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3/24/2022 Landmark Web Official Records Search
<br /> 202109300425 Document:COVENANTS Rec:$220.50 Page-2 of 18
<br /> Record Date:9/30/2021 12:45 PM Snohomish County,WA
<br /> EXHIBIT E
<br /> Form of
<br /> USE RpTRICTION COVENANT AGREEMENT
<br /> This Use Restriction Covena reement (the "Covenant Agreement") by and between
<br /> .
<br /> HOUSING HOPE, a Washington,n profit corporation, (the "Grantor"or the"'Owner")and the
<br /> City of Everett(the"Grantee"or th .,Ci, a municipal corporation of the State of Washington,
<br /> is part of the consideration for the finant a tsistance provided by the City pursuant to the HOME
<br /> a gr,P� nt (the "Loan Agreement")y=entered into by the City and the Owner, dated
<br /> • L•�1t*,12021,and as may be amd�.tf for the development and construction of a portion
<br /> of rtain real property legally described attachment 1 attached hereto ("the "Property"),
<br /> together with all tenements, privileges, revdrsi rt;;, remainders, irrigation and water rights, and
<br /> stock,oil and gas rights,royalties,minerals an I` eral rights,hereditaments and appurtenances
<br /> belonging or in any way pertaining to the Proper1 T and,.;the rents,issues, and profits thereof.
<br /> This Covenant Agreement will be filed and reco r3 in the official public land records of
<br /> Snohomish County, Washington, and shall constitute Astriction upon the use of the Property
<br /> described herein, subject to and in accordance with therms of this Covenant Agreement, for
<br /> forty(40)years from the latter of the date of project coml3tetro ,or June 1,2062,the End Date.
<br /> The covenants contained herein are to be taken and cons ds covenants running with the
<br /> land and shall pass to and be binding upon the Owner, its s'• cessors and assigns, heirs,
<br /> grantees, or lessees of the Property, beginning on the date of ttt_Covenant Agreement. Each
<br /> and every contract, deed,or other instrument covering or conveyiriO:the Property, or any portion
<br /> thereof, shall be conclusively held to have been executed, deliveredand accepted subject to
<br /> such covenants, regardless of whether such covenants are set forthhin' ch contract, deed, or
<br /> other instrument.
<br /> This Covenant Agreement shall survive any payment, release,satisfaction or cancellation of the
<br /> Note,the Loan or the Deed of Trust occurring prior to the expiration of the term of the Covenant.
<br /> The covenants herein are independent of and in addition to the covenants in the Deed of Trust
<br /> and Loan Agreement.No transfer of the Property shall operate to relieve Grantor or any successor
<br /> of its obligations hereunder unless expressly so agreed in writing by the City.
<br /> NOW,THEREFORE,it is hereby covenanted as follows:
<br /> 1. The Owner shall operate the Property with residential units remaining affordable to Extremely
<br /> Low-Income affordability levels as specified in the Loan Agreement for forty(40)years, until
<br /> the End Date,as specified in Section I,G,and Section III of the Loan Agreement,and in Exhibit
<br /> A. The determination of Extremely Low-Income units shall be made by application of the
<br /> income limits set and revised periodically by the U.S. Department of Housing and Urban
<br /> Development("HUD") based upon median incomes in the Seattle-Bellevue,WA HUD Metro
<br /> Fair Market Rents("FMR")area and adjusted for household size. If at any time HUD no longer
<br /> estimates median income,the income standard shall be based on a program selected by the
<br /> City. The Owner shall verify Property residents' income only in accordance with methods
<br /> prescribed by or agreed to by the City.
<br /> •
<br /> Exhibit E
<br /> Housing Hope
<br /> Page 1 of 7
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