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HomeMy WebLinkAbout2024 - Amendment to Restrictive Covenant Agreement - Homestead Community Land Trust - 20240903000001Instrument Number: 20240903000001 Document:AMND Rec: 8309.50 Page-1 of 7 Record Date:9/3/2024 8:02 AM Electronically Recorded King County, WA When Recorded Return to: City of Tukwila 6200 Southcenter Bivd. Tukwila, WA 98188 DOCUMENT TITLE: Amendment to City of Tukwila Restrictive Covenant Agreement (Fee Exemption for Low -Income Housing) GRANTOR: Homestead Community Land Trust, a Washington nonprofit corporation GRANTEE: City of Tukwila, a non -charter, optional code Washington municipal corporation ABB • VIA I ED LEGAL: TAX PARCEL NO(S): REFERENCE NO.: POR NE V4 OF SE % HAAP ON E LN SD SUBD TH S 1-40-11 W 663.42 FT TO TPOB TH CONTG N 89-52-59 W 219.08 FT 111 S 1-40-11 W 260.37 FT TH S 89-52-59 E 216 FT TH N 1-40-11 E 260 FT M/L TO TPOB PER QCD REC 0198404190606 & TuicwILA BLA L 14-0075 REC #20150812900005 Complete Legal Description on Exhibit A 162304-9060 20220609000270 FIRST AIVIENDIVIENT TO CITY OF TUKWILA RESTRICTIVE COVENANT AG NT (Fee Exemption for Low -Income Housing) THIS FIRST AMENDMENT TO RESTRICTIVE COVENANT AGREEMENT (this "First Amendment") is entered into as of the971-11 day of (NitP0S , 2024 (the "Effective Date"), between the City of Tukwila, a non -charter, optional code Washington municipal corporation (the "City"), and Homestead Community Land Trust, a Washington State nonprofit corporation ("Homestead CLT'). The City and Homestead CLT are collectively referred to in this Agreement as the "Parties," and individually as a "Party." Amendment to Restrictive Covenant Agreement - Homestead CLT page 1 of 7 (EFM4884-6582-0379,2/13 175 0000010 When Recorded Return to: City of Tukwila 6200 Southcenter Blvd. Tukwila, WA 98188 DOCUMENT TITLE: GRANTOR: GRANTEE: ABBREVIATED LEGAL: TAX PARCEL NO(S): REFERENCE NO.: Amendment to City of Tukwila Restrictive Covenant Agreement (Fee Exemption for Low -Income Housing) Homestead Community Land Trust, a Washington nonprofit corporation City of Tukwila, a non -charter, optional code Washington municipal corporation POR NE % OF SE Y4 BAAP ON E LN SD SUB» TH S 1-40-11 W 663.42 FT TO TPOB TH CONTG N 89-52-59 W 219.08 FT TH S 1-40-11 W 260.37 FT TH S 89-52-59 E 216 FT TH N 1-40-11 E 260 FT M/L TO TPOB PER QCD REC #198404190606 & TUKWILA BLA L 14-0075 REC #20150812900005 Complete Legal Description on Exhibit A 162304-9060 20220609000270 FIRST AME I MENT TO CITY OF TUKWILA RESTRICTIVE COVENANT AGREEMENT (Fee Exemption for Low -Income Housing) THIS FIRST AMENDMENT TO RESTRICTIVB COVENANT AGREEMENT (this "First Amendmen(') is entered into as of thealrh day of , 2024 (the "Effective Date"), between the City of Tukwila, a non -charter, optional code Washington municipal corporation (the "City"), and Homestead Community Land Trust, a Washington State nonprofit corporation ("Homestead CLT'). The City and Homestead CLT are collectively referred to in this Agreement as the "Parties," and individually as a "Party." Amendment to Restrictive Covenant Agreement - Homestead CLT page 1 of 7 IEFM4884-6582-0379;2/13175.000001/} RECITALS WHEREAS, the City and Homestead CLT previously entered into a City of Tukwila Restrictive Covenant Agreement (Fee Exemption for Low -Income Housing) dated June 9, 2022, and recorded on June 9, 2022, in the Official Records of King County under Recording No. 20220609000270 (the "Agreement"); WHEREAS, the Agreement related to property IegaUy described on the attached Exhibit A (the "Property"); WHEREAS, Homestead CLT requests to modify Section 8.2 of the Agreement; WHEREAS, the City is amendable to Homestead CLT's request to modify Section 8.2 of the Agreement; WHEREAS, the Parties agree to amend the Agreement as set forth herein. AGREEMENT NOW, THEREFORE, in mutual consideration of the terms and conditions set forth herein, and other consideration the receipt and sufficiency of which are hereby mutually acknowledged and agreed, the Parties hereto agree to modify the Agreement as follows: Section I. Incorporation of Recitals. The foregoing recitals are correct and are hereby incorporated by reference as though fully set forth herein. Section 2. Modification to Agreement. Section 8.2 of the Agreement is amended and restated in its entirety as follows: 8.2 In the event that Homestead CLT converts the Dwelling Units, or allows the Dwelling Units