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201803290405.002 <br /> LOW-INCOME HOUSING COVENANT AND AGREEMENT <br /> THIS LOW-INCOME HOUSING COVENANT AND AGREEMENT (this <br /> "Covenant")is dated as of Fia 6 'f II-2018(the"Effective Date"),between the <br /> CITY OF EVERETT, a Washington municipal corporation ("City" or "Grantee"), and <br /> ARCHDIOCESAN HOUSING AUTHORITY, a Washington non-profit corporation <br /> d/b/a Catholic Housing Services of Western Washington ("Developer" or "Owner" or <br /> "Grantor") This Covenant is made in connection with the transfer of the land described <br /> below to Owner by the City and is made pursuant to the Property Disposition Agreement <br /> between Owner and the City dated t2A11 l 5,2018,as the same may be amended <br /> (the"Disposition Agreement") <br /> RECITALS <br /> A The real property that is the subject of this Covenant is located at 6200 <br /> 12`h Drive SE in Everett,Washington and is legally described in Exhibit A attached hereto <br /> (the"Property") The City is owner of real property adjacent to the Property <br /> B As described in the Disposition Agreement and documents referred to in <br /> the Disposition Agreement, the Owner is developing a low-income housing project on <br /> the Property(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 comply with the <br /> requirements of EMC 18 40 145 and Ordinance No 3579-17 <br />