3315 BROADWAY HOPEWORKS STATION 2 2020-12-21

the dollar amount of the special connection charges under 14 08 135 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 •peiii•eunstritction at the time of such payment delivery,and •' -" il•. the dollar amount of the fees for planned system iiinprovearenis due•tinder EMC 18 40 100(A)(1) or successor ordinance in effect at the tune ofrdeivery--e the Conversion Payment to the City, calculated as if all improvslpetitts ph therlraperty were new construction at the time of such payment dehvery $ 'Payment of Conversion Payment If any portion of the Property is not used fdti.o.7,4; ome$ousmg or uses incidental thereto,Owner must,within 30 days after wnttenrnaiice tlierpof froth the City, either eliminate the non-Low-Income- Housing use or pM the-Coi criirmn.P-ayment in full Beginning at the end of such 30 days, any unpaid Conveistbn•,P4yment accrues Interest at 12% per annum Upon dehvery of the ConversionAP yitient'plus any accrued interest, the City will record a termination of this Cdvegaiit.,in-tic form reasonably acceptable to Owner Such termination does not modify ill ariy way any-other covenants or agreements between the City and Owner C Owner Oiitaon•to Termmate''Covenant Owner may terminate this Covenant at any time by delivery of notice thhreokto the City -In order for such notice to be effective, Owner cannot be in-b-reaglrbf`dhrs!Covenant at the time of notice delivery and the nonce must be delivered together;with payment in full of the Conversion Payment Upon delivery oNucfi nouce4nd the Conversion Payment, the City will record a termination of this C6venaripi "a form reasonably acceptable to Owner Such termination does not modify iii city.;Way any other covenants or agreements between the City and Owner ... I) Credit for Partial Payments Ardinaance 'No. 3504-16 (EMC 18 40 145) and Ordinance No 3579-17 provide pamhl axcemjipgns;from City fees for planned system improvements and special connection khavges, :rather than full exemptions Accordingly,the Owner, prior to the time when the•'Piject is permitted, will pay some portion of such fees and charges for the Proj4ct '%tifie pti a of payment of the Conversion Payment,the Owner will be credited towartL'xhe Conyelsian Payment the dollar amount of such fees actually paid previously by Obrigy'If Ownei; desires such credit, Owner, at time of payment of the Conversion Payirient,•I§zespontiible for providing evidence of such fee amounts previously paid 4 r: }