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7347206Agreement-RestrictiveCovenantWithHabitatForHumanity 05/03/2024 11:27:24 AM 7347206 Recording Fee $310 50 Page 1 of 6 Covenant CITY OF SPOKANE VALLEY Spokane County Washington IIIII IIIIIII11IIIII111111III 1 II III1111III1 III IIIIIIIIII II When Recorded Return to: The City of Spokane Valley 10210 E Sprague Ave Spokane Valley WA 99206 THE CITY OF SPOKANE VALLEY RESTRICTIVE COVENANT AGREEMENT GRANTOR: Habitat for Humanity — Spokane GRANTEE: The City of Spokane Valley, a municipal corporation of the State of Washington ABBREVIATED LEGAL DESCRIPTION:LOT 1 , 2, 3 and 4 of SHORT PLAT SHP-2021- 0005 (see full Legal Description in Exhibit A) ASSESSOR'S TAX PARCEL NO.: 45153.6101, 45153.3102, 4153.6103, 45153.6104 THE CITY OF SPOKANE VALLEY RESTRICTIVE COVENANT AGREEMENT Thi Restrictive Covenant Agreement (the "Covenant Agreement") is effective as of the day of �`fz;,: , 2024, and is made and executed by Habitat for Humanity — Spokane, a Washington nonprofit corporation (the "Grantor"), and by and in favor of the City of Spokane Valley, a municipal corporation of the State of Washington (the "Grantee"). In this Covenant Agreement, Grantor and Grantee may also be referred to collectively as the "Parties" and individually as "Party." RECITALS A. Habitat for Humanity — Spokane (the "Grantor") is the owner of real property located in the City of Spokane Valley, State of Washington, legally described in Exhibit A, attached hereto and made part hereof (the "Property"). B. Pursuant to an agreement executed between the City of Spokane Valley (the "Grantee") and Grantor on August 29, 2023 as Spokane Valley contract number 23-165, which is hereby incorporated by reference as though fully stated herein (the "Grant Agreement"), Grantor has purchased the Property for the purpose of providing affordable housing for the public. A map of the Property which is recorded as Plat: SHP-2021-005, AFN on Plat: 7258832 recording 15-25-44 with the County of Spokane is part of the Covenant. C. The purpose of this instrument is to place on record those certain Restrictive Covenants which, pursuant to the Grantee's funding of the project in the amount of $471,728 for the Grantor to acquire the Property, require that the Property be restricted to uses as defined herein. The Property was acquired by deed recorded under recording No. 7339007 between MODERNWRX Property Group and Grantor. COVENANT AGREEMENT NOW, THEREFORE, in consideration of the mutual promises herein, Grantor and the Grantee agree, covenant and declare that the Property is subject to the following restrictive covenants, which covenants shall run with the land and burden the Property for the sole benefit of the Grantee. All the terms and provisions hereof shall be construed to effectuate the purposes set forth in this Covenant Agreement and to sustain the validity hereof. 1. Covenant. Grantor and Grantee agree and declare that the covenants and conditions contained herein touch and concern the land and shall bind and the benefits shall inure to, respectively, Grantor and its successors and assigns and all subsequent owners of the Property and improvements thereon, and to the Grantee and its successors and assigns and all subsequent owners of the Grantee's benefited property interests, subject to modification thereof as specifically provided below. Each and every contract, deed or other instrument hereafter executed conveying any portion or interest in the Property or improvement thereon, shall contain an express provision making such conveyance subject to the covenants and conditions of this Covenant Agreement, provided however, that any such contract, deed or other instrument shall conclusively be held to have been executed, delivered and accepted subject to such covenants and conditions, regardless of whether or not such covenants and conditions are set forth or incorporated by reference in such contract, deed or other instrument. 2. Term. Grantor covenants and declares on behalf of itself and all heirs, assigns, and successors in interests into whose ownership the Property and improvements thereon might pass that the Property and improvements thereon will be preserved and maintained in accordance with the restrictions and obligations described in this Covenant Agreement for at least twenty (20) years. It is the intent of the Grantor that such covenants shall supersede any prior interests Grantor has in the Property and improvements thereon and shall run with the land for the benefit of the Grantor, and be binding on any and all persons who acquire any portion of, or interest in, the Property or improvements thereon. Grantor and Grantee agree that Grantee shall have standing to enforce these covenants. 