-2- Frank Yerio Kimmel and Nary Mildred Kimmel, in the form and to the extent in “Land Use Contract No. 5" which is the Schedule hereto d and msde part of this By~law. 2. The said Land Use Contract Ne. 5 shall extend to and shali regulate the development and use of the lands described as: Lot 4, Block 32, District Lot 464, Group 1, Plan 7080, New Westminster District. 3. Land Use Contract No. 5 shall have the force and effect of a restrictive covenant running with the land described in Secticn 2 hereof and shall be registered in the New Westminster Land Registry Office by the City. 4 This By-law may be cited for ail purposes as “Land Use Contract No. 5, Authorization By-law, 1973, No. 1287". Read a first time by the Municipal Council this Fifth day of November, 1973. Read a second time by the Municipal Council this Fifth day of November, 1973. Public Hearing held this Read a third time by the Municipal Council this Reconsidered, finally passed and adopted by a vote in faveur thereof of at least two-thirds of all the membera of the Municipal Council of The Corporation of the City of Port Coquitlam this City Clerk JHE CORPORATION OF THE CITY OF PORT COQUITLAN LAND USE CONTRACT THIS AGREEMENT made the day of BETWEEN : THE CORPORATION OF THE CITY OF PORT COQUITLAM 2272 McAllister Avenue, Port Coquitlam, B.C. (hereinafter called the "Municipality") OF THE FIRST PART: FLORENCE MYLROIE 2156 Prairie Avenue, Pore Coquitlam, B.C. FRANK YERIO KIMMEL AND MARY MILDRED KIMMEL 2032 Suffolk Avenue, Port Coquitlam, B.C. (hereinafter called the "Developers") OF THE SECOND Pam WHEREAS the Municipality, pursuant to Section 702A of the “Municipal Act", may, notwithstanding any By-law of the Municipality, or Section 712 oF 713 of the "Municipal Act” upon the application of an ower of lane within a development area designated as such by By-law of the Municipality, enter into a Land Use Contract containing such terms and conditions for the use and development of the land as may be mutually agreed upon and thereafter the use and development of that land shall, be in accordance with such Land Use Contract; AND WHEREAS the "Hunicipal Act” requires that the Municipal Council, in exercising the powers given by Section 702A, shall have due regard to the considerations set out in Section 702(2) and Section 702A(1) in arriving at the use and development permitted by any land development contract and the tercs, conditions and considerations thereof; AND WHEREAS the Developers have presented tc the Municipality a schene of use and development of the within described lands and premises ind have race application to the Municipality to enter into this Land Use Contract under the terms, conditions and for the consideration hereinafter set furth; AND WHEREAS the Council of the Municipality, having given cue regard to the considerations set forth in Sections 702{2) and 702A(1) of the “Municipal