HopeWorks Station Residential 4/25/2018

AGREEMENT NOW, THEREFORE, in consideration of the foregoing fee exemptions, Owner and City hereby agree as follows, and Owner hereby grants, agrees to, and imposes upon the Property the following covenants and restrictions: Section 1. Runs with the Land. This Covenant shall run with the Property and be binding on Owner and its successors including any purchaser, grantee, owner or lessee of any portion of the Property and any other person or entity having any right, title or interest therein and on the respective heirs, executors, administrators, devisees, successors and assigns of any of the foregoing. This Covenant is not extinguished or limited by any foreclosure of a deed of trust or mortgage, or in lieu of foreclosure thereof,or any subsequent transfer. Section 2. Low-Income Housing Requirements and Use Restriction The Property may only be used for Low-Income Housing and uses incidental thereto. All other uses are prohibited. For purposes of this Covenant, "Low-Income Housing" is defined as residential housing that meets both of the following requirements: i. The monthly housing expense of each resident household at the time of initial occupancy is no more than 30% of 50% of the Snohomish County median income, adjusted for family size and as determined from time to time by the United States Department of Housing and Urban Development("HUD"); and ii. The monthly income of each resident household at the time of initial occupancy is no more than 50% of the Snohomish County median income, adjusted for family size and as determined from time to time by HUD. If HUD ceases to provide estimates of median income, then median income will mean such comparable figure for Snohomish County, Washington published or reported by a federal, state, or local agency as the City shall select. Section 3. Conversion. A. Definition of Conversion Payment. The "Conversion Payment" is the sum of the following: 3