1020 N BROADWAY EVCC STUDENT HOUSING - WHOLE SITE 2022-05-23

WITNESSETH WHEREAS, the undersigned is/are the owner(s) of or has/have a substantial interest inthe real property legally described in Exhibit A ("Property"); and WHEREAS, Koz Development,hereinafterreferredtoas "Applicant" istheownerofalot located at 1020 N Broadway Ave; and WHEREAS, the Applicant has proposed the developed Property shall be utilized primarily to provide housing for college students; and WHEREAS,the Applicant applied for and was granted land use approval by the City for construction of 140 units of housing for college students with additional ground floor retail space. The land use approval was in the form of a Notice of Decision dated June 5, 2018 ("Decision"); and WHEREAS, the number of required off-street parking stalls for the Project is based on a trip generation and parking study for student housing use as approved in the Decision. Any change of use to another use shall require a reassessment of off-street parking to confirm that it complies with Everett Municipal Code Title 19, and the City desires to record this Covenant to notify potential buyers and others of such; and WHEREAS, the City of Everett ("City") has a substantial interest in the development of high density housing for college students in the Everett Community College Institutional Overlay master plan area, which will be facilitated by the proposed project; and WHEREAS, the proposed project supports the growth of Everett Community College; and WHEREAS, the Decision requires that prior to construction permit approval, the Owner of Property shall execute a covenant in a form acceptable to the City Attorney; and WHEREAS, this Covenant must state that the Grantor shall: impose leasing restrictions that ensure sufficient off-street parking can be provided; submit quarterly monitoring reports to document the number of students and parking stalls assigned; and, certify that tenants are primarily students; and WHEREAS, this Covenant concerns the Grantor/Covenantor's use, occupation, enjoyment of the Property and benefits the City as Grantee/Covenantee; and WHEREAS, this Covenant is intended to bind successors and assigns and run with the land. 2