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Home My WebLink AboutAffordable_House_Covenant_17.02.201 28 Hundred TOWNHOMES UNIT LOT SUBDIVISION AFFORDABLE HOUSING COVENANT When recorded return to: City Clerk City of Renton 1055 South Grady Way Renton, WA 98057-3232 AFFORDABLE HOUSING RESTRICTIVE COVENANT AND AGREEMENT Assessor’s Property Parcel/ Tax Account Numbers: 722780169008 & 722780169503 Reference Number(s) of Documents assigned or released: N/A Grantor(s): Grantee(s): 1. Greystoke LLC, a Washington limited liability company 2. Yves Tang 1. City of Renton, a Washington municipal corporation LEGAL DESCRIPTION: (Abbreviated or full legal must go here. Additional legal on page 2-3) LOT 25, BLOCK 46, CORRECTED PLAT OF RENTON HIGHLANDS NO. 2, AN ADDITION TO THE CITY OF RENTON, ACCORDING TO THE PLAT THEREOF, EECORDED IN VOLUME 57 OF PLATS, PAGES 92 THROUGH 98, IN KING COUNTY, WASHINGTON. PLUS, LOT 26, BLOCK 46, CORRECTED PLAT OF RENTON HIGHLANDS NO. 2, AN ADDITION TO THE CITY OF RENTON, ACCORDING TO THE PLAT THEREOF, RECODED IN VOLUME 57 OF PLATS, PAGES 92 THROUGH 98, IN KING COUNTY, WASHINGTON. AFFORDABLE HOUSING RESTRICTIVE COVENANT AND AGREEMENT This Affordable Housing Restrictive Covenant and Agreement (“Covenant”) dated this 2 ______day of ___________, 2017, is entered into between the City of Renton (the “City”), a Washington State Municipality and Greystoke LLC, a Washington State limited liability corporation located at , Renton, Washington 98056, Yves Tang and, husband and wife, (collectively the “Owner”) of the property known as 28 Hundred. This Covenant applies to the real property and any buildings constructed on the property (the “Subject Property”), properly described in Paragraph 1. I. RECITALS WHEREAS, Greystoke LLC, will be constructing or has constructed homes in a new subdivision named _____________________, according to the final subdivision plan dated ____________ and recorded in the King County Recorder’s Office under Recording No. ________________________ (the “Development”); WHEREAS, Greystoke LLC will be constructing a Twelve (12) unit townhome Unit Lot Subdivision within the City of Renton; WHEREAS, as a condition of the City of Renton approving the Development in accordance with its density bonus provision, as allowed by RMC 4-9-065, for affordable housing zoning as defined under RMC 4-11-010, the City has required a certain percentage of the homes within the Development be maintained as affordable housing; WHEREAS, this Covenant is designed to satisfy the conditions of the Renton Municipal Code by requiring that a minimum of two (2) units to be constructed on the Subject Property be maintained for a period of 50 years as affordable housing; WHEREAS, this Covenant shall run with the land and apply to and be enforceable against all current and future owners of the Subject Property, and shall restrict and impose limitatio ns on the sale, resale, lease, rental, mortgaging and use of the Subject Property by the Owner , and its successors and assigns, in perpetuity; WHEREAS the Owner recognizes the special nature of the terms and conditions of this Covenant and, with the independent and informed advice of legal counsel, freely accepts the terms and conditions of this Covenant, including, without limitation, the terms and conditions that affect the marketability and the resale price of the Subject Property; and THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged , the parties agree as follows: 1. The covenants shall apply to the following identified “Subject Property” 3 Legal: LOT 25, BLOCK 46, CORRECTED PLAT OF RENTON HIGHLANDS NO. 2, AN ADDITION TO THE CITY OF RENTON, ACCORDING TO THE PLAT THEREOF, EECORDED IN VOLUME 57 OF PLATS, PAGES 92 THROUGH 98, IN KING COUNTY, WASHINGTON. PLUS, LOT 26, BLOCK 46, CORRECTED PLAT OF RENTON HIGHLANDS NO. 2, AN ADDITION TO THE CITY OF RENTON, ACCORDING TO THE PLAT THEREOF, RECODED IN VOLUME 57 OF PLATS, PAGES 92 THROUGH 98, IN KING COUNTY, WASHINGTON. Parcel Numbers: 722780169008 & 722780169503 Addresses: 2800 NE 12th Street Renton, WA 98056 Plus. 2801 NE 13th Street Renton, WA 98056 2. The Subject Property identified in Paragraph 1 must meet the definition of affordable housing found in RMC 4-11-010 and can only be sold or leased to residents whose household income is less than eighty percent (80%) of the median annual income adjusted for household size, as determined by the Department of Housing and Urban Development (HUD) for the Seattle Metropolitan Statistical Area, and who pay no more than thirty percent (30%) of household income for housing expenses. 