminate, including any liability or obligation to defend, prosecute,or con- expenses incurred by the insured in the defense of those causes of action tinue any litigation,and the policy shall be surrendered to the Company for which allege matters not insured against by this policy. cancellation. (b)The Company shall have the right, at its own cost, to institute and (b)To Pay or Otherwise Settle With Parties Other than the Insured or prosecute any action or proceeding or to do any other act which in its opinion With the Insured Claimant. may be necessary or desirable to establish the title to the estate or interest or (i)to pay or otherwise settle with other parties for or in the name of an the lien of the insured mortgage,as insured,or to prevent or reduce loss or insured claimant any claim insured against under this policy,together with any damage to the insured.The Company may take any appropriate action under costs,attorneys'fees and expenses incurred by the insured claimant which the terms of this policy,whether or not it shall be liable hereunder,and shall not were authorized by the Company up to the time of payment and which the thereby concede liability or waive any provision of this policy.If the Company Company is obligated to pay;or shall exercise its rights under this paragraph,it shall do so diligently. (ii)to pay or otherwise settle with the insured claimant the loss or damage (c)Whenever the Company shall have brought an action or interposed a provided for under this policy,together with any costs, attorneys' fees and defense as required or permitted by the provisions of this policy,the Company expenses incurred by the insured claimant which were authorized by the may pursue any litigation to final determination by a court of competent juris- Company up to the time of payment and which the Company is obligated to diction and expressly reserves the right,in its sole discretion,to appeal from pay any adverse judgment or order. Upon the exercise by the Company of either of the options provided for in (d)In all cases where this policy permits or requires the Company to prose- paragraphs(b)(i)or(ii),the Company's obligations to the insured under this cute or provide for the defense of any action or proceeding,the insured shall policy for the claimed loss or damage,other than the payments required to be secure to the Company the right to so prosecute or provide defense in the made,shall terminate, including any liability or obligation to defend, prose- action or proceeding, and all appeals therein, and permit the Company to cute or continue any litigation. use, at its option, the name of the insured for this purpose. Whenever 7. DETERMINATION AND EXTENT OF LIABILITY requested by the Company,the insured,at the Company's expense,shall give This policy is a contract of indemnity against actual monetary loss or dam- the Company all reasonable aid (i) in any action or proceeding, securing age sustained or incurred by the insured claimant who has suffered loss or evidence, obtaining witnesses, prosecuting or defending the action or pro- damage by reason of matters insured against by this policy and only to the ceeding,or effecting settlement,and(ii)in any other lawful act which in the extent herein described. opinion of the Company may be necessary or desirable to establish the title to (a)The liability of the Company under this policy shall not exceed the least the estate or interest or the lien of the insured mortgage, as insured. If the of: Company is prejudiced by the failure of the insured to furnish the required (i)the Amount of Insurance stated in Schedule A, or, if applicable, the cooperation,the Company's obligations to the insured under the policy shall amount of insurance as defined in Section 2(c)of these Conditions and Stipu- terminate, including any liability or obligation to defend, prosecute, or con- lations; tinue any litigation,with regard to the matter or matters requiring such cooper- (ii)the amount of the unpaid principal indebtedness..secured by the ation. insured mortgage as limited or provided under Section 8 of these Conditions 5. PROOF OF LOSS OR DAMAGE and Stipulations or as reduced under Section 9 of these Conditions and required under Section 3 of these Condi- Stipulations, at the time the loss or damage insured against by this policy In