6200 12TH DR SE 2020-10-22 - Laserfiche WebLink

201803290405.004 " Payment to the City, calculated as if all improvements on the Property were new construction at the time of such payment delivery, and ii the dollar amount of the fees for planned system improvements due under EMC 18 40.100(A)(1) or successor ordinance m effect at the time of delivery of the Conversion Payment to the City,calculated as if all improvements on the Property were new construction at the time of such payment delivery 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 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 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 improvements and special connection charges, rather than full 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 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 evidence of such fee amounts previously paid Section 4 Term of Covenant 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