2010-05-18 HEX# 10-004 Exhibit VAFTER RECORDING RETURN TO:
Annmarie Petrich
1900 W. Nickerson Street, Ste 209
Seattle, WA 98119
20100218000744
KING COUNTY, UA
COVENANT
Grantors: Village Green of Federal Way, A Retirement
Community LLC; Monte B. Powell; Diane E_
Powell
Grantee: The City of Federal Way
Legal Description (Abbreviated): Lot B and Lot D of BLA 00-104014-00-SU
Assessor's Tax Parcel Nos.: 302104-9146; 302104-9017
Reference No. of Documents: N/A
Released or Assigned: N/A
THIS AFFORDABLE HOUSING COVENANT ("Covenant") is made as of
2010, by VILLAGE GREEN OF FEDERAL WAY, A
RETIREMENT COMMUNITY LLC, a Washington limited liability company, Monte B.
Powell and Diane E. Powell (collectively "Owners"), for the benefit of THE CITY OF
FEDERAL WAY, a municipal corporation ("City"), with reference to the following facts:
A. Village Green of Federal Way, A Retirement Community LLC is the
owner of that certain parcel of real property commonly known as Cottages West (referred
to as the "VG Property") and legally described as:
EXHIBIT_-�
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PAGE-L-O"ram_
Lot B, City of Federal Way Boundary Line Adjustment No_ 00-104014-00-
SU, recorded under King County Recording Number 20011205900002,
said Boundary Line Adjustment being a portion of the west half of the
northeast quarter of the northeast quarter in Section 30, Township 21
North, Range 4 East, W_M_, in King County Washington_
Tax Parcel No. 302104-9146
B. Monte B. Powell and Diane E_ Powell are the owners of that certain parcel
of real property legally described as:
Lot D, City of Federal Way Boundary Line Adustment No_ 00-104014-
00-SU, recorded under King County Recording Number 20011205900002,
said Boundary Line Adjustment being a portion of the west half of the
northeast quarter of the northeast quarter in Section 30, Township 21
North, Range 4 East, W.M., in King County Washington_
Less: A portion of the Northeast Quarter of the Northeast Quarter of
Section 30, Township 21 North, Range 4 East, W_M., in King County,
Washington described as follows: Beginning at the intersection of the
centerline of 2"d Avenue Southwest with the west line of Lot D, City of
Federal Way Boundary Line Adjustment No. OQ 104014-00-SU, recorded
under King County Recording Number 20011205900.002; Thence along
the northerly projection of the centerline of said 2nd Avenue Southwest and
the west line of said Lot D, North 01 °27'52" East, 133.60 feet to a point of
intersection with the north line of 2nd Avenue Southwest; Thence along the
easterly projection of said north line, South 88047'44" East, 30.00 feet to a
point on the northerly projection of the east line of said 2°d Avenue
Southwest; Thence along the northerly projection of said east line, South
01 °27'S2" West, 133.76 feet to a point of intersection on the exterior
boundary of said Lot D; Thence along said exterior boundary, North
88'30' 11" West, 30.00 feet to the point of beginning; Containing 4,010
square feet, more or less.
Tax Parcel No. 302104-9017
C. The VG Property and the Powell property are collectively referred to as the
"Property"_
D. The City has granted Owners approval to construct on the Property a
senior housing development -(the "Project") subject to the following requirement: That a
minimum of five percent (5%) of the Project housing units be established as Affordable
Housing units as defined below-
2
EXHISIT
IPA OF
E_ If the Affordable Housing units are provided, in accordance with City of
Federal Way Revised Code Section 19.1 10.010(3)(a), the Project may exceed 205 units.
F. The total Affordable Housing units required for the Project may be
provided within units constructed solely on the Powell property.
G. As a condition of the City's approval of the Project, Owners are required
to impose certain covenants on the Property.
NOW, THEREFORE, in consideration of the foregoing recitals and for other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Owners agree as follows:
1. Definitions. For the purposes of this Covenant, the following terms shall have
the following meanings:
a. "Affordable Housing" means dwelling units that are offered for rent at
a Rental Rate that is affordable to those individuals and families having incomes that are
80 percent or below the median county income.
b_ "Rental Rate" means charges for occupancy of a unit exclusive of
charges for utilities (including, but not limited to, electricity, sewer, garbage, water, gas,
telephone and cable television), activities, transportation, housekeeping, yard
maintenance, meals, and personal care services.
2_ Affordable Housin-, Covenant Owners agree that a minimum of five percent
(5%) of the constructed Project units (not including any bonus market rate units allowed
by FWRC 19.110.010(3)(a)) will be Affordable Housing units_
3. Duration. This Covenant shall terminate and be of no further force and effect
at the end of the life of the Project_
4. Governing Law. This Covenant shall be construed under and enforced in
accordance with the laws of the State of Washington without regard to any conflicts of
laws principals.
5. Successors and Assigns_ All of the terms and conditions of this Covenant
shall run with the land and shall be binding upon the assigns; heirs and successors of
Owners.
EHid'
PAGE�OF
fN WITNESS WHEREOF the parties have executed this Agreement the day and year first
written above.
Monte B. Powell
Manager, Village Green of Federal Way,
A Retirement Community LLC.
4e
Monte B. Powell
COUNTY OF KING ) ss
STATE OF WASHINGTON )
Diane E. Powell
On this date personally appeared before me, 1llonte B_ Powell, to me known to be the
Manager of Village Green of Federal Way, A Retirement Community LLC and who
executed within and foregoing instrument, and acknowledged that he/she or they signed
the same as his/her or their free and voluntary act and deed, for the Use and purposes
therein mentioned.
Given under my hand and official seal this.3-rd
i4 %9
Printed Name_ G�
NOTARY PUBLIC in and for the State, of!
Washington, residing at redef2oy l
My Commission Expires 17
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EXH1,
PA E-J-0
COUNTY OF KING ) ss
STATE. OF WASHINGTON )
On this date personally appeared before me Monte B. Powell, to me known to be the
individual or individuals described in and who executed within and foregoing instrument,
and acknowledged that he/she or they signed the same as his/her or their free and
voluntary act and deed, for the use and purposes therein mentioned.
Given under my hand and official seal this 6�rd day of Q
-�?-01D
�011111rI1��
4M�rrfi��
f . Y P{/'
Printed Name-
NOTARY PUBLIC in and or t e State of = ��
Washington, residing at
My Commission Expires :7 - D �i , •�
COUNTY OF KING ) ss
STATE OF WASHINGTON )
On this date personally appeared before me Diane E. Powell , to me known to be the
individual or individuals described in and who executed within and foregoing instrument,
and acknowledged that he/she or they signed the same as his/her or their free and
voluntary act and deed, for the use and purposes therein mentioned_
Given under my hand and official seal this Ord day of4&1d,�4A�
Printed Name: I&IIDdaL
NOTARY PUBLIC in and for
Washington, residing MA,
My Commission Expires fD-�►JI
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