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c. Establish the order below for the security documents and covenant <br /> agreements which will be recorded against the Twelve Pines <br /> Apartments in the following order of priority: <br /> • Washington State Housing Finance Commission Regulatory Agreement <br /> (Extended use Agreement) — this agreement is required in connection with <br /> the tax credits and will be recorded at the time the tax credits are received <br /> and is subject to being in a form acceptable to the City Attorney and the <br /> Mayor. <br /> • Rent Restriction Covenant Agreement required by the City in connection <br /> with the City loan per Snohomish County and HUD requirements. <br /> • Loan and Regulatory Agreement between the Authority and the limited <br /> partnership (contains the partnership's repayment obligations with respect to <br /> a portion of the bonds and the taxable and tax-exempt note loaned to the <br /> partnership to pay costs of the project; also contains State and Federal set- <br /> aside requirements). <br /> • Memorandum of Lease with respect to the financing lease between the <br /> Authority and the partnership, lease of property by the Authority to the <br /> partnership; contains the partnership's repayment obligations with respect to <br /> the bonds and the City loan; also contains low-income set-aside require- <br /> ments of State and Federal law). <br /> • Leasehold Deed of Trust given by the partnership to the trustee for the <br /> bonds, securing repayment of the bonds and encumbering the partnership's <br /> leasehold interest in the property. <br /> • Deed of Trust given by the Authority to the City, securing repayment of the <br /> City loan and encumbering the Authority's ownership interest in the property. <br /> • Leasehold Deed of Trust given by the partnership to the Authority, securing <br /> repayment of the tax-exempt and taxable notes. <br /> • Option to Purchase and Right of First Refusal given by the partnership to <br /> the Authority. <br /> d. Each of the documents listed in 2.c needs to be approved in a form <br /> acceptable to the Mayor and the City Attorney. <br /> e. Authorize the Mayor, after review by the City Attorney, to negotiate and <br /> execute such documents which may be necessary to effectuate the <br /> purchase of the Twelve Pines Apartments by the Everett Housing <br /> Authority. <br /> 2 <br />