Waterfront Place LP 6/18/2018 (2)

2. The Applicant agrees to construct on the Site multifamily residential housing as described in the Multifamily Tax Exemption application MF18-002, on file with the City. Any changes in the building design must be approved by the Planning Director. If the Director determines that the proposed changes are substantial,the tax exemption certification may be withdrawn and a new tax exemption review may be required by the City. 3. The Applicant agrees to complete construction of the agreed upon improvements within three years from the date the City issues the Conditional Certificate of Acceptance of Tax Exemption, or within any extension thereof granted by the City. 4. The Applicant agrees, upon completion of the improvements and upon issuance by the City of a temporary or permanent certificate of occupancy,to file with the City's Planning and Community Development Department the following: a. A statement of expenditures made with respect to each multifamily housing unit and the total expenditures made with respect to the entire property; b. A description of the completed work and a statement of qualification for the exemption, including the affordable housing requirements as described in RCW 84.14.020, and c. A statement that the work was completed within the required three-year period or any authorized extension. 5. The City agrees, conditioned on the Applicant's successful completion of the improvements in accordance with the terms of this Agreement and on the Applicant's filing of the materials described in Paragraph 4 above,to file a Final Certificate of Tax Exemption with the Snohomish County Assessor. 6. The Applicant agrees,within 30 days following the first anniversary of the City's filing of the Final Certificate of Tax Exemption and each year thereafter for a period of 8 years,to file a notarized declaration with the City's Department of Planning and Community Development indicating the following: a. A statement of occupancy and vacancy of the multifamily units; b. A certification that the property continues to be in compliance with this Agreement; c. That the property has been in compliance with the affordable housing requirements of RCW 81.14.020; and d. A description of any subsequent improvements or changes to the property. 7. If the Applicant converts to another use any of the new multifamily residential housing units constructed under this Agreement,the Applicant shall notify the Snohomish County Assessor and the City's Community Planning and Economic Development Department. 8. The Applicant agrees to notify the City promptly of any transfer of the Applicant's ownership interest in the Site or in the improvements made to the site under this Agreement. 9. The City reserves the right to cancel the Final Certificate of Tax Exemption should the Applicant, its successors and assigns, fail to comply with any of the terms and conditions of this Agreement. 10. No modifications of this Agreement shall be made unless mutually agreed upon by the parties in writing. 11. In the event that any term or clause of this Agreement conflicts with applicable law, such conflict shall not affect other terms of this Agreement which can be given effect without the conflicting term or clause, and to this end, the terms of this Agreement are declared to be severable.