3315 BROADWAY HOPEWORKS STATION 2 2020-12-21

..... : .e AGREEMENT NOW, THEREFORE, m consideration of the foregoing fee exemptions,Owner .prstf eitflereby agree as follows, and Owner hereby grants, agrees to, and imposes y[ion•th'e^poperty the following covenants and restrictions Section1." :)ni(with the Land • 3fiis.rrovenant,s'lalI;:run with the Property and be binding on Owner and its successor inch( g'auy purchaser, grantee, owner or lessee of any portion of the Property and al tq'othet'gersson or entity having any nght,title or interest therein and on the respective hears,•8zecutori, administrators,devisees, successors and assigns of any of the foregoing ;`FluiCpvenant is•not extinguished or hmited by any foreclosure of a deed of trust or ni'prtgage,di<tnAre uof'foreclosure thereof,or any subsequent transfer Section 2 Low-lncote TFdugmg•Requerements and Use Restriction The Property n aysonly ba^rised foz• iw-Income Housing and uses incidental thereto All other uses are ptohibi*ed,.$or•proposes of this Covenant, "Low-Income Housr ' is defined as resilieabdl• hatismg that meets both of the following requirements The monthly.hbiising•expense of each resident household at the time of initial occupancy is no mote thaeia3Q36 of30%of the Snohomish County median mcome, adjusted for family site aiid_as deterintne d from time to time by the United States Department of Housing anci'Urban.Dcvelopment("HUD"),am n The monthly mctime'of.4aclf resident household at the time of rmtial occupancy is no more than SiEl%'of the',Snehonush County median income,adjusted for family size and as determinedfrolti4ip titpe by HUD If HUD ceases to provide estimates of median mcome, then tiedtyt income will mean such comparable figure for Snohonush County,Washuigton•grybfisS or reported by a federal,state,or local agency as the City shall select (' Section 3 Conversion "r' �" •`• A. Definition of Conversion Payment The "Cgnversi'on Peavgient" is the sum of the following :i' t i' ,••' 3 • • ri 'I j