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3 <br /> PROJECT CONSTRUCTION COVENANT <br /> THIS PROJECT CONSTRUCTION COVENANT (this "Covenant") is dated as <br /> of (the "Effective Date"), between the CITY OF EVERETT, a <br /> Washington municipal corporation ("City"), and ARCHDIOCESAN HOUSING <br /> AUTHORITY, a Washington non-profit corporation d/b/a Catholic Housing Services of <br /> Western Washington("Developer"). <br /> RECITALS <br /> A. City, as seller, and Developer, are parties to the Property Disposition <br /> Agreement dated (the "Disposition Agreement"). The real <br /> property that is the subject of the Disposition Agreement and this Covenant is located at <br /> in Everett, Washington and is legally described in <br /> Exhibit A attached hereto (the"Property"). <br /> B. As of the Effective Date of this Covenant, Developer is purchasing the <br /> Property from the City. Developer has submitted to the City complete plans and <br /> specifications for its project. <br /> C. The parties intend by this Covenant to set forth their mutual Covenant and <br /> undertakings with regard to the project. <br /> AGREEMENT <br /> NOW, THEREFORE, in consideration of the mutual undertaking and promises <br /> contained herein,and the benefits to be realized by each party and in future consideration <br /> of the benefit to the general public by the creation and operation of the Developer's <br /> project upon the Property, and as a direct benefit to the City and other valuable <br /> consideration, the adequacy of which is hereby acknowledged, the parties agree as <br /> follows: <br /> Section 1. Definitions. In addition to the terms defined in the Recitals above, <br /> the following terms shall have the meanings set forth below: <br /> "Approved Plans and Specs"means the following plans and specifications: <br /> Document Date Architect/Engineer <br /> 2 <br /> 12 <br />