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'Fited for Record O7t1Ot2O26 02:10:10 PM - Kittitas County, WA Auditor - 202607100035 Page 2 of 11
<br />AFFORDABLE HOUSING COVENANT
<br />(TEANAWAY COURT)
<br />This Affordable Housing Covenant ("Covenant") is made as of July 10,2A?6, by Teanaway Court
<br />Associates LLLP, a Washington limited liability limited partnership ("Gfantof) and for the benefit of
<br />Kittitas County, a political subdivision of the State of Washington ("equnly"), and is part of the
<br />consideration for the financial assistance provided by County.
<br />WHEREAS the County and Grantor desire that decent, safe and sanitary housing for low'income
<br />households be provided in the multifamily rental complex, consisting of 4l units initially to be known as
<br />Teanaway Court (the "Plejg!") located on the real property legally described on Exhibit A hereto (the
<br />"Properly"). The Grantor holds a fee estate in the hoperty.
<br />WHEREAS, the County has committed, subject to certain terms and conditions, to make a grant
<br />funded pursuant to RCW 36.22.250 to HopeSourcer a Washington nonprofit corporation and general partner
<br />of the drantor ("$IqnSOt), pursuant to that certain Homeless Housing Progratn Grant Agreement, Contract
<br />HH-2021-001-HopeSource-ClP, dated Juty 15, 202l,as amended (the "e,ontr4c!'). Sponsor of even date
<br />hereofhas reloaned the County grant funds to Grantor (the "Le4g"), to finance a portion ofthe costs ofthe
<br />Grantor's devetopment of the Property, and in partial consideration of the Loan the Grantor is willing to
<br />commit to provide low-income housing on the Property as described below.
<br />WHEREAS, the County is willing to permit the Sponsor to loan the proceeds of the Loan to the
<br />Partnership in partial consideration of the recording of this Affordable Housing Covenanl as an
<br />en cumbrance of the Property.
<br />WHEREAS, this Covenant is filed and recorded in the official public land records of Kittitas
<br />County, Washington and shall constitute a restriction upon the use of the Project, subject to and in
<br />u.cordun"r withltre terms of this Covenant until December 3 I of the year in which the fortieth (40th)
<br />anniversary of the date the Grantor first receives a certificate of occupancy for the Project occurs (the
<br />"A ffordabil itv Period").
<br />WHERAS, the covenants contained herein are to be taken and construed €$ covenants running witlt
<br />the land and shall pass to and be binding upon the Grantor, its successors and assigns, heirs, grantees. or
<br />lessees ofthe Prop-erty. begirrning on the date ofinitial residential occupancy after the construction ofthe
<br />Project contemplated by the Contract. Each and every contract. deed, mortgage or other instrument covering
<br />or iolveying the Prcperty, or any portion thereof, shall be conclusivell' held to have been executed,
<br />deliveredand accepted'subject to such covenants, regardless ofwhether such covenants are set forth in such
<br />contract, deed, mortgage or other instruments.
<br />NOW THEREFORE, it is hereby covenanted during the Affordability Period as follows:
<br />l, Grantor will cause this Covenant to be filed and recorded in the official public land records
<br />of Kittitas County, Washington and shall constilute a restriction upon the use of the Property and is
<br />construed ar tunning with the land which shall pass to and be binding upon the Grantor, its successors and
<br />assigns, heirs. graniees, or lessees of the Properly. Each and every contract, deed or otlrer instrument
<br />covJring or conveying the Property, or any portion thereof, shall be conclusively held to have been
<br />executed, delivered atrd accept"d subject 1o this Covenant for the Affordability Period. regardless of
<br />whether the covenants herein are set forth in such contract, deed, or other instruments' This Covenant shall
<br />be senior in prioritl, to all monetary liens on the Properly entered on or after the date hereof.
<br />Affordable ltousing Coveuant -'l-eanaway Court (Kittitas County)Page I
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