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SEP.19.199~ 11~~6AM <br />NO.~~~ P.~iS <br />~ to th~ County in ~rder co facilitate the d.evelopmenc of the Projeet ImpzovementS of t~~e Property <br />pursuant to this Agreem~nt . <br />2.3 Leasehold Condominium Ownecship, <br />(i) General Descr~ptiQn: On or before Subst~ntzal Complet~on, the Coul~ty, it~ its cagac~ty af <br />lessee under tlie Ground Lease, shall declaze the le~se}~old as a condomi~iuiu pursuant to <br />ORS Chapcer 100. The Condominium Declaration and ~ylaws shs~l Ue subStantially in the <br />form attachzd her.~to as Exhibit A and Exhibit B respactively. <br />(ii) Conveyance of Condominium Unit,s. The County, as DeclRr~t, sh~ll coiivey the <br />leasehold condominium units, including an assign~nent, without recourse, of an undivided <br />interest in the leasehold and the other common elements (singul~rly a"tlnit" and <br />collectively "Uaics"), to the County and Transit Discrict, (each a`'unit owne~" and <br />collectively, the "unit owners") as follows; <br />(1) County Fuciiities - CJnits _.._. anc~ ~~ Approxi~nately squace fe~t of net <br />leasable area conveyed to County for office use together with ~ parking spaces <br />as a limited common e~er~ent. <br />(2) Tra~sit Facilities - Units !, and ,-Ap~roximately _. squate feet of ~et <br />leasable area conveyed to Transit for office use togetbet with _, parkiAg spaces as a <br />liznited common element. <br />(iii) Compensation for ConvcyAncc oP Condqm#nium Unit.~. A Unit Ownar shall p4y no <br />comp~nsauon to the Declarant for conveyance of its respective Unit except for: <br />(1) paymen~s due from each Party under this Agreeinent for Froje~t Casts, as <br />descr~.6ed in Section 4,3; and <br />(2) in the case of any Private ParLy. the C3round LeaSe Itents due, and the assumpt~a~ <br />of a proporcionate sh~re of the lessee's obligatio~s, under the Gro~}nd Lease, <br />(iv) Mana~ement, Ogeration, Maintenance a~d Yte~ai~ of Propcrty. The Condominium <br />Documents shall ~overn maaa~~ment and oper~t~on of the Ptoject. The BylaWs shall descriUe <br />the initial and continuing financial obligations of each L3nit ow~er and dleir respective <br />respo~sibili.ties for property management, sect~rity, parl:iAg, access and maintenance and <br />repair of common elemet~ts. <br />SECTION 3. PREPARATT~N OF LAND FOR DhV~LOPII~NT <br />3.1 iltility 5ervice. Water, electricity, gas, sanitary sewer a~d storm sewer sexvice to the perim~ter <br />-~of the Properiy ~urtently exists. <br />3,2 Property U~occupied. Th~ Property is unoccupied, '~'he Parties covenant and agree tn keeP <br />the Property unoccupied durioceu an~ca d relocatins teAantslshal~be born by he PartyC aus ng~ar <br />The costs of terminatin~ any p Y ~ <br />permitting such occupatlon, <br />3.3 Permits. The Parties agree to cooperate with one another and With che praject tiianagar Rnd <br />to use diligent, good Paith efforts ~n assistipg Project Managcr in abtaining all permits and approvals <br />necessary for the constntetion of the Project Improvements. <br />SECTION ~. DEV~LOPM~NT OF PROPERTY <br />~ Courthous~ Square <br />Development Agreement <br />Pagc - 9 <br />