3530 COLBY AVE COCOON HOUSE 2020-01-13

• rc LOW-INCOME HOUSING COVENANT AND AGREEMENT ____--._THIS LO_W__-INCOME HO±USING_.COVENANT AND AGREEMENT_._(this._.____. "Covenant") is dated as of MW-CA'i tG , 2018 (the "Effective Date"), between the CITY OF EVERETT, a Washington municipal corporation ("City" or "Grantee"), and COCOON HOUSE, a Washington non-profit corporation("De�velo�)er" or "Owner" or "Grantor. 1 RECITALS A. The real property that is the subject of this Covenant is located at 3530 Colby Avenue in Everett, Washington and is legally described in Exhibit A attached hereto(the"Property"). B. The Owner is developing a low-income housing project on the Property • (the"Project"). C. In accordance with Ordinance No. 3504-16 (EMC 18.40.145), the Developer is receiving a partial exemption from payment of City fees for planned system improvements regarding transportation. D. In accordance with Ordinance No. 3579-17, the Owner is receiving a partial exemption from payment of City special connection charges,which are imposed. under EMC 14.08.135. E. Both of the fee exemption ordinances set forth in Recitals D and E require the recording of a covenant that"prohibits using the property for any purpose.other than for low income housing." In addition,"the covenant must address price restrictions and household income limits for the low income housing, and require that, if the property is converted to a use other than for low income housing as defined in the covenant, the property owner must pay the applicable fees. . . in effect at the time of any conversion." See EMC 18.40.145(3)-and Ordinance No. 3579-17 §1. F. Accordingly, the purpose of this Covenant is comply with the requirements of EMC 18.40.145 and Ordinance No. 3579-17. AGREEMENT fk NOW, THEREFORE, in consideration of the foregoing fee exemptions, Owner and City hereby agree as follows,and Owner hereby grants,agrees to,and imposes upon the Property the following covenants and restrictions: