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LOW-INCOME HOUSING COVENANT AND AGREEMENT <br /> THIS LOW-INCOME HOUSING COVENANT AND AGREEMENT (this <br /> "Covenant") is dated as of February 21, 2020 (the "Effective Date"), between the CITY <br /> OF EVERETT,a Washington municipal corporation("City"or"Grantee"),and Compass <br /> Health Broadway PSH LLLP, a Washington limited liability limited partnership <br /> ("Developer" or"Owner" or"Grantor"). <br /> RECITALS <br /> A. The real property that is the subject of this Covenant is located at 3301 <br /> Lombard Avenue in Everett, Washington and is legally described in Exhibit A attached <br /> hereto (the "Property"). The City is owner of real property adjacent to the Property. <br /> B. The Owner is developing a low-income housing project on the Property <br /> (the "Project"). <br /> C. In accordance with Ordinance No. 3504-16 (EMC 18.40.145), the <br /> Developer is receiving a partial exemption from payment of City fees for planned system <br /> improvements regarding transportation. <br /> D. In accordance with Ordinance No. 3579-17, the Owner is receiving a <br /> partial exemption from payment of City special connection charges, which are imposed <br /> under EMC 14.08.135. <br /> E. Both of the fee exemption ordinances set forth in Recitals D and E require <br /> the recording of a covenant that"prohibits using the property for any purpose other than <br /> for low income housing." In addition, "the covenant must address price restrictions and <br /> household income limits for the low income housing, and require that, if the property is <br /> converted to a use other than for low income housing as defined in the covenant, the <br /> property owner must pay the applicable fees in effect at the time of any conversion." <br /> See EMC 18.40.145(3) and Ordinance No. 3579-17 §1. <br /> F. Accordingly, the purpose of this Covenant is to comply with the <br /> requirements of EMC 18.40.145 and Ordinance No. 3579-17. <br /> AGREEMENT <br /> NOW, THEREFORE, in consideration of the foregoing fee exemptions, Owner <br /> and City hereby agree as follows, and Owner hereby grants, agrees to, and imposes upon <br /> the Property the following covenants and restrictions: <br /> 2 <br />