3. Purchased Property. Grantor acknowledges that the Property was purchased for the public purpose of affordable housing with funding from the Grantee, and Grantor covenants that the Property and improvements thereon will continue to be used for the affordable housing purposes that constitutes the public purpose of the award made by Grantee to the Grantor in the Grant Agreement. Grantor also covenants that the Property shall not be transferred or conveyed except with the Grantee's written consent. 4. Parties Bound. This Covenant Agreement shall benefit and be enforceable only by Grantee and Grantor and their successors or assigns and shall not be enforceable by any third parties. 5. Remedies. The Grantee, its successors, designees or assigns shall have the following remedies against Grantor, its successors, designees or assigns for violation of this Covenant Agreement: a. Default. If Grantor fails to observe or perform any of the terms, conditions, obligations, restrictions, covenants, representations or warranties of this Covenant Agreement, and if such noncompliance is not corrected as provided herein, then such noncompliance shall be considered an event of default. b. Notice of Default. Before the Grantee pursues a remedy against Grantor for breach of this Covenant Agreement, the Grantee shall provide written notice specifying the default to Grantor. Grantor shall thereafter have a thirty (30) day period to cure such default (or if such default is not capable of cure within thirty (30) days, such additional period as is reasonably necessary for Grantor to complete such cure, provided that Grantor commences cure within such thirty (30) day period and thereafter diligently pursues it to completion). c. Grantee's Remedies. The Grantee shall have available all remedies under law and equity including but not limited to full reimbursement of the award in the Grant Agreement, to wit: $471,728.00, and any other remedies available in the Grant Agreement. 6. No Waiver. No delay in enforcing the provisions hereof as to any breach or violation shall impair, damage or waive the right of the Grantee to enforce the same or obtain relief against or recover for the continuation or repetition of such breach or violation or any other breach or violation thereof at any later time or times. 7. Miscellaneous Provisions. 7.1 Agreement to Record. Grantor shall cause this Covenant Agreement to be recorded in the real property records of Spokane County, Washington. Grantor shall pay all fees and charges incurred in connection with such recording and shall provide the Grantee with a copy of the recorded document. 7.2 Time of the Essence. Time is of the essence of this Covenant Agreement and of every provision thereof. 7.3 Notices. Notices, certificates, reports, or other communications shall be deemed delivered on the third day following the date on which the same have been mailed by certified or registered mail, postage pre-paid, return receipt requested, or on the date on which the same have been personally delivered with proof of receipt, at the addresses specified below, or at such other addresses as may be specified in writing by the parties listed below: If to the City of Spokane Valley - Grantee: City Clerk City of Spokane Valley 10210 East Sprague Avenue Spokane Valley, WA 99206 If to Habitat for Humanity — Spokane - Grantor: Habitat for Humanity — Spokane P.O. Box 4130 Spokane, WA 99220 7.4 Severability. If any provision of this Covenant Agreement shall be invalid, illegal, or unenforceable, the validity, legality, or enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. 7.5 Amendments. This Covenant Agreement shall be amended only by a written instrument executed by the Parties hereto or their respective successors in title, and duly recorded in the real property records of Spokane County, Washington. 