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WHEREAS, Applicant applied to the City for, and the City has granted, a Conditional <br /> Certificate of Property Tax Exemption under EMC Chapter 3.78 and RCW 84.14 for the Property <br /> pursuant to that certain Multifamily Housing Limited Property Tax Exemption <br /> Agreement/Conditional Certificate of Acceptance of Tax Exemption dated August 17, 2017 (the <br /> "Exemption Agreement");and <br /> WHEREAS, Applicant conveyed the Property to Owner pursuant to that certain Quit <br /> Claim Deed dated December 5, 2018 and recorded in the land records of Snohomish County, <br /> Washington(the"Land Records")on December 6,2018 under Recording No. 201812060422 and <br /> that certain Quit Claim Deed dated December 5, 2018 and recorded in the Land Records on <br /> December 6, 2018 under Recording No. 201812060423; and <br /> WHEREAS, in connection with the conveyance of the Property to Owner, Applicant, <br /> Owner and the City entered into that certain Assignment,Assumption and Amendment Agreement <br /> of Multifamily Housing Limited Property Tax Exemption Agreement dated on or about the date <br /> hereof(the"Assignment Agreement"),pursuant to which Applicant transferred its rights, interests <br /> and obligations under the Exemption Agreement to Owner,the Owner assumed the rights,interests <br /> and obligations of Applicant under the Exemption Agreement and the City consented to such <br /> assignment and assumption thereof(the Exemption Agreement, as assigned and amended under <br /> the Assignment Agreement hereinafter referred to as the"Amended Exemption Agreement"); and <br /> WHEREAS, the City has issued building permits to allow the construction of the multi- <br /> family housing at the Property as approved under the Amended Exemption Agreement; and <br /> WHEREAS, the City will not issue a Final Certificate of Property Tax Exemption until <br /> the building to be constructed at the Property is completed and a Certificate of Occupancy has <br /> been issued by the Building Official; and <br /> WHEREAS, Owner wishes to voluntarily place a covenant on the Property which sets <br /> forth and memorializes Owner's obligations for the Property under the Amended Exemption <br /> Agreement with respect to the affordable housing requirements as required under the City of <br /> Everett Municipal Code (the "EMC") Chapter 3.78 for the Property to qualify for the twelve-year <br /> limited property tax exemption; and <br /> WHEREAS, the City has no responsibility or legal obligation to place a covenant on the <br /> Property for purposes of compliance with EMC Chapter 3.78 and RCW 84.14; and <br /> WHEREAS, Owner chooses to voluntarily provide record notice of the restrictions on the <br /> Property which are set forth in the Amended Exemption Agreement through the recordation of this <br /> Covenant on the Property. <br /> 2 <br /> 056847.008\27942496v4 <br />