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E. Assignment of Obligations <br /> Except as set forth herein, the Owner shall not assign any of its obligations under this <br /> AHTF Agreement, but shall remain obligated at all times to perform according to the <br /> terms of this AHTF Agreement. <br /> F. Public Information <br /> In all news releases and other public notices related to the Project funded under this <br /> AHTF Agreement, the Owner shall, and shall cause the Owner to, include information <br /> identifying the source of funds as the City of Everett Affordable Housing Trust Fund. <br /> II. RESIDENT POPULATION OF THE PROJECT <br /> From the date of this Agreement and continuing for forty (40) years from the date the <br /> Project certificate of occupancy is issued, except as otherwise herein provided, two (2) <br /> units of the Project shall be occupied by low-income and formerly homeless individuals <br /> and families (the "City AHTF-Assisted Units"). All of the City AHTF-Assisted Units shall <br /> be available to tenants whose gross annual household income at the effective date of this <br /> Agreement is not more than fifty percent (50%) of the annual median income for the <br /> Seattle-Bellevue-Everett metropolitan statistical area, adjusted for household size, as <br /> estimated from time to time by the U.S. Department of Housing and Urban Development <br /> ("HUD"), PROVIDED, HOWEVER, that the income of new tenants subsequent to the <br /> effective date of this Agreement shall meet the gross annual household income standard <br /> as of the date of their initial occupancy. If at any time HUD no longer estimates median <br /> income, the income standard shall be based on a program selected by the City. <br /> At occupancy, the Owner shall designate and identify to the City the two (2) specific units <br /> deemed City AHTF-Assisted Units. Said units are thereupon designated "floating AHTF <br /> Units." If and as necessary to accommodate tenant applicants' and occupants' <br /> circumstances and changes in post-occupancy income, the Owner may from time to time <br /> re-designate units as City AHTF-Assisted Units or not City AHTF-Assisted Units subject <br /> to the comparability of the units, i.e., size, features, and number of bedrooms. The Owner <br /> shall maintain continuous accounting and documentation for all such changes. <br /> The Owner shall verify the income of residents of the City AHTF-Assisted Units only in <br /> accordance with methods prescribed by or agreed to by the City. The Owner shall charge <br /> a monthly rent (including utility allowances) to tenants of the City AHTF-Assisted Units for <br /> housing in the Premises that shall not exceed one-twelfth of thirty percent (30%) of the <br /> target population income standard established by this Section II. <br /> III. TERM OF AGREEMENT <br /> The term of this AHTF Agreement begins on the date of the Agreement and expires on <br /> the earlier of(i)forty (40) years from the date the Project certificate of occupancy is issued <br /> or (ii) such time as the Owner causes to be paid in full the entire principal and accrued <br /> interest due under the terms of the Promissory Note. This Agreement may be terminated <br /> by the City prior to its expiration date as provided in Section XVI hereof. <br /> City of Everett <br /> AHTF Agreement <br /> HopeWorks Station Residential LLLP <br /> Page 3 of 15 <br />