HomeMy WebLinkAboutAffordability Covenant(1196372.4)When Recorded, Return to
City of Renton, Department of Community
And Economic Development
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AFFORDABILITY COVENANT
GRANTOR: Greystoke, LLC
GRANTEE: THE CITY OF RENTON
LEGAL DESCRIPTION: Lot 10 of 28 Hundred Unit Lot Subdivision according to the plat thereof recorded May ___, 2023 under King County recording number ____________________, records of
King County Auditor, State of Washington
ASSESSOR’S TAX PARCEL ID NOS.: Portion of 722780169008 and 722780169503
AFFORDABILITY COVENANT
This covenant (“Covenant”) is executed in favor of the City of Renton (the “City”) by the undersigned Owner (“Grantor”) of the real property known as Lot 10 of 28 Hundred Unit Lot Subdivision
(“Lot 10” or “Property”). The address of Lot 10 is 2804 NE 12th Street, Renton, WA 98056.
The undersigned warrants that all owners of Lot 10 have executed this document.
The Grantor acknowledges that use of Lot 10 is subject to Condition 1 of the City of Renton Hearing Examiner’s Decision dated July 24th, 2018 (“Condition”).
The Condition requires that the City and Grantor will enter into an agreement related to the status of Lot 10 as an affordable housing unit (the “Agreement”).
AGREEMENT
Grantor agrees that Lot 10 may not be sold until the City has approved the form of an Agreement requiring affordable housing units provided under the Regulation remain affordable housing
for fifty (50) years or the life of the development, whichever is less.
RECORDING
This Covenant shall be recorded in the real estate records of King County, Washington. Either the Agreement or a memorandum thereof will be recorded in the real property records of
King County, Washington.
RUNNING COVENANT
Grantor intends that this Covenant shall run with the land and be binding on the Grantor and on the Grantor’s heirs, successors, and assigns, and shall terminate on the date on which
the Agreement or a Memorandum thereof is recorded. In all events, this Covenant and the Agreement shall terminate on the date which is fifty (50) years from the date of recording of
this Covenant.
SEVERABILITY
If any provision of this Covenant is held invalid, the remainder of the Covenant is not affected. If the application of this Covenant to any person or circumstance is held invalid, the
application of the Covenant to other persons or circumstances is not affected.
[Signature and Acknowledgment on the Following Page]
SIGNATURE and ACKNOWLEDGEMENT
Dated: ________________________
OWNER: Greystoke, LLC
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By: ___________________________________
Its: ___________________________________
State of Washington )
) ss.
County of King )
This record was acknowledged before me on May ___ 2023 by ________________________ as _________________________ of Greystoke, LLC, a Washington limited liability company.
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(Signature)
Notary Public
Name: _____________________________
My commission expires: _______________
Date: ______________________________
[STAMP]