addition to and after the notices re q occurs,together with interest thereon;or tions and Stipulations have been provided the Company, a proof of loss or (iii)the difference between the value of the insured estate or interest as damage signed and sworn to by the insured claimant shall be furnished to the insured and the value of the insured estate or interest subject to the defect, Company within 90 days after the insured claimant shall ascertain the facts lien or encumbrance insured against by this policy. giving rise to the loss or damage.The proof of loss or damage shall describe (b)In the event the insured has acquired the estate or interest in the manner the defect in, or lien or encumbrance on the title, or other matter insured described in Section 2(a)of these Conditions and Stipulations or has con- against by this policy which constitutes the basis of loss or damage and shall veyed the title,then the liability of the Company shall continue as set forth in state,to the extent possible,the basis of calculating the amount of the loss or Section 7(a)of these Conditions and Stipulations. damage.If the Company is prejudiced by the failure of the insured claimant to (c)The Company will pay only those costs,attorneys'fees and expenses provide the required proof of loss or damage,the Company's obligations to incurred in accordance with Section 4 of these Conditions and Stipulations. the insured under the policy shall terminate,including any liability or obliga- tion to defend,prosecute,or continue any litigation,with regard to the matter 8. LIMITATION OF LIABILITY or matters requiring such proof of loss or damage. (a)If the Company establishes the title,or removes the alleged defect,lien In addition,the insured claimant may reasonably be required to submit to or encumbrance,or cures the lack of a right of access to or from the land,or examination under oath by any authorized representative of the Company cures the claim of unmarketability of title,or otherwise establishes the lien of and shall produce for examination,inspection and copying,at such reason- the insured mortgage,all as insured,in a reasonably diligent manner by any able times and places as may be designated by any authorized representative method,including litigation and the completion of any appeals therefrom,it of the Company, all records, books, ledgers, checks, correspondence and shall have fully performed its obligations with respect to that matter and shall memoranda, whether bearing a date before or after Date of Policy, which not be liable for any loss or damage caused thereby. reasonably pertain to the loss or damage.Further,if requested by any author- (b)In the event of any litigation,including litigation by the Company or with ized representative of the Company,the insured claimant shall grant its per- the Company's consent,the Company shall have no liability for loss or dam- mission,in writing,for any authorized representative of the Company to exam- age until there has been a final determination by a court of competent jurisdic- ine, inspect and copy all records, books, ledgers,checks,correspondence tion,and disposition of all appeals therefrom,adverse to the title or to the lien and memoranda in the custody or control of a third party,which reasonably of the insured mortgage,as insured. pertain to the loss or damage.All information designated as confidential by (c)The Company shall not be liable for loss or damage to any insured for the insured claimant provided to the Company pursuant to this Section shall liability voluntarily assumed by the insured in settling any claim or suit without not be disclosed to others unless, in the reasonable judgment of the Com- the prior written consent of the Company. pany,it is necessary in the administration of the claim.Failure of the insured (d)The Company shall not be liable for:(i)any indebtedness created subse- claimant to submit for examination under oath, produce other reasonably quent to Date of Policy except for advances made to protect the lien of the requested information or grant permission to secure reasonably necessary insured mortgage and secured thereby and reasonable amounts expended to information from third parties as required in this paragraph,unless prohibited prevent deterioration of improvements; or (ii) construction loan advances by law or governmental regulation,shall terminate any liability of the Company made subsequent to Date of Policy,except construction loan advances made under this policy as to that claim. subsequent to Date of Policy for the purpose of financing in whole or in part the r L0909 s!eu!III`0663)40 6029 IN WiOd leans uo16ulysa aM 444 1uaw;JE oW!e10 -Se38U sawooaq 1!