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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 <br /> Conversion Payment to the City, calculated as if all improvements on the Property were <br /> new 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 <br /> improvements on the Property were new construction at the time of such payment <br /> delivery. <br /> B. Payment of Conversion Payment. If any portion of the Property <br /> is not used for Low-Income Housing or uses incidental thereto, Owner must, within 30 <br /> days after written notice thereof from the City, either eliminate the non-Low-Income- <br /> Housing use or pay the Conversion Payment in full. Beginning at the end of such 30 <br /> days, any unpaid Conversion Payment accrues interest at 12% per annum. Upon <br /> delivery of the Conversion Payment plus any accrued interest, the City will record a <br /> 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 /> C. Owner Option to Terminate Covenant. Owner may terminate <br /> this Covenant at any time by delivery of notice thereof to the City. In order for such <br /> notice to be effective, Owner cannot be in breach of this Covenant at the time of notice <br /> delivery and the notice must be delivered together with payment in full of the <br /> Conversion Payment. Upon delivery of such notice and the Conversion Payment, the <br /> City will record a termination of this Covenant in a form reasonably acceptable to <br /> Owner. Such termination does not modify in any way any other covenants or <br /> agreements between the 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, <br /> will pay some portion of such fees and charges for the Project. At the time of payment <br /> of the Conversion Payment, the Owner will be credited toward the Conversion Payment <br /> the dollar amount of such fees actually paid previously by Owner. If Owner desires <br /> such credit, Owner, at time of payment of the Conversion Payment, is responsible for <br /> providing evidence of such fee amounts previously paid. <br /> 4 <br />