931 BROADWAY TEUTSCH STUDENT HOUSING 2018-03-07

� � restricting the use and enjoyment of the Property by placing such a condition (s) on the land use approval; and WHEREAS, this Covenant concerns the Grantor/Covenantor' s use, occupation, enjoyment of the Property and benefits the City as Grantee/Covenantee; and WHEREAS, this Covenant is intended to bind successors and assigns and run w_i_th the land; NOW, THEREFORE, Owner (s) agree (s) to abide by restrictions on occupation, use, and enjoyment of the Property as follows : 1 . Owner_ (s) agree (s) the Property is devoted i.n whole, or in part, to parking that serves the use on Applicant' s lot, providing 32 parking spaces on the Property so as to enable Applicant to meet Applicant' s parking requirements pursuant to the Zoning Code . 2 . The Applicant will monitor the utilization of the off-street parking by students residing in the student housing building on a quarterly basis and provide a written report of utilization to the City of Everett Planning Department annually. 3 . Based on the utilization of parkinq on th� Owner' s property, �r-he r'; l-y nl ��n�� nc7 l�i r�c�l c�r m��y ��)�-j �1,�;1 trc� r�laml��r �f 1-��rlc�i nc� spaces required in paragraph 1 to eiLlier require more or allow less parking on the owner' s property to be devoted to parking for students residing in the Applicant' s building. Ariy such adjustment by the Planning Director sha11 be recorded as an addendum to this covenant or as a new covenant . 4 . Owner agrees to devote the following portion of the Property, legally described below as the "Parking Portion", to parking that serves the use on Applicant' s lot: 32 off-street parking spaces within the existing parking lot, located in close proximity to the Owner' s property. 5 . This document sha11 constitute a covenant running with the land and the rights and obligations of the parties hereto shall inure to the benefit of and be binding upon their respecti_ve legal representatives, successors and assigns . 6. This Covenant shall terminate in the event that 1) the use on i-.h� I�pp]--i r.ant ' �� 1 �l tn�1- c~r�atc�c� f }�c� nc��d f�r thc� off-.,i_tc� � ��