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2. The Applicant agrees to construct on the site multifamily residential housing substantially <br /> described in the most recent site plans and building elevations on file with the City as of the <br /> date of the City's approval of this Agreement. Building design and design elevations must be <br /> consistent with plans approved by the Planning Director on October 30,2019. Any changes in <br /> the building design must be approved by the Planning Director. If the Director determines that <br /> the proposed changes are substantial,the tax exemption certification may be withdrawn and a <br /> new tax exemption review may be required by the City. <br /> 3. The Applicant agrees to complete construction of the agreed upon improvements within three <br /> years from the date the City issues the Conditional Certificate of Acceptance of Tax Exemption, <br /> or within any extension thereof granted by the City. <br /> 4. The Applicant agrees, upon completion of the improvements and upon issuance by the City of a <br /> temporary or permanent certificate of occupancy,to file with the City's Planning and <br /> Community Development Department the following: <br /> a. A statement of expenditures made with respect to each multifamily housing unit and <br /> the total expenditures made with respect to the entire property; <br /> b. A description of the completed work and a statement of qualification for the exemption; <br /> and <br /> c. A statement that the work was completed within the required three-year period or any <br /> authorized extension. <br /> 5. The City agrees, conditioned on the Applicant's successful completion of the improvements in <br /> accordance with the terms of this Agreement and on the Applicant's filing of the materials <br /> described in Paragraph 4 above,to file a Final Certificate of Tax Exemption with the Snohomish <br /> County Assessor. <br /> 6. The Applicant agrees,within 30 days following the first anniversary of the City's filing of the <br /> Final Certificate of Tax Exemption and each year thereafter for a period of 8 years,to file a <br /> notarized declaration with the City's Department of Planning and Community Development <br /> indicating the following: <br /> a. A statement of occupancy and vacancy of the multifamily units; <br /> b. A certification that the property continues to be in compliance with this Agreement; and <br /> c. A description of any subsequent improvements or changes to the property. <br /> 7. If the Applicant converts to another use any of the new multifamily residential housing units <br /> constructed under this Agreement,the Applicant shall notify the Snohomish County Assessor <br /> and the City's Department of Community Planning and Economic Development. <br /> 8. The Applicant agrees to notify the City promptly of any transfer of the Applicant's ownership <br /> interest in the Site or in the improvements made to the site under this Agreement. <br /> 9. The City reserves the right to cancel the Final Certificate of Tax Exemption should the Applicant, <br /> its successors and assigns,fail to comply with any of the terms and conditions of this <br /> Agreement. <br /> 10. No modifications of this Agreement shall be made unless mutually agreed upon by the parties in <br /> writing. <br /> 11. In the event that any term or clause of this Agreement conflicts with applicable law, such <br /> conflict shall not affect other terms of this Agreement which can be given effect without the <br />