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 shal} pay to the
Corporation for each of the 7 parking spaces the sum of $7.50
on the first day of the month following the granting of it
Occupancy permit and on the first day of each and every month
thereafter for a total] payment to the Corporation each month of
$52.50,

4. (a) The monthly rental! fee hereinbefore set forth shal |
remain in effect for a period of five (5) years from the date
of on execution of this document and shail 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 requirement for payment of a

monthiy rental fee shal! 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 lands and upon which a special rate or tax is
levied for such purpose, the monthiy rental payments by the
Applicant to the Corporation for the use of the parking spaces

as aforesaid shall cease to be payable.

5 This restrictive covenant is granted by the Applicant
to the Corporation pursuant to Section 215 of the Land Title
Act of the Province of British Columbia and shal run with the

Applicant's land hereinbefore described.

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