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i <br /> • <br /> J <br /> Section 1. Runs with the Land. <br /> s <br /> This Covenant shall run with the Property and be binding on Owner and its <br /> successors including any purchaser, grantee, owner or lessee of any portion of the . i <br /> Property and any other person or entity having any right,title or interest therein and on <br /> the respective heirs,executors,administrators,devisees,successors and assigns of any of F. <br /> the foregoing. This Covenant is not extinguished or limited by any foreclosure of a deed <br /> of trust or mortgage,or in lieu of foreclosure thereof,or any subsequent transfer. a <br /> 1 <br /> Section 2. Low-Income Housing Requirements and Use Restriction. ): <br /> The Property may only be used for Low-Income Housing and uses incidental <br /> thereto. AU other uses are prohibited. For purposes of this Covenant, "Low-Income <br /> Housing"is defined as residential housing that meets both of the following requirements: 1 <br /> i. The monthly housing expense of each resident household <br /> i. <br /> at the time of initial occupancy is no more than 30% of 50% of the Snohomish County <br /> median income, adjusted for family size and as determined from time to time by the • <br /> United States Department of Housing and Urban Development("HUD"); and <br /> ii. The monthly income of each resident household at the time <br /> of initial occupancy is no more than 50% of the Snohomish County median income, <br /> . adjusted for family size and as determined from time to time by HUD. <br /> f <br /> If HUD ceases to provide estimates of median income, then median income will mean 1 <br /> such comparable figure for Snohomish County, Washington published or reported by a I <br /> federal, state,or local agency as the City shall select. <br /> x <br /> I <br /> Section 3, Conversion. <br /> . <br /> A. • Definition of Conversion•Payment. The"Conversion Payment"is <br /> the sum of the following: 1 <br /> i. the dollar amount of the special connection charges under `: <br /> EMC 14.08.135 or successor ordinance in effect at the time of delivery of the Conversion <br /> Payment to the City, calculated as if all improvements on the Property were new <br /> construction at the time of such payment delivery; and • x <br /> 1 <br /> ii. the dollar amount of the fees for planned system <br /> improvements due under EMC 18.40.100(A)(1) or successor ordinance in effect at the <br /> time of delivery of the Conversion Payment to the City,calculated as if all improvements <br /> . on the Property were new construction at the time of such payment delivery. <br /> 3A/ ' •i <br /> 1 <br /> 1 <br />