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EXHIBIT E
<br /> Form of Use Restriction Covenant Agreement
<br /> This Leasehold Use Restriction Covenant Agreement (the "Covenant Agreement") by
<br /> (the "Owner"), is part of the consideration for the financial assistance provided by
<br /> City of Everett (the "City") pursuant to the City of Everett Loan Agreement ("Agreement")
<br /> entered into by and between the City and Owner, for the development of certain real property
<br /> legally described on Attachment 1 attached hereto, together with all tenements, privileges,
<br /> reversions, remainders, irrigation and water rights, and stock, oil and gas rights, royalties,
<br /> minerals and mineral rights, hereditaments and appurtenances belonging or in any way
<br /> pertaining to the Property, and the rents, issues, and profits thereof ("the "Property").
<br /> This Covenant Agreement will be filed and recorded in the official public land records of
<br /> Snohomish County, Washington, and shall constitute a restriction upon the use of Owner's
<br /> leasehold interest in the Property described herein, which leasehold interest was created by the
<br /> Lease by and between Hopeworks Station Enterprises as Lessor and Owner as Lessee, subject
<br /> to and in accordance with the terms of this Covenant Agreement.
<br /> The covenants contained herein are to be taken and construed as covenants running
<br /> with the land and shall pass to and be binding upon the Owner, its successors and assigns,
<br /> heirs, grantees, and lessees of the Property, beginning on the date of recording of this
<br /> Covenant Agreement. Each and every contract, deed, or other instrument covering or
<br /> conveying Owner's leasehold interest in the Property, or any portion thereof, shall be
<br /> conclusively held to have been executed, delivered, and accepted subject to such covenants,
<br /> regardless of whether such covenants are set forth in such contract, deed, or other instrument.
<br /> This Covenant Agreement is intended to be co-existent with, and not cumulative of, any
<br /> other tenant income restrictions in place upon the Property.
<br /> NOW, THEREFORE, it is hereby covenanted as follows:
<br /> 1. From the date of the recording of this Covenant Agreement and continuing until December
<br /> 31, 2043, the Owner shall operate the Property exclusively as a workforce development
<br /> center associated with the low-income supportive housing on the Property and available to
<br /> Very Low-income persons. "Very Low Income" means gross annual household income is
<br /> not more than fifty percent (50%) of the annual median income (at the time of initial
<br /> occupancy) for the Seattle-Bellevue-Everett metropolitan statistical area, adjusted for
<br /> household size, as estimated from time to time by the U.S. Department of Housing & Urban
<br /> Development (HUD). If at any future time HUD ceases issuing said median household
<br /> estimates, the income under this Agreement shall be as determined by the City.
<br /> 2. Owner will make annual certifications to the City in such form and on such date as the City
<br /> may require, and with such accompanying documentation as the City may require, that it is
<br /> in compliance with this Covenant Agreement.
<br /> 3. Owner hereby irrevocably grants an easement in gross to the City and its agents and
<br /> employees, for the duration of this Covenant Agreement, to enter the Property at any time
<br /> on reasonable notice to inspect the condition of the Property, to interview tenants and verify
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