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NOW THEREFORE in consideration of the premises
contained herein and the sum of One ($1.00) Dollar, now paid by
the City to the Covenantor, the receipt and sufficiency whereof
is hereby acknowledged, the Covenantor covenants as follows:

l. The Covenantor covenants and agrees that it shall use
the said lands only as permitted under the City's Zoning Bylaw
1987, No. 2240 and the City's Development Management Bylaw 1987,
No. 2242 (the "Development Management Bylaw") and notwithstanding
the generality of the foregoing, covenants and agrees that it
shall provide the requisite number of parking spaces for off
Street parking for the said lands as required under the
Development Management Bylaw.

2. In order to provide sufficient off-street parking for
the said lands, the Covenantor has agreed to enter the agreement
attached hereto as Schedule "A" to this Covenant on the terms and
conditions set out therein to obtain the rights thereunder to use
certain of the City's parking spaces for the purposes of making
such parking spaces available for use in conjunction with the use
of the said lands.

3. This restrictive covenant is granted voluntarily by the
Covenantor to the City pursuant to Section 215 of the Land Title
Act of the Province of British Columbia and shall run with the
said lands hereinbefore described.

4. The Covenantor hereby releases, indemnifies and saves
the City harmless from and against any and all actions, causes of
action, losses, damages, costs, claims, debts and demands
whatsoever by any person, arising out of or in any way due to the
granting or existence of this Covenant

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