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maintenance and management of the off-street parking facilities
provided _ pursuant to any By-law then in force, the Corporation
shall have the unrestricted right and liberty to close to the
free use by the public the parking facilities and the parking
spaces therein, and to fix and to charge fees or rents for the
use of any parking space in such parking facility, and pending
such action by the Corporation, the Applicant shall pay to

the Corporation the sum of Seven Dollars ($7.00) on the first
day of the month following the granting of its occupancy permit
and on the first. day of each and every month thereafter for
each parking space. .

4. (a) The monthly rental fee hereinbefore set forth

shall remain in effect for a period of five (5) years from

the date of execution of this document. and shall be renegotiated

then and at every subsequent five-year interval thereafter,
subject to referral to arbitration under the Arbitration Act

in the event of disagreement. The Corporation reserves the .
right to cease supplying the parking spaces hereinbefore
referred to and upon the Corporation so ceasing the requirement
for payment of a monthly rental fee shall cease.

(b) In the event that the Corporation, pursuant to
the Municipal Act, should establish a special benefiting area
to provide off-street parking for an area within the City
which includes the said ‘ands and upon which a special rate or
tax is levied for such purpose, the monthly rental payments by
the Applicant to the Corporation for the use of the parking
spaces as aforesaid shall cease to be payable.

5. The Applicant covenants and agrees that the westerly
25 feet of ALL ANN SINGULAR that certain parcel or tract of
land and premises situate, lying and being in the City of Port
Coquitlam, in the Province of British Columbia, and being more
particularly known and described as Lot Ninety-two (92), of
District Lot 379, Group One (1), Plan 48259, New Westminster

District, shall be used to park motor vehicies and for no other

purpose.

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