TRUST AGREEME

BETWEEN:

THE CORPORATION OF THE CITY OF PORT
COOUITLAM, 2580 Shaughnessy Street, Port Coquitlam,
British Columbia, V3C 2A8

(the "City")
OF THE FIRST PART

GATENSBURY ESTATES LTD, (Inc. No. 117667), 2669 -
i44th Street, White Rock, British Columbia, V4A 414

(the "Owner")
OF THE SECOND PART

WHEREAS the Owner has applied for approval of a plan of subdivision for
the lands described in Schedule "A" to this Agreement (the "Lands") to permit the
development of 47 residential single family units;

AND WHEREAS the City proposes to introduce development cost charge
bylaws for the purpose of imposing charges to assist in the payment of capital costs for
highways, water mains, Sanitary sewers and drainage facilities:

AND WHEREAS the proposed development of the Lands will increase the
City’s capital cost burdens for those facilities and the Owner has requested the approving
officer of the city to proceed with subdivision approval prior to the proposed adoption of
the development cost charge bylaws; |

NOW THEREFORE in consideration of the payment of $1.00 to the Owner
by the City, the City and the Owner agree as follows:

1. The Owner has deposited with the City the sum of $606,206.00 (the "Contributions").
2. The Contributions consist of a Contribution of $479,024.00 for highway purposes, a

Contribution of $9,024.00 for water purposes, a Contribution of $14,805.00 for
Sanitary sewer purposes and a Contribution of $103,353.00 for drainage purposes.

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