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B. Payment of Conversion Payment. If any portion of the Property is <br /> not used for Low-Income Housing or uses incidental thereto,Owner must,within 30 days <br /> after written notice thereof from the City, either eliminate the non-Low-Income-Housing <br /> use or pay the Conversion Payment in full. Beginning at the end of such 30 days, any <br /> unpaid Conversion Payment accrues interest at 12% per annum. Upon delivery of the <br /> Conversion Payment plus any accrued interest, the City will record a termination of this <br /> Covenant in a form reasonably acceptable to Owner. Such termination does not modify <br /> in any way any other covenants or agreements between the City and Owner. <br /> C. Owner Option to Terminate Covenant. Owner may terminate this <br /> Covenant at any time by delivery of notice thereof to the City. In order for such notice <br /> to be effective, Owner cannot be in breach of this Covenant at the time of notice delivery <br /> and the notice must be delivered together with payment in full of the Conversion <br /> Payment. Upon delivery of such notice and the Conversion Payment,the City will record <br /> a termination of this Covenant in a form reasonably acceptable to Owner. Such <br /> termination does not modify in any way any other covenants or agreements between the <br /> City and Owner. <br /> D. Credit for Partial Payments. Ordinance No. 3504-16 (EMC <br /> 18.40.145) and Ordinance No. 3579-17 provide partial exemptions from City fees for <br /> planned system improvements and special connection charges, rather than full <br /> exemptions. Accordingly, the Owner prior to the time when the Project is permitted will <br /> pay some portion of such fees and charges for the Project. At the time of payment of the <br /> Conversion Payment, the Owner will be credited toward the Conversion Payment the <br /> dollar amount of such fees actually paid previously by Owner. If Owner desires such <br /> credit, Owner at time of payment of the Conversion Payment is responsible for providing <br /> evidence of such fee amounts previously paid. <br /> Section 4. Term of Covenant. <br /> This Covenant commences on the Effective Date and remains in effect until the <br /> City records a termination of this Covenant as set forth in Sections 3.B and 3.C. <br /> Section 5. Enforcement. <br /> This Covenant may be enforced by the City, which shall have all remedies <br /> available at law or in equity in case of any breach of the terms hereof Owner agrees that <br /> such remedies may include, without limitation, (i) specific performance, including <br /> without limitation specific performance of Owner obligations under the Covenant; (ii) <br /> injunctions requiring compliance with this Covenant; (iii)appointment of a receiver, and <br /> (iv) restitution of any unjust enrichment that may accrue to Owner or its successors or <br /> 4 <br />