3. Any sale or lease of the Subject Property identified in Paragraph 1 to any party or individual that is not in compliance with Paragraph 2 shall contravene the intent of this Covenant and be null and void. 4. The City of Renton shall be entitled to enforce these covenants as an intended beneficiary thereof. 5. The provisions of these paragraphs governing the sale or lease of the Subject Property shall run with the land and bind all holders, owners, lessees, occupiers, and purchasers of the Subject Property. These restrictive covenants apply in perpetuity and every subsequent instrument conveying an interest in all or any portion of the Subject Property shall include the restrictive covenant. 4 6. Owner shall cause the requirements of the restrictive covenant to be placed in all instruments that convey an interest in the Subject Property and shall file this document with the King County Recorder’s Office, Seattle, Washington. 7. In any action of any kind relating to enforcement of this Restrictive Covenant the prevailing party shall be entitled to collect reasonable attorneys' fees and costs from the non-prevailing party in addition to any other recovery to which the prevailing party is entitled. 8. All parties agree to cooperate fully and execute any and all supplementary documents and to take all additional actions which may be necessary or appropriate to give full force and effect to the basic terms and intent of this Covenant. 9. The interpretation and enforcement of this Covenant shall be governed by the laws of the State of Washington and venue shall be proper in King County, Washington. 10. The waiver by one party of any provision or breach of this Covenant shall not be deemed a waiver of any other provision or breach of this Covenant. 11 If any provision of this Covenant shall be held by a court of proper jurisdiction to be invalid or unenforceable; the remaining provisions shall survive and their validity, legality and enforceability shall not in any way be affected or impaired thereby; and the court may, but shall not be required to, fashion a substitute for the provision held to be invalid or unenforceable. [The remainder of this page is blank; signatures are on the next page.] 5 Executed this _____ day of ______________________, 2017. GREYSTOKE LLC By: Yves Tang Its: Managing Member STATE OF WASHINGTON ) ) ss. COUNTY OF ) I certify that I know or have satisfactory evidence that _______________________, known to me to be the _______________________ of Greystoke LLC, signed this instrument and acknowledged it to be the free and voluntary act of said limited liability company, for the uses and purposes mentioned in the instrument. Dated this _____ day of ______________________, 2017. ________________________________________ Printed Name: ____________________________ NOTARY PUBLIC in and for the State of Washington, residing at: ____________________ My commission expires: ____________________ 6 Executed this _____ day of ______________________, 2017. Yves Tang, Managing Member STATE OF WASHINGTON ) ) ss. COUNTY OF ) I certify that I know or have satisfactory evidence that Yves Tang signed this instrument and acknowledged it to be his free and voluntary act for the uses and purposes mentioned in the instrument. Dated this _____ day of ______________________, 2017. ________________________________________ Printed Name: ____________________________ NOTARY PUBLIC in and for the State of Washington, residing at: ____________________ My commission expires: ____________________