THE CORPORATION OF THE CITY OF PORT COQUITLAM

LAND USE CONTRACT No. 18

IS AGRZEMENT made the day of
BETWEEN:

THE CORPORATION OF THE CITY OF PORT COQUITLAM

(hereinafter called the "Municipality")

OF THE FIRST PART:

KINGSWAY DEVELOPMENT LTD.

1193 Kingsway Avenue

Vancouver, B.C.

(hereinafter called the "Developer")

OF THE SECOND PART:

WHEREAS the Municipality, pursuant to Section 702A of the "Municipal
Act", may, notwithstanding any by-law of the Municipality, or Section
712 or 713. of the "Municipal Act" upon the application cf an owner of
land 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 “Municipal 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 terms, conditions and considerations thereof;

AND WHEREAS the Developer has presented to the Municipality a
scheme of use and development of the within described lands and premises
and has made application to the Municipality to enter into this Land Use
Contract under the terms, conditions and for the consideration hereinafter
set forth;

AND WHEREAS: the Council of the Municipality, having given due
regard to’ the considerations set forth in Sections 702(2) and 702A(1) of
the "Municipal Act", and the Port Coquitlam Official Community Plans,

has agreed to the terms, conditions and consideration herein contained;