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• <br /> LOW-INCOME HOUSING COVENANT AND AGREEMENT <br /> ..THIS LOW-INCOME HOUSING COVENANT AND AGREEMENT (this <br /> ('Cdvebant"), is dated as of t I 25 , 2018 (the "Effective Date"), <br /> •V'h:diweett'theCITY OF EVERETT, a Washington municipal corporation ("C ' or <br /> `fGrantecr'),And.HOPEWORKS SOCIAL ENTERPRISES, a Washington non-profit <br /> cA;porajio7i("Developer"or"Owner"or"Grantor) <br /> RECITALS <br /> A • " Tlig tal jrr5perty that is the subject of this Covenant is located at 3315 <br /> Broadway ih E.verette•Washington and is legally descnbed in Exhibit A attached hereto <br /> (the"Proper*:),.....- ,,' <br /> B Tht;Owrr'is'devgtog a low-income housing project on the Property <br /> (the"Protect") ',.__:• r <br /> C In accotdatice"'wilir:dtdmance No 3504-16 (EMC 18 40145), the <br /> Developer is receiving a:partial,eiierpptieon'from payment of City fees for planned <br /> system improvements rega>'du:lim upgrttatione <br /> D In accordance will; Ortlinance No;3579-17, the Owner is receiving a <br /> partial exemption from payment deny spegal'connection charges,which are imposed <br /> under EMC 14 08 135 i <br /> E Both of the fee exemption ordfnanees set forth in Recitals D and E <br /> require the recording of a covenant that "pmlubil t siiia-the property for any purpose <br /> other than for low income housmg" In additions-"the covenant must address pnce <br /> restrictions and household income limits for theilo*income housing,and require that,if <br /> the property is converted to a use other than foi•.low ancorae"fioµsmg as defined in the <br /> covenant, the property owner must pay the applrcablg-fegs-ttreffgct at the time of any 1 <br /> conversion" _ <br /> See EMC 18 40 145(3)and Ordnance No 3579-17§I`'• <br /> F Accordingly, the purpose of this Covenant js- cozn 1y with the <br /> requirements of EMC 18 40 145 and Ordnance No 3579-17'-• <br /> 2 <br /> • <br /> lr ;it /_ <br /> ,1 1 <br />