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AGREEMENT <br /> NOW,THEREFORE,for good and valuable consideration,the receipt and sufficiency of <br /> which has been acknowledged by the parties, Owner agrees to abide by restrictions on occupation, <br /> use, and enjoyment of the Property as follows: <br /> 1. Restrictions on Property under Exemption Agreement. Owner agrees the Property <br /> will be restricted (collectively,the "Requirements")to provide at least: <br /> (a) A minimum of 10% of all units shall be leased to "low-income households" <br /> meaning a single person, family, or unrelated persons living together whose adjusted income is at <br /> or below eighty percent of the median household income adjusted for household size for the county <br /> where the project is located, as reported by the United States Department of Housing and Urban <br /> Development. If Snohomish County is designated a high-cost area under RCW 84.14.010, <br /> "low-income household" means a household that has an income at or below one hundred percent <br /> of the median household income adjusted for household size for Snohomish County; <br /> (b) A minimum of 10% of all units shall be leased to "moderate-income households" <br /> means a single person,family,or unrelated persons living together whose adjusted income is more <br /> than eighty percent but is at or below one hundred fifteen percent of the median household income <br /> adjusted for household size for the county where the project is located, as reported by the United <br /> States Department of Housing and Urban Development. If Snohomish County is designated a <br /> high-cost area under RCW 84.14.010, "moderate-income household" means a household that has <br /> an income above one hundred percent but at or below one hundred fifty percent of the median <br /> household income adjusted for household size for Snohomish County; and <br /> (c) All residential housing rented to low-income households and moderate-income <br /> households will constitute "affordable housing" in that the monthly housing costs for such <br /> households, including utilities other than telephone, shall not exceed thirty percent of the <br /> household's monthly income. <br /> 2. Covenant Running with the Land. This Covenant shall constitute a covenant <br /> running with the land and the rights and obligations of the parties hereto shall inure to the benefit <br /> of and be binding upon their respective legal representatives, successors and assigns. <br /> 3. Term and Termination. This Covenant shall expire twelve (12)years after the date <br /> of recording with the Office of the Snohomish County Auditor (the "Covenant Term"); provided <br /> however, the parties hereby acknowledge and agree that this Covenant shall be coterminous with <br /> the term of the Amended Exemption Agreement, and accordingly, if the Amended Exemption <br /> Agreement is terminated or expires prior to the Covenant Term, whether by the terms of the <br /> Amended Exemption Agreement of if Owner (or any successor to the Property) ceases to operate <br /> the Property in accordance with the Requirements or any of the terms, conditions or obligations <br /> under the Amended Exemption Agreement,then this Covenant shall be deemed terminated without <br /> further act or release of record. <br /> 3 <br /> 056847.008\27942496v4 <br />