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ASSIGNMENT,ASSUMPTION AND AMENDMENT AGREEMENT <br /> OF <br /> MULTIFAMILY HOUSING LIMITED PROPERTY <br /> TAX EXEMPTION AGREEMENT <br /> CONDITIONAL CERTIFICATE OF ACCEPTANCE OF TAX EXEMPTION <br /> THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT OF <br /> MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT <br /> CONDITIONAL CERTIFICATE OF ACCEPTANCE OF TAX EXEMPTION (this <br /> "Assignment") is dated and effective as of October 31 , 2019 ("Effective Date") and is by and <br /> among the CITY OF EVERETT (the "City"), NORTH PUGET SOUND PARTNERS LLC <br /> ("Partners"), COHOE POINT LLC ("Cohoe" together with Partners referred to herein as the <br /> "Applicant"), and BROADWAY APARTMENTS @ 3214,LLC ("Broadway"). <br /> WHEREAS, the City and the Applicant entered into that certain Multifamily Housing <br /> Limited Property Tax Exemption Agreement/Conditional Certificate of Acceptance of Tax <br /> Exemption dated August 17, 2017 (the "Exemption Agreement") with respect to the property <br /> located at 3214 Broadway Avenue and described on Exhibit B to the Exemption Agreement(the <br /> "Property"). Any capitalized term used but not defined in this Assignment shall have the meaning <br /> assigned to such term in the Exemption Agreement; and <br /> WHEREAS, Broadway purchased the Property from Applicant on December 5, 2018 and <br /> wishes to succeed to the Applicant's rights and obligations under and address some clarifying <br /> amendments to the Exemption Agreement; and <br /> WHEREAS, the Applicant and the City agree to the assignment and assumption to <br /> Broadway on the terms and conditions set forth herein. <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br /> which are hereby acknowledged,the parties hereto agree as follows: <br /> 1. Assignment and Assumption. <br /> (a) The Applicant hereby assigns its right, title and interest in and obligations <br /> under the Exemption Agreement to Broadway. <br /> (b) Broadway hereby assumes the Applicant's right, title and interest in and <br /> obligations under the Exemption Agreement, all obligations of the Applicant relating to the <br /> Property meeting the City's eligibility standards to obtain and maintain a Final Certificate of Tax <br /> Exemption from the Snohomish County Assessor, and all other Applicant obligations as set forth <br /> in the City's Municipal Code, Chapter 3.78, Multifamily Housing Property Tax Exemption (the <br /> "Everett Code"). The assignment and assumption described in this Section 1(a)and(b)is referred <br /> to herein as the"Assignment and Assumption." <br /> (c) The City hereby consents to the Assignment and Assumption and <br /> acknowledges that its agreements in the Exemption Agreement from and after the Effective Date <br /> shall accrue to the benefit of Broadway directly. <br /> 1 <br />