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M. Applicant desires to construct a model home and operate a real estate sales <br />facility which will meet the requirements of Washington State Law and operate as <br />a Real Estate Office prior to or commencement with the initial stages of the <br />development. <br />NOW, THEREFORE, in consideration of the recitals (which are <br />incorporated into the Agreement by this reference) and for other good and <br />valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the County and the Applicant agree as follows: <br />AGREEMENT <br />1. Effective Date and Termination. <br />1.1 Effective Date. The Effective Date of this Agreement is the last <br />date upon which it was signed by the Parties hereto. _ <br />1.2 Term. This Agreement shall be effective for twe .ty (20� years <br />SLG; <br />following the date of execution; provided, however, that the erre o this <br />Agreement shall be automatically extended for the effective life of any required <br />permit or approval, plus any approved extensions thereof, for the development <br />contemplated herein, so long as a complete application for such permit or <br />approval has been received prior to the expiration date of this Agreement. Upon <br />expiration of such period, or as may be extended above, this Development <br />Agreement shall automatically terminate. Upon the County granting the Final <br />Plat for the last phase of the Project this agreement shall automatically terminate. <br />1.3 Termination. This Agreement may be terminated, in writing, by <br />mutual agreement of the Parties to this Agreement. <br />2. Definitions. <br />For purposes of this Agreement, the following terms, phrases, words, and their <br />derivations shall have the meaning given herein where capitalized; words not <br />defined herein shall have their ordinary and common meaning. When not <br />inconsistent with the context, words used in the present tense include the <br />