3530 COLBY AVE COCOON HOUSE 2020-01-13

• i E i • 1 B. Payment of Conversion Payment. If any portion of the Property is not used for Low-Income Housing or uses incidental thereto,Owner must,within 30 days after written notice thereof from the City,either eliminate the non-Low-Income-Housing use or pay the Conversion Payment in full. Beginning at the end of such 30 days, any . unpaid Conversion Payment accrues interest at 12% per annum. Upon delivery of the Conversion Payment plus any accrued interest,the City will record a termination of this Covenant in a form reasonably acceptable to Owner. Such termination does not modify I in any way any other covenants or agreements between the City and Owner. C. Owner Option to Terminate Covenant. Owner may terminate this Covenant at any time by delivery of notice thereof to the City. In order for such notice >. to be effective,Owner cannot be in breach of this Covenant at the time of notice delivery 1 and the notice must be delivered together with payment in full of the Conversion Payment. Upon delivery of such notice and the Conversion Payment,the City will record a termination of this Covenant in a form reasonably acceptable to Owner. Such termination does not modify in any way any other covenants or agreements between the City and Owner. D. Credit for Partial Payments. Ordinance No. 3504-16 (EMC . 18.40.145) and Ordinance No. 3579-17 provide partial exemptions from City fees for .planned...system_impravements .and__special. connection .:.charges,_....rather.than full 1 exemptions. Accordingly,the Owner prior to the time when the Project is permitted will pay some portion of such fees and charges for the Project. At the time of payment of the Conversion Payment, the Owner will be credited toward the Conversion Payment the i dollar amount of such fees actually paid previously by Owner. If Owner desires such credit,Owner at time of payment of the Conversion Payment is responsible for providing r. evidence of such fee amounts previously paid. . • Section 4. Term of Covenant. 1 This Covenant commences on the Effective Date'and remains in effect until the City records a termination of this Covenant as set forth in Sections 3.B and 3.C. - 1 Section 5. Enforcement. This Covenant may be enforced by the City, which shall have all remedies ` available at law or in equity in case of any breach of the terms hereof. Owner agrees that such remedies may include, without limitation, (i) specific performance, including - without limitation specific performance of Owner obligations under the Covenant; (ii) injunctions requiring compliance with this Covenant; (iii)appointment of a receiver,and _ (iv)restitution of any unjust enrichment that ,.y accrue to Owner or its successors or 4 ,j