THAT the Fraser Valley Regional District Board authorize its signatories to execute all legal instruments associated with the transfer and assignment of the Canyon Tire Craft Lease Agreement to new business owners 1056938 BC Ltd., dba Canyon Tire, and Ao Xuanhau in her personal capacity;
AND THAT the Fraser Valley Regional District Board exercise its option to renew the Lease Agreement for a further 5 year term, subject to further options to renew, and subject to a 2% increase in lease payments annually in each year of the renewal term;
AND FUTHER THAT early termination language in favour of the Fraser Valley Regional District be included in the Modification of Lease Agreement should the Fraser Valley Regional District Board consider disposing of the subject land and improvements during the term of the lease;
AND FINALLY THAT all other terms and conditions of the Lease Agreement remain in full force and effect under the Modification of Lease Agreement with the exception of the requirement for the Fraser Valley Regional District to undertake a Level 1 Baseline Environmental Assessment.