5830 EVERGREEN WAY 2016-01-01 MF Import

•' . . : , When Recorded Return To D (� 11�, � � � � D �y v Washington State Department of Community, SEP � � � 'frade and Economic Devolopmeat . Housing Assistance Pro�am "'" ..........ERETT 906 Colwnbia Street SW ��C�T'y OF E� ' P.O.Hox 48300 � p�K�Wnter � Olympia Wazhington 98504-8300 Attention: Lisa Vatske,Prograrn Officer LOW INCOME HOUSING COVENANT AGREEMENT This Low Income Housing Covenant Agreement ("Covenant Agreement") is made by Hope Village Limited ; Partoerohip,("Recipient")and is part of the wnsideration fur the financial assistanca provided by the Depaztment of Community, Trade, and Economic Development, a deparunent of the State of Washington ("Department"), to Recipient pursuant to a Housing Finance Unit Agreoment, Convact Number 95—t93-201 ("Contract"), for the � acquisition and construction of real property("Propecty")legally described as follows: Sa Attached I7us Covenant Agreement will be filed and recorded in the official public land records of Snohomish County, Washington and shall constitute a resuiction upon the use of the property described herein, subjxt to and in i ar.cordance witl�the terms of this Covenant Agreemen4 for Fifty(50)yearo following the date of initlal residendal occupancy of the Property. The covenants contained hemin are ro be taken and construed as:ovenanu mm�ing with the land and shall pass to and be binding upon the Recipient, his successors and assigns heirs,grantees, or lasees of the PropeRy,beginning I on the date of initial residential occupancy after the acquisition and constructiou of the Property contemplated by the Contract. Each and every convact,deed or other insuument covering or conveying lhe Propecty,or any portion j thereof, shall be canclasively held to have been executed, delivered and accepted subject to such covevants, regardless of whether such covenants aze set forth in such contract,dad,or other instiuments. NOW, 1'f�REFORE, it is hereby covenanted, for the Fitty (50) yearo fotlowing the date of initial residendal acupancy of ttie project after the acquisitian and construMioa of the Property wntemplated try the CAntract, az , follows: i 1. All oF the residential units in the Properry will be renred ro tenants with gross annual household incomes at the time of initial occupancy no higher than T6irty Percent (30%) of the median income in tha ' Everett PMSA, Washington, adjusted for family size, as utimated from time to time by the United Stata j • Department of Housing and Urban Development ("HUD"). If HUD ceases to provida such estimates af inedian j income, then median income shatl mean such compazable figure for Snohomish County, Washington published or reported by a federal,state,or local agency as tl�e Departmen[shall select. � 2. The Recipient will provide safe and sanitary housing, and will comply with all 5tate and loral ? housing codes, licensing requirements, and other requirements regazding the condition of the swctuce and the operation of the projed in the jurisdiction in which the housing is located. 1