THE CORPORATION OF THE CITY OF PORT COQUITLAM

MEMORANDUM

B.R. Kirk March 12th, City Administrator

RoA. Freeman City Clerk Deputy Administrator

SUBJECT: City property at Reeve Street North of Pitt River Road.

RESOLUTION:

WHEREAS by resolution passed on January 29th, 1990 Lot 19, Block 16, Plan 2080; Lots 1, 2, 3, 4, and a 303 square meter portion of Lot 5, Block 3, Plan 1879; and a 1049 square meter portion of Block 4, Plan 9841; all in District Lots 174 and 289, Group One, New Westminster District, were sold to Adera Equities Inc., Suite 610 - 1111 Melville Street, Vancouver, B. C. V6E 3V6 at or for the price or sum of $148,935.00;

AND WHEREAS the adjustment date and possesion date were stated to be April 20th, 1990, or earlier;

AND WHEREAS the purchaser has requested that the adjustment and possession date be extended until no later than May 3ist, 1990;

NOW THEREFORE BE IT RESOLVED that the adjustment and possession date of April 20th, 1990 be changed to May 3lst, 1990, or earlier;

SUBJECT to the payment by the purchaser on April 20th, 1990 to the Trust Account of MacKenzie & Murdy, Barristers and Solicitors, of interest in the amount of 15.25% per annum on the said amount of $148,935.00 and on the amount of $50,256.00 being the payment stipulated in Road Exchange Bylaw No. 2481, from April 20th, 1990 until May 31st, 1990;

AND THAT MacKenzie & Murdy be and they are hereby instructed to pay the earned portion of the said interest to the City upon completion of the transaction or May 31st, 1990, whichever first occurs, and return any balance;

UNLESS the sale, on May 3lat, 1990 has not been completed due to the fault of the City in which case the said payment shall be returned to the purchaser.

BACKGROUND AND COMMENTS :

Passage of the above noted resolution will defer the payment date for the above noted transaction while still earning interest for the City.

RuA. Freeman City Clerk

Deputy Administrato: