5830 EVERGREEN WAY 2016-01-01 MF Import

•• . / �� When Recorded Retura To Wazhington State Aepartmrnt of Communiy, � � � � nn � Hoausing Assisfana P ogrampment � U D 9oe coi„a�n�sv«c sw _ SEP 2 01996 P.O.Box 48300 Olympia,Washington 98504-8300 ................................................. CITY OF EVERETT Attention: Lisa Vatske,Program Officer �• Pe►mit Count� LOW INCOME HOUSING COVENANT AGREEMENT :his Low Income Housing Covenant Agreement ("Covenant Agreement") is made by Hope Village Limited Parteership,("Rccipient")and is part of ihe considention for the financial assistance provided by the Departmont of Community, Trade, and Ewnomic Development, a department of t2ie �;.:�? of Washington ("Department"), to Recipient piusuant to a Housing Finance Unit Agreement, ConVact Numbe. 95—t93-201 ("Contract"), for the- ucquisition :md wnstruction of real D�operry("Property") legally described as fo7lows: See Attached This Covenant Agreement will be 51ed aud recorded in the official public land records of Sno6omish County, Washington and shall conslitute a resuiction upon the use of the property d�scribed herein, subject to and in � accordance with the terms of Uus Covenant Agreement,for Fifty(50)yean following the date of initial residential occupancy of the Properry. The covenants contained herein aze to be taken and ccustiued as covenants mm�ing with the land and shall pass to and be binding upon the Recipient,his successors and assigns heirs, grantea,or lessees of the Property,beginning � on the date of'initial residential occu�ancy after the acquisition and construction of the Property contemplated by Ihe Contract. Each and every contract,deed or other instrument covering or conveying the Pmperty, or any portion thereof, shall be conclusively held to have been executed, delivered and accepted subject to such covenants, regazdless of whether such covenants aze set forth in such wntract,deed,or othet instiuments. NOW, TI-IEREFORE, it is hereby covenanted, for lhe Fi@y (SO) yean following the date of initi3l residential occupancy of the project after the acquisition and coostruction of the Prapecry contemptatal by lhe CnaVact, as follows: 1. All of the residential units in the Property will be renred to tenants with gross annual household incomes at the time of initial occupancy no ttigher than 1Lirty Percent (30°iG) of the median incnme in the Everett PMSA, Washington, adjusted for family size, as estimated from time to time by the United States � Depaitment of Housing and Urban Development ("HUD"). If HLJD ceasa ro provide such estimates of inedian income, then median incr.��shall mean such compazable figure for Snohomish County, Washington published or reported by a federal,state,or local agency as the Department shall selecL 2. The Recipient will provide safe and sanitary housing, and will comply with all Stnte and local housing codes, liceasing requirements, and other requirements regazding the conditicn of the structure and the operation of the project in the jurisdiction in which the housing is located. 1