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Section 1. Runs with the Land. <br /> This Covenant shall run with the Property and be binding on Owner and its <br /> successors including any purchaser, grantee, owner or lessee of any portion of the <br /> Property and any other person or entity having any right, title or interest therein and on <br /> the respective heirs, executors,administrators,devisees, successors and assigns of any of <br /> the foregoing. This Covenant is not extinguished or limited by any foreclosure of a deed <br /> of trust or mortgage, or in lieu of foreclosure thereof, or any subsequent transfer. <br /> Section 2. Low-Income Housing Requirements and Use Restriction. <br /> The Property may only be used for Low-Income Housing and uses incidental <br /> thereto. All other uses are prohibited. For purposes of this Covenant, "Low-Income <br /> Housing"is defined as residential housing that meets both of the following requirements: <br /> i. The monthly housing expense of each resident household <br /> at the time of initial occupancy is no more than 30% of 50% of the Snohomish County <br /> median income, adjusted for family size and as determined from time to time by the <br /> United States Department of Housing and Urban Development("HUD"); and <br /> ii. The monthly income of each resident household at the time <br /> of initial occupancy is no more than 50% of the Snohomish County median income, <br /> adjusted for family size and as determined from time to time by HUD. <br /> If HUD ceases to provide estimates of median income, then median income will mean <br /> such comparable figure for Snohomish County, Washington published or reported by a <br /> federal, state, or local agency as the City shall select. <br /> Section 3. Conversion. <br /> A. Definition of Conversion Payment. The"Conversion Payment" is <br /> the sum of the following: <br /> i. the dollar amount of the special connection charges under <br /> EMC 14.08.135 or successor ordinance in effect at the time of delivery of the Conversion <br /> Payment to the City, calculated as if all improvements on the Property were new <br /> construction at the time of such payment delivery; and <br /> ii. the dollar amount of the fees for planned system <br /> improvements due under EMC 18.40.100(A)(1) or successor ordinance in effect at the <br /> time of delivery of the Conversion Payment to the City, calculated as if all improvements <br /> on the Property were new construction at the time of such payment delivery. <br /> 3 <br />