to be converted, to a use other than for Low -Income Housing, in violation of Section (4)(iii) of this Agreement, and such conversion, to the extent curable, is not cured within ninety (90) days after delivery of an Affordability Default Notice, then Homestead CLT shall be liable to the City for the full amount of development fees, and traffic, fire and parks impact fees attributable to those particular Dwelling Units so converted, to be calculated based on the fee schedules in effect at the time of such conversion. Upon such payment, this Agreement shall terminate and be of no further force and effect with respect to those particular Dwelling Units so converted. Upon receipt of payment of such fee, the City will promptly record a termination of this Agreement or provide Homestead CLT with such other evidence of termination of this Agreement as Homestead CLT shall request. Section 3. Effect of First Amendment. This First Amendment is in addition to the Agreement. Except as otherwise provided herein, the provisions of this First Amendment modify, Amendment to Restrictive Covenant Agreement - Homestead CLT page 2 of 7 {EFM4884-6582-0379,2/13175 000001/} but do not supersede, the provisions of the Agreement. Except as otherwise provided herein, each provision of the Agreement shall continue in full force and effect as if this First Amendment did not exist. Except as otherwise provided herein, capitalized words and phrases shall have the meanings ascribed to them in the Agreement. Section 4. Other. 4.1 Governing Law, Venue. This First Amendment is governed by the laws of the State of Washington. Venue for any action shall be in King County Superior Court. 4.2 Successors and Assigns. This First Amendment is binding upon and will inure to the benefit of the Parties and their respective permitted successors and assigns. 4.3 No Third -Party Beneficiaries, No Dedication. This First Amendment is not intended to confer upon any person other than the Parties any rights or remedies under this First Amendment. Nothing in this First Amendment shall be deemed to be a gift or dedication of any portion of the real property referred to herein to the general public nor for any public use or purpose whatsoever. 4.4 Authority. The Parties each represent and warrant that they have fiill power and actual authority to enter this First Amendment and to carry out all actions required of them by this First Amendment. All persons are executing this First Amendment in their representative capacities and represent and warrant that they have full power and authority to bind their organizations. 4.5 Entire Agreement. This First Amendment and the Agreement represent the entire agreement of the Parties with respect to the subject matter hereof. There are no other agreements, oral or written, except as expressly set forth herein and in the Agreement, and the Agreement, as amended by this First Amendment, supersedes all previous agreements oral or written. 4.6 Further Action. Each Party agrees to execute any and all instruments, documents and resolutions as may be reasonably necessary to effectuate the covenants, terms, conditions and provisions contained herein and in the Agreement. 4.7 Matters of Record. This First Amendment is subject to all existing easements, licenses, encumbrances, title defects, matters of record, reservations and conditions affecting the Property. 4.8 Binding Effect. This First Amendment shall run with and be a burden on the Property and will be binding on any subsequent purchaser, grantee, owner, or lessee and any other person or entity having any right, title, or interest therein and upon their respective heirs executors, administrators, devisees, successors, and assigns of any purchaser, grantee, owner, or lessee of the Property. 4.9 Recording. Homestead CLT shall be solely responsible for timely recording this First Amendment with King County Record's Office. Amendment to Restrictive Covenant Agreement - Homestead CLT page 3 of 7 (EFM4884-6582-0379,2/1 3175.000001/} IN WITNESS WHEREOF, the Parties have caused this First Amendment to be signed by their respective, duly authorized representatives, as of the day and year first written above. CITY OF TUKWILA, a non-chartcr, optional code Washington municipal corporation Thomas Mayor ATTEST: By City Clerk APPROVED AS TO FORM: By Signed by: fo4i: PmatAAAA1.6 MI? 14A-',41-4:Ai4 4 4;41 City Attorney STATE OF WASHINGTON COUNTY OF