7.6 Governing Law; Venue; Attorneys' Fees. This Covenant Agreement is entered into in Spokane County, Washington. Disputes between Grantee and Grantor shall be resolved in the Superior Court of the State of Washington in Spokane County. Notwithstanding the foregoing, Grantor agrees that it may, at Grantee's request, be joined as a party in any arbitration proceeding between Grantee and any third party that includes a claim or claims that arise out of, or that are related to Grantor's services or other actions under this Agreement. Grantor further agrees that the Arbitrator(s)' decision therein shall be final and binding on Grantor and that judgment may be entered upon it in any court having jurisdiction thereof. 7.7 Reliance. The Grantee and Grantor hereby recognize and agree that the representations and covenants set forth herein may be relied upon by each other. 7.8 No Conflict with Other Documents. Grantee and the Grantor warrant that they have not executed and will not execute any other agreement with provisions contradictory to, or in opposition to, the provisions hereof, and that in any event the requirements of this Covenant Agreement are paramount and controlling as to the rights and obligations herein set forth and supersede any other requirements in conflict herewith. 7.9 Sale or Transfer of the Property. Grantor agrees to notify the Grantee at least thirty (30) days' prior to any sale or other transfer of Grantor's ownership interest in the Property. 7.10 Captions. The titles and headings of the sections of this Covenant Agreement have been inserted for convenience of reference only and are not to be considered a part hereof. They shall not in any way modify or restrict any of the terms or provisions hereof or be considered or given any effect in construing this document or any provision thereof or in ascertaining intent, if any question of intent shall arise. For clarity, the section with the heading "Recitals" above are hereby incorporated by reference herein. 7.11 No Third Party Beneficiaries. This agreement is made and entered into for the sole protection and benefit of the Parties hereto and their successors and assigns. No other person shall have any right of action based on any provision of this Covenant Agreement. IN WITNESS WHEREOF, Grantor and the Grantee have executed this Covenant Agreement on the date set forth above. Grantor: Habitat for Humanity — Spokane By: t �h`' 1.-irr\O Its: C Grantee: THE CITY OF SPOKANE VALLEY, a municipal corporation of the State of Washington By: Name: s/s,v Its: c [Notary Block on following page] STATE OF WASHINGTON ) ss. COUNTY OF SPOKANE ) On this day of N\� 2024 before me, the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn, personally appeared u Y yA `X\WV) to me know to be the C\ C. of t\1�,�. - kkb'v11v t -Sj - "" ,. the corporation that executed the foregoing instrument, and acknowledgedlthe ihstrument to be the free and voluntary act and deed of the corporation, for the uses and purposes therein mentioned, and on oath stated that he/she is authorized to execute the instrument. WITNESS my hand and official seal hereto affixed the day and year in this certificate above written. I Dated: 3I I ) D-4 CANDICE P HENDERSON (.41,Atico ravv NOTARY PUBLIC#191323 % NOTARY PUBLIC STATE OF WASHINGTON 5 Residing at S 3v1eN \rtA�J )\k 1- COMMISSION EXPIRES Print Name: �''3vThAice. _ APRIL 9, 2025 My Commission Expires: , r� J STATE OF WASHINGTON ) ) ss. COUNTY OF SPOKANE ) On this - day of MA 2024 before me, the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn, personal) appeared --TC,An ttArk 'i,1AVN to me know to be the (\A V1�� +(' of ', ' _ CAN \Mth , the municipal corporation that executed the foregoing instrument, and acknowledged instrument to be the free and voluntary act and deed of the corporation, for the uses and purposes therein mentioned, and on oath stated that he/she is authorized to execute the instrument. WITNESS my hand and official seal hereto affixed the day and year in this certificate above written. Dated: )I�� s CANDICE P HENDERSON1 P- Atocc-e-o)A NOTARY UBLIC NOTARY PUBLIC#191323 , ,,(� STATE OF WASHINGTON Residing atSpc Va COMMISSION EXPIRES Print Name: i crs.. APRIL 9, 2025 % My Commission Expires: ,‘ l�U RESTRICTIVE COVENANT AGREEMENT EXHIBIT A LEGAL DESCRIPTION Lots 1, 2, 3 and 4 of Short Plat SHP-2021-0005, as per plat recorded in Volume 37 of Short Plats, Pages 87, 88 and 89; Situate in the City of Spokane Valley, County of Spokane, State of Washington.