HomeMy WebLinkAboutA 20151207001457 (�i1vAGO TITLE INS. Ca
RECORDED AT THE REQUEST OF
AND AFTER RECORDING RETURN TO:
City of Renton
City Clerk 1111111111111111111111111
Renton City Hall
Grady Way 20151207001457
Renton,
, WAA 98057 CHICAGO TITLE AG
PAGE-001 OF 005 77.00
12/07/2015 15:54
KING COUNTY, WA
AGREEMENT TO SUBORDINATE TO DECLARATION OF RESTRICTIVE
COVENANT
(Vantage Point)
Grantor: CITY OF RENTON,
Additional names on pg. N/A.
Grantee: UNITED STATES DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT
Additional names on pg. N/A.
Complete Legal Description: Lot 2, City of Renton Short Plat LUA-08-137-
SHPL, as recorded under Recording No.
20100111900006, records of King County, WA;
said short plat being a portion of Section 32,
Township 23 North, Range 5 East, W.M.
Assessor's Tax Account #s: 3223059362
Address: 17901 105th Pl. SE
Renton, WA 98055
Reference Numbers: 20140606000082
Agreement to Subordinate to Declaration of Restrictive Covenant Page 1 of 5
AGREEMENT TO SUBORDINATE
TO DECLARATION OF RESTRICTIVE COVENANTS
This Agreement to Subordinate to Declaration of Restrictive Covenants (this
"Agreement") is entered into this 19th day of November, 2015, by the City of Renton,
King County, Washington ("City").
WHEREAS, the property described in Exhibit A attached hereto and incorporated
herein by this reference, commonly known as Vantage Point Apartments (the "Project")
and located at 17901 105th Place SE, Renton, Washington, has been developed as a
multifamily development providing a preference for low-income households that are
elderly and/or disabled; and
WHEREAS, the Project is subject to a certain Declaration of Restrictive Covenant
relating to the payment of school impact fees, and such covenant was recorded on June 6,
2014, under King County Auditor's file number 20140606000082 (the "Renton
Covenant"); and
WHEREAS, the United States Department of Housing and Urban Development
("HUD") has approved an annual contribution contract ("ACC") in order for provide the
financial operating and capital subsidies necessary to support the long-term provision of
low-income housing at the Project and accordingly has required the Authority to execute
a Declaration of Restrictive Covenants dated 1 Z / , , 2015 (the "HUD
Declaration of Restrictive Covenants")to establish a senior lien against the Project; and
WHEREAS, City is supportive of the operation of the Project as housing for low-
income households that are elderly and/or disabled and accordingly is willing to
subordinate the Renton Covenant to the Declaration of Restrictive Covenants.
NOW THEREFORE, for good and valuable consideration, the receipt of which is
hereby acknowledged, the undersigned do hereby agree:
1. Subordination. Notwithstanding the manner or order of perfection of the
Renton Covenant and the HUD Declaration of Restrictive Covenants, and
notwithstanding any applicable law or decision or other agreement
currently in force between the City and the Authority, and so long as the
HUD Declaration of Restrictive Covenants remains in effect, the Renton
Covenant shall be in all respects subject to and subordinate in priority to
the HUD Declaration of Restrictive Covenants. The subordination of the
Renton Covenant shall (a) extend to and continue in effect with respect to
any and all extensions, renewals, and modifications thereof; and (b)
remain in effect notwithstanding any future amendment, modification or
extension of the HUD Declaration of Restrictive Covenants.
Agreement to Subordinate to Declaration of Restrictive Covenant Page 2 of 5
•
•
2. Renton Covenant Remains In Full Force and Effect. It is expressly
understood and agreed that except for the subordination specifically
intended and accomplished by this Agreement, the Renton Covenant shall
be and remain in full force and effect.
3. Entire Agreement. This Agreement contains the entire agreement with
respect to the subordination of the Renton Covenant.
4. Binding Effect; No Oral Modification. This Agreement and every
covenant hereof shall be binding upon the City and its respective
successors and assigns. This Agreement shall not be modified or amended
except by a written instrument executed by the undersigned and approved
in writing by HUD, if required.
5. Governing Law. This Agreement is made and executed under and will be
governed and construed by the laws of the State of Washington.
Agreement To Subordinate To Declaration Of Restrictive Covenant Page 3 of 5
•
IN WITNESS WHEREOF, the undersigned has executed this Agreement to
Subordinate to the HUD Declaration of Restrictive Covenants as of the date first above
written.
CITY OF RENTON,King County,
Washington
Byer,EX
Name: V,„cer1 -4
Title: A 01 to n t 5-Vr rx.-rte('
STATE OF WASHINGTON
ss.
COUNTY OF
I certify that I know or have satisfactory evidence that Gh U i n c er -F is
the person who appeared before me,and said person acknowledged that said person signed this
instrument, on oath stated that said person was authorized to execute the instrument and
acknowledged it as the Ar{m n si-ra.-{or of the City of Renton, King
County,Washington to be the free and voluntary act of such party for the uses and purposes
mentioned in the instrument.
Dated this9� day rrham frt4 2015.
� of r�
0' your
” (Signature of Notary)
41
zr C ..t � �� o(i 'PoWer3
(Legibly`Print or Stamp Name of Notary)
• *•41. Notary public in and for the state of Washington,
40 - residing at
Mya ointmenVex irks
„ *AS PP P '4`u a
Agreement To Subordinate To Declaration Of Restrictive Covenant Page 4 of 5
v
EXHIBIT A
LEGAL DESCRIPTION
Lot 2 and Tract C-2, City of Renton Short Plat Number LUA-08-137-SHPL, recording
under recording number 20100111900006, in King County,Washington
Agreement To Subordinate To Declaration Of Restrictive Covenant Page 5 of 5