THE CORPORATION OF THE CITY OF Part

LAND USE CONTRAC:

THIS AGKEEMENT made the day of

BETWEEN:
THE CORPORATION OF THE CITY OF PORT COQUITLAM

(hereinafter called the Municipality")
OF THE FIRST PART:

AND:

IDEAL HOLDINGS LTD., 1776 Nanaiso Street,
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 cf the Municipality, or Section
712 or 713 of the “Municipal Act" upon the application of 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 way be mutually
agreed upon and thereafter the use and development of that land shall be
in accordance vith such Land Use Contract;

AND WHEREAS the "Municipal Act” requi-es that the Municipal Council,
in exercising the povers given by Section 702A, shall have due regard to
the considerations set out in Section 702(2) and Section 702A(1) ia
arriving at the use and development permitted by any land development
contract and the terns, conditions and considerations thereof;

AND WHEREAS the Developer has presented te the Municipality a
schene of use and development of the within described lands and prenises
and has wade 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 Plens,

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

AND WHEREAS a Land Use Contract is deemed totbe atzontng By-lav for
the purposes of the "Controlled Access Bighways Act™ and if the lend is
so situated that it is subject to such "Act", the approval of the Hintster
of Highvays to the use set forth in this Agreement must first be obtained
before the Municipa}ity can enter into the sane;

AND WHEREAS a Land Use Contract may not deal with any lands designated
flood plain on the Official Regional Plan, until the said contract ifs
approved by the Minister of Municipal Affairs;

AND WHEREAS the Developer acknowledges that he is fully aware of
the provisions and limitations of Sections 702A of the “Municipal Act™
and the Municipality and the Developer mutually acknowledge and agree
that the Council of the Municipality cannot enter into this agreenent
until the Council has held a public hearing thereon, in the sanner
prescribed by lew, has duly consicered the representations made and the
opinions expressed at such hearing, and unless at least two-thirds of
all the members of the Council vote in favour of the Municipality entering
into this Contzact.

NOW THEREFORE this egreenent witnesseth that in consideration of
the premises and the conditions and covenants hereinafter set forth, the
Municipality and the Developer covenant and agree as follows:

1. (a) In this Agreement unless the context othervise requires:
“Butidiog Inspector" shall he construed to mean and fneclude
the Building Inspector for the Municipality and his duly
authorized assistants or such Consultants as may be appofatred
to act for the Municipality.

"Complete" or "Completion" or any variation of these words
when used vith respect to the verk or works referred to herein
shall mean completion to the satisfact'on of the Municipal
Engineer of the Municipality when so certified by hin in
writing.

“Engineer" shall be construed to mean and include the City
Engineer foc the Municipality and his duly authorized assistants
or such Consulting or other Professional Engineers as nay be
appointed to act for the Munfcipality.

“Work” or "Works" or any variation of these words shall be
construed to mean and incluce all work required to be done for

the setting out, the execution and the coupletion of this

Agreement to the satisfaction of the Municipalizy.