Broadway Apartments @ 3214 LLC 10/31/2019

2. Amendments to the Exemption Agreement. (a) The City of Everett Application for Tax Exemption on Multiple Family Units within a Designated Residential Target Area together with the City of Everett Approval of Application (the "Application and Approval") attached hereto as Exhibit A shall be deemed Exhibit A to the Exemption Agreement and incorporated therein by this reference. The Application and Approval was inadvertently omitted from the Exemption Agreement and the City, Applicant and Broadway hereby confirm the accuracy and completeness of the Application and all representations and statements therein. (b) The following is hereby added as an additional Section 12 to the Exemption Agreement: "12. The affordable housing requirements under Section 3.78.020 Definitions section of the Everett Code that make the Property eligible for the twelve(12)year tax exemption are as follows: (i) A minimum of 10% of all units shall be leased to "Low-income households"meaning a single person,family, or unrelated persons living together whose adjusted income is at or below eighty percent of the median household income adjusted for household size for the county where the project is located, as reported by the United States Department of Housing and Urban Development. If Snohomish County is designated a high-cost area under RCW 84.14.010, "low- income household"means a household that has an income at or below one hundred percent of the median household income adjusted for household size for Snohomish County; (ii) A minimum of 10% of all units shall be leased to "Moderate-income households" means a single person, family, or unrelated persons living together whose adjusted income is more than eighty percent but is at or below one hundred fifteen percent of the median household income adjusted for household size for the county where the project is located,as reported by the United States Department of Housing and Urban Development. If Snohomish County is designated a high-cost area under RCW 84.14.010,"moderate-income household"means a household that has an income above one hundred percent but at or below one hundred fifty percent of the median household income adjusted for household size for Snohomish County; and (iii) All residential housing rented to Low-income households and Moderate- income households will constitute "Affordable housing" in that the monthly housing costs for such households, including utilities other than telephone, do not exceed thirty percent of the household's monthly income. Notwithstanding that the Everett Code does not require the Applicant to record a restrictive covenant to evidence the foregoing income and rental restriction, the City nonetheless agrees to execute a restrictive covenant if requested and prepared by Applicant, setting forth the income and rent restrictions required hereunder and otherwise acceptable to the City." 2