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201803290405.003 <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 /> Section 1 Runs with the Land <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 <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 <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 <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. All 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 <br /> The monthly housing expense of each resident household <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 /> If HUD ceases to provide estimates of median income, then median income will mean <br /> such comparable figure for Snohomish County, Washington published or reported by a <br /> federal, state, or local agency as the City shall select <br /> Section 3 Conversion <br /> A Definition of Conversion Payment The"Conversion Payment"is <br /> the sum of the following <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 /> 3 // <br />