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B. Said title insurance policy shall show at the time of the execution of this Agreement no <br /> liens, encumbrances, or financing instruments secured by or in any way associated <br /> with the Premises except: <br /> 1. Schedule B general exceptions listed on the title insurance policy; <br /> 2. Any Schedule B special exceptions, if any, listed on the title insurance policy; <br /> 3. Those documents listed in that certain Priority and Subordination Agreement dated <br /> May 7, 2018 and recorded in the records of Snohomish County under recording <br /> number 201805080544 (the "Priority Agreement"). <br /> VIII. PROPERTY TAXES AND UTILITIES <br /> Property taxes and utilities on the Premises shall be brought current through the date of <br /> the final execution of this AHTF Agreement. In the event the Owner does not bring such <br /> taxes and utilities current prior to that date, the Owner agrees to pay such taxes and <br /> utilities within ten (10) days of the date of the final execution of this AHTF Agreement and <br /> to provide to the City an addendum to the title policy establishing such payment. During <br /> the term of this Agreement, the Owner shall pay all property taxes, if any and utility billings <br /> as they become due and payable and shall keep the Premises free and clear of any liens <br /> for unpaid property taxes, if any, and utility billings. <br /> IX. COVENANT AGREEMENT; PRIORITY AND SUBORDINATION AGREEMENT <br /> The Owner shall execute a Use Restriction Covenant Agreement in the form attached <br /> hereto as Exhibit H and incorporated herein by this reference (the "Covenant <br /> Agreement"). The Covenant Agreement provides, among other things, that two (2) units <br /> (the "City AHTF-Assisted Units") shall be operated exclusively as independent housing for <br /> eligible individuals as specified in Section II-A of this Agreement for forty (40) years from <br /> the date the Project certificate of occupancy is issued. The Covenant Agreement also <br /> provides for an easement in gross to the City, its agents and employees to enter the <br /> Premises at any time on reasonable notice subject to all applicable landlord-tenant laws <br /> to inspect the condition of the Property; to interview tenants of the City AHTF-Assisted <br /> Units and to verify income information and any other matters relevant to the Covenant <br /> Agreement; and to inspect and copy any documents maintained by the Owner or its agents <br /> relevant to the Covenant Agreement. <br /> The Owner shall cause any subsequent mortgagee or lienholder to be approved in writing <br /> by the City and shall require such mortgagee or lienholder to agree to subordinate the lien <br /> of its security interests, if any, to the Covenant Agreement. The written agreement of any <br /> subsequent mortgagee or lienholder to subordinate its security interests in the Property <br /> shall be as then agreed to by the City and shall, prior to its execution, be subject to review <br /> and approval by the City's Attorney. Notwithstanding the foregoing, the City acknowledges <br /> and agrees that the Covenant Agreement shall be subordinate to the liens and <br /> encumbrances set forth in the Priority Agreement. <br /> City of Everett <br /> AHTF Agreement <br /> HopeWorks Station Residential LLLP <br /> Page 5 of 15 <br />