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2. The Applicant agrees with the Corporation that the
Restrictive Covenant is to bind the said parking premises according
to the terms and conditions set out herein and that both the
Applicant and the Corporation will be bound by the terms of this

Agreement.

3. The Applicant acknowledges that the Zoning By-law of the

City of Port Coquitlam requires the provision at all times of parking
spaces for the business premises and that if the use of the parking
premises for off-street parking is discontinued at any time, the

the Applicant ack..owledges his duty to subscribe to the scheme
established by the City for the purpose of providing general off-
street parking in the City, (said scheme presently requiring payment to
the City of $300.00 Cash for each required parking space plus $7.00

per month for each required parking Space) at the rates charged by

the City at the time the parking use is discontinued and in accord

with the other terms and conditions current at that time. At-no time
will The Corporation be obligated to designate a specific parking area
for the business premises nor will it be required to accept payment for
a greater number of spaces than are required by the Zoning By~law in

force at the time the Applicant subscribes to the aforesaid parking

- scheme. The Applicant and The Corporation jointly acknowledge that

‘the Applicant shall have the right to make such . Payment and discontinue

the off-street parking use of the parking premises and that The
Corporation has the right to refuse issuance of building or occupancy
permits for alternative uses until a satisfactory agreement is entered
into respecting payments required to be made to the City. In the event
that the terms of this Section become operative and the required
agreement is entered into and registered in the Land Registry Office

as a charge on the business premises, this Restrictive Covenant
granted by the Applicant to The Corporation shail cease to exist and
forthwith become null and void and a release of the said Restrictive
Covenant over the parking premises shall be granted by The Corporation,
and at the expense of the Applicant, to the Applicant within Sixty (60)

days of the Applicant's written request that the Restrictive Covenant

be released,

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