`paansu, .q pemou!abewep JO sso!bu!lndwoo in`;! 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The estate or interest referred to herein is at Date of Policy vested in: CITY OF FEDERAL WAY, WASHINGTON, A MUNICIPAL CORPORATION 3. The estate or interest in the land described in Schedule A and which is encumbered by the insured mortgage is: SEE ATTACHED ESTATE OR INTEREST 4. The insured mortgage,and assignments thereof,if any,are described as follows: THE INDEBTEDNESS EVIDENCED AND SECURED BY A LEASE, A MEMORANDUM OF WHICH WAS RECORDED, INCLUDING THE TERMS AND PROVISIONS THEREOF: AMOUNT: $1,452,600.00 DATED: SEPTEMBER 25, 1991 RECORDED: OCTOBER 07, 1991 RECORDING NUMBER: 9110071155 LESSOR: SEATTLE-FIRST NATIONAL BANK LESSEE: CITY OF FEDERAL WAY SAID DOCUMENT IS A RE-RECORD OF DOCUMENT RECORDED SEPTEMBER 25, 1991 UNDER RECORDING NUMBER 9109251562. 5. The land referred to in this policy is described as follows: SEE ATTACHED DESCRIPTION CHICAGO TITLE INSURANCE COMPANY • CHICAGO TITLE INSURANCE COMPANY Policy No.: 215518 EXTENDED MORTGAGEE POLICY SCHEDULE A (Continued) INTEREST THE LEASEHOLD ESTATE, AS LEASEHOLD ESTATE IS DEFINED IN PARAGRAPH 1 (G) OF THE CONDITIONS AND STIPULATIONS OF THIS POLICY, CREATED BY THE INSTRUMENT HEREIN REFERRED TO AS THE LEASE. MEMORANDUM OF LEASE INCLUDING THE TERMS AND CONDITIONS OF THE LEASE DISCLOSED THEREIN: LESSOR: SEATTLE-FIRST NATIONAL BANK LESSEE: CITY OF FEDERAL WAY FOR A TERM OF: APPROXIMATELY 15 YEARS COMMENCING ON SEPTEMBER 25, 1991 AND TERMINATING ON DECEMBER 01, 2006 RECORDED: OCTOBER 07, 1991 RECORDING NUMBER: 9110071155 CHICAGO TTTLE INSURANCE COMPANY CHICAGO TITLE INSURANCE COMPANY Policy No.: 215 518 EXTENDED MORTGAGEE POLICY SCHEDULE A (Continued) LEGAL DESCRIPTION THAT PORTION OF GOVERNMENT LOT 1, SECTION 19, TOWNSHIP 21 NORTH, RANGE 4 EAST, WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON, SAID PORTION BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHWEST CORNER OF SAID SECTION 19; THENCE ALONG THE NORTH LINE THEREOF SOUTH 89°00'18" EAST 335.78 FEET; THENCE SOUTH 01°35'16" WEST 42.00 FEET TO THE SOUTHERLY MARGIN OF THE LANDS DESCRIBED IN DEED RECORDED UNDER RECORDING NUMBER 8501170665, IN KING COUNTY, WASHINGTON, AND THE TRUE POINT OF BEGINNING; THENCE ALONG SAID SOUTHERLY MARGIN SOUTH 89°00'18" EAST 18.07 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 658.00 FEET; THENCE EASTERLY AND SOUTHEASTERLY 700.54 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 60°59'59"; THENCE SOUTH 28°00'19" EAST 422.43 FEET TO THE BEGINNING OF A NON-TANGENT CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 897.03 FEET (A RADIAL LINE THROUGH SAID BEGINNING BEARS NORTH 28°00'19" WEST); THENCE SOUTHWESTERLY AND SOUTHERLY 732.77 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 46°48'15" TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 74°48'34" WEST AND THE SOUTH LINE OF SAID GOVERNMENT LOT 1; THENCE ALONG SAID SOUTH LINE NORTH 88°59'20" WEST 376.79 FEET TO A LINE PARALLEL WITH AND DISTANT 335.76 FEET EASTERLY, WHEN MEASURED AT RIGHT ANGLES, FROM THE WEST LINE OF SAID GOVERNMENT LOT; THENCE ALONG SAID PARALLEL LINE NORTH 01°35'16" EAST 1,273.00 FEET TO THE TRUE POINT OF BEGINNING. CHICAGO TITLE INSURANCE COMPANY CHICAGO TITLE INSURANCE COMPANY Policy No.: 215 518 EXTENDED MORTGAGEE POLICY SCHEDULE B (Continued) PART I This policy does not insure against loss or damage(and the Company will not pay costs,attorneys'fees or expenses) which arise by reason of: 1. UNDERGROUND UTILITY EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: PUGET SOUND POWER & LIGHT COMPANY, A WASHINGTON CORPORATION PURPOSE: ELECTRIC TRANSMISSION AND/OR DISTRIBUTION SYSTEM TOGETHER WITH ALL NECESSARY OR CONVENIENT APPURTENANCES THEREFOR AREA AFFECTED: PORTIONS OF SAID PREMISES AND OTHER PROPERTY ADJOINING THE EXTERIOR MARGINS OF SOUTHWEST CAMPUS DRIVE RECORDED: APRIL 2, 1986 RECORDING NUMBER: 8604020489 CONTAINS COVENANT PROHIBITING STRUCTURES OVER SAID EASEMENT OR OTHER ACTIVITIES WHICH MIGHT ENDANGER THE UNDERGROUND SYSTEM. 2. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: FEDERAL WAY WATER AND SEWER DISTRICT, A MUNICIPAL CORPORATION PURPOSE: SEWER FACILITIES AND ALL APPURTENANCES RELATED THERETO AREA AFFECTED: PORTION OF SAID PREMISES RECORDED: NOVEMBER 17, 1987 RECORDING NUMBER: 8711170788 3. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: KING COUNTY PURPOSE: SLOPES, DRAINAGE AND UTILITIES AREA AFFECTED: PORTION OF SAID PREMISES WITHIN A STRIP OF LAND 10 FEET IN WIDTH LYING PARALLEL TO AND ADJOINING SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 11, 1989 RECORDING NUMBER: 8908110283 SEE NEXT PAGE CHICAGO TITLE INSURANCE COMPANY CHICAGO TITLE INSURANCE COMPANY Policy No.: 215 518 EXTENDED MORTGAGEE POLICY SCHEDULE B (Continued) PART I 4. EASEMENT AND THE TERMS AND CONDITIONS THEREOF: GRANTEE: WASHINGTON NATURAL GAS COMPANY, A WASHINGTON CORPORATION PURPOSE: GAS PIPELINE(S) AND APPURTENANCES AREA AFFECTED: PORTION OF SAID PREMISES AND OTHER PROPERTY LYING WITHIN A STRIP OF LAND 15 FEET WIDE LOCATED SOUTHERLY OF, PARALLEL TO AND ADJOINING THE SOUTH BOUNDARY LINE OF SOUTHWEST CAMPUS DRIVE RECORDED: AUGUST 7, 1990 RECORDING NUMBER: 9008070651 5. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BETWEEN: CITY OF FEDERAL WAY AND: THE QUADRANT CORPORATION RECORDED: MARCH 5, 1990 RECORDING NUMBER: 9003051119 REGARDING: RESTRICTIONS AND REQUIREMENTS RELATED TO THE DEVELOPMENT OF SAID PREMISES 6. RIGHT TO MAKE NECESSARY SLOPES FOR CUTS OR FILLS UPON PROPERTY HEREIN DESCRIBED AS GRANTED IN DEED: GRANTEE: KING COUNTY RECORDED: JANUARY 17, 1985 RECORDING NUMBER: 8501170665 AFFECTS: THAT PORTION OF SAID PREMISES AND OTHER PROPERTY ABUTTING SOUTHWEST CAMPUS DRIVE 7. FACILITY CHARGES, IF ANY, INCLUDING BUT NOT LIMITED TO HOOK-UP OR CONNECTION CHARGES AND LATECOMER CHARGES FOR WATER OR SEWER FACILITIES OF WATER DISTRICT NO. 124, AS DISCLOSED BY INSTRUMENT RECORDED UNDER RECORDING NUMBER 8106010916. 8. TERMS AND CONDITIONS OF THE LEASE SHOWN IN SCHEDULE A. 9. OPTION TO PURCHASE AS CONTAINED IN THE LEASE SHOWN IN SCHEDULE A. CHICAGO TITLE INSURANCE COMPANY CHICAGO TITLE INSURANCE COMPANY Policy No.: 215 518 EXTENDED MORTGAGEE POLICY SCHEDULE B (Continued) PART II In addition to the matters set forth in Part I of this Schedule,the title to the estate or interest in the land described or referred to in Schedule A is subject to the following matters,if any be shown,but the Company insures that such matters are subordinate to the lien or charge of the insured mortgage upon said estate or interest: NONE 47( A.,. AUTHORI ZED SIGNATORY CHICAGO TITLE INSURANCE COMPANY ENDORSEMENT Attached to and forming a part tj Policy No. 215518 Issued by CHICAGO TITLE INSURANCE COMPANY ENDORSEMENT 100 The Company hereby insures against loss which said Insured shall sustain by reason of the following setters: (1) Any incorrectness in the assurance which the Company hereby gives: (a) That there are no covenants, conditions or restrictions under which the lien of the mortgage referred to in Schedule A can be cut off, subordinated, or otherwise impaired; (b) That there are no present violations on said land of any enforceable covenants, conditions or restrictions; (c) That, except as shown in Schedule B, there are no encroachements of buildings, structures or improvements located on said land onto adjoining lands, nor any encroachements onto said land of buildings, structures, or improvements located on adjoining lands. n9 (2)(a) Any future violations on said land of any covenants, conditions, or restrictions occuring prior to acquisition of title to said estate or interest by the Insured, provided such violations result in impairment or loss of the lien of the mortgage referred to in Schedule A, or result in impairment or loss of the title to said estate or interest if the Insured shall acquire title in satisfaction of the indebtedness secured by such mortgage; (b) Unmarketability of the title to said estate or interest by reason of any violations on said land, occuring prior to acquisition of title to said estate or interest by the Insured, of any convenants, conditions, or restrictions. (3) Damage to existing improvements, including lawns, shrubbery or trees: (a) Which are located or encroach upon that portion of the land subject to any easement shown in