fees or rents for the use of any parking space in such Parking
Facility,and pending such action by the City, the Owner shall pay
to the City for each of the 45 parking spaces the sum of $7.50
commencing the first day of the month following registration of
this agreement in. the New Westminster Land Title Office and on
the first day of each and every month thereafter for a total
payment to the City each month of $337.50.

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 City reserves the right to cease supplying the
parking spaces hereinbefore referred to and upon the City so
ceasing, the requirement for payment of a monthly rental fee

sha].l also cease.

(b) In the:.-event that the City, 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 lands and upon which a special rate or tax is
Levied for such purpose, the monthly rental payments by the owner
to the City for the use of the parking spaces a5 aforesaid shall

cease to be payable.

5. Whenever the singular or masculine is used herein, the
same shall be construed as meaning the plural, feminine or body
corporate Or politic where the context or the parties so require;
this Agreement runs with the said lands; every reference to each
party hereto shall be deemed to include the officers, employees,
elected officials, agents, servants, successors and assigns of
that party; this Agreement and each and every provision hereof
shall enure to the benefit of and be binding upon the parties

hereto and their respective successors and assigns, as the case