Schedule B, which damage results from the exercise of the right to use or maintain such easement for the purposes for which the same was granted or reserved; (b) Resulting from the exercise of any right to use the surface of said land for the extraction or development of the minerals excepted from the description of said land or shown as a reservation in Schedule B. (4) Any final court order or judgment requiring removal from any land adjoining said land of any encroachement shown in Schedule B. Wherever in this endorsement any or all of the words "covenants, conditions or restrictions" appear they shall not be deemed to refer to or include the terms, covenants and conditions contained in any lease referred to in Schedule A. The total liability of the Company under said policy and endorsement therein shall not exceed, in the aggregate, the face amount of said policy and costs which the Company is obligated under the conditions and stipulations thereof to pay. This endorsement is made a part of said policy and is subject to the exclusions from coverage, schedules, conditions and stipulations therein, except as modified by the provisions hereof. Dated: October 7, 1991 C I IN :RA E COMPANY Authorized Signatory Note: This endorsement shall not be valid or binding until countersigned by an authorized signatory Your T rence: QUAD1.. I CORP./CITY OF FEDERAL WAY ENDORSEMENT Attached to and forming a part of Policy No. 215518 Issued by CHICAGO TITLE INSURANCE COMPANY PARAGRAPH 1(E) OF THE CONDITIONS AND STIPULATIONS IS HEREBY AMENDED AS FOLLOWS: 1(E) "MORTGAGE": MORTGAGE, DEED OF TRUST, TRUST DEED OR OTHER SECURITY INSTRUMENTS, INCLUDING THE INDEBTEDNESS EVIDENCED AND SECURED BY A LEASE. This endorsement is made a part of the policy and is subject to all the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated,it neither modifies any of the terms and provisions of the policy and prior endorsements,if any,nor does it extend the effective date of the policy and prior endorsements or increase the face amount thereof. Dated: October 7, 1991 CHICAGO TITLE INSURANCE COMPANY 0} Authorized Signatory Note: This endorsement shall not be valid or binding until countersigned by an authorized signatory Buomvoi-loai/mc CO CHICAGO T.1:111 INSURANCE COMPANY 1800 COLUMBIA CENTER, 701 FIFTH AVENUE, SEATTLE, WASHINGTON 98104 IMPORTANT: This is not a Survey. It is furnished as a convenience to locate the land indicated hereon with reference to streets and other land. No liability is assumed by reason of reliance hereon. Z C 4 tu est., s$9'0018•r 3.73.76• %• T.P.O a. _ • A• 60113/' (\/ R • 700.00' •Hw CORrItR M1 c • 743.25' SFCnON t9-2t_< A• SOS9.3t• A A• 63$00 . 700.3*• N 'Q 1 gay. O i Q O =a 04).p; Z t�w d Sta )- oer .1 HR .$0o.00• t • 206.64' Q• W4fi.• e• 11'1)3$• _ R • $57.0.7' E ow- { t • 732.77' r l • 217.+9' oI^ s 7a 79•""n"' 361.11' N ee3974 N$131'20•N SWAT LINE - S 1 " +:e J+- GOVERNMENT LOT 1 'r(eJ MAP /0= ?r- (5)"/ CITY OF FEDERAL WAY Memorandum DATE: October 21, 1991 TO: Maureen Swaney, City Clerk FROM: Sandra Driscoll, City Attorney SUBJECT: Quadrant Property Enclosed is one of the three triplicate original Memorandum of Ground Lease with Option to Purchase and a copy of the recorded Statutory Warranty Deed for the above-referenced property. I will keep a copy of these documents in my file but felt that this original and the deed should appropriately be kept with the Clerk's Office. enclosure LA\EF\SRD\91-0222.QUA CITY OF FEDERAL WAY Memorandum DATE: October 15, 1991 TO: Brent McFall, City Manager Steve Anderson, Assistant City Manager Ken Nyberg, Assistant City Manager Joe Stevens, Parks Director John Moir, Finance Director Maureen Swane , City Clerk M: Sandra Driscoll, City Attorney . SUBJECT: Polygon Property Purchase pr The final documents related to the purchase of the These include oprty have been received from the title company. Ground Lease with Settlement Statements, Escrow Instructions, Option to Purchase, Real Estate Excise Tax Affidavit, and Statutory Warranty Deed. These copies will be kept in the legal file, but will be available anytime you need to look at any the theedocum nts. I will make sure Maureen receives a copy of original of the lease. Lp\EF\SRD\91-0221.POL q, CITY OF FEDERAL WAY MEMORANDUM TO: J. Brent McFall, City Manager FROM: John Moir, Finance Director DATE: August 16, 1991 SUBJECT: Lease Purchase Capital Financing The following table identifies the city's non-voted debt capacity: • Limited Tax general obligation(LTGO) bonds $23,256,792 Less: Amount issued to date 14,210,000 Plus: Amount available in debt service fund 359,092 (as of July 31, 1991) Subtotal LTGO capacity $ 9,405,884 • Capital financing leases $23,256,792 Less: Amount issued to date 0 • Subtotal Financing Lease Capacity $23,256,792 Total Non-voted Debt Capacity $32,662,676 The City has utilized 59.6% of its limited tax general obligation bond capacity. The City has 100% of its non-voted financing lease capacity remaining. The City has approximately 70% of its non voted debt capacity remaining. The LTGO bond may be used to finance a wider range of public purpose projects compared to financing leases. Financing leases are most commonly used for building construction, equipment, and land acquisition. Because there is more flexibility with LTGO bonds, the City should hold its remaining LTGO bond capacity in reserve and utilize financing leases whenever deemed appropriate. Therefore, the financing lease is the mechanism proposed for the acquisition of the Campus Center (Polygon) property. A financing lease works as follows: • the City obtains the services of a trustee, • the City obtains an underwriter(s) for the amount of the financing lease, • the amount of issue is divided into increments known as certificates of participation(the COP is similar to a bond), 1 s • the proceeds from the sale are deposited with the trustee, • the trustee pays the seller of the property from the financing lease proceeds, • the City pays annual installments to the trustee, • the trustee forwards semi-annual interest and annual principal payments to the certificate holders. The trustee receives compensation for the following duties: • Acceptance services (examination of documents and account setup); • Evaluation of liability in the event hazardous substances are found; • Periodic accountings/statements; • Maintenance of trustee's records; • Compliance monitoring; • Preparation of annual reports to certificate holders; • Custody of a reasonable number of insurance policies, letters of credit, and other security documents; • Usual and ordinary correspondence with interested parties concerning the regular administration of the trust; • Audit confirmations. These services are similar to those of a fiscal/paying agent for LTGO bonds;however,because the trustee retains ownership of the property until the lease is paid off, due diligence (oversight) requirements are much more significant. An example is the evaluation of liability in the event of hazardous substances are found on the property. The following table compares current estimates for fiscal agent fees and trustee fees for an issue of $1,450,000: Service Fiscal Agent Trustee 1. Acceptance/Setup 500 2,000 2. Due Diligence Review 0 2,000 3. Annual Administration 1,000 1,750 At the present time we are still negotiating trustee fees. Summary of terms of sale: 1. The lease would be for 15 years with approximately equal annual payments. 2. The lease does NOT contain a "non-appropriation" clause; therefore, the lease payments are a limited tax general obligation of the City. 3. The amount of issue would total $1,450,000(an amount divisible by $5000--the normal size of the certificate or bond). 2 w 4. The cost of issuance and purchase price in excess of the proposed issue amount would be paid from budgeted funds in the 1st 1/4% Real Estate Excise Tax Fund. • Savings in financing costs resulting from this suggestion would total approximately$22,000 over 15 years. 5. Call (early redemption)features earlier than 8 to 10 years would increase both the interest rate on the total financing by at least 25 basis points (1/4%) AND require a premium of about 2% of the amount redeemed at the time of call. This would be too punitive and preempts an earlier call. Our original intention was to "fast track" the transaction; however, because of the Labor Day holiday, we will not be able to bring closure to the financing until September 17th--at which time the Council would approve the lease terms. Therefore, the Council will not need to approve an ordinance until September 17. If you have any questions, please let me know. JM/rm cc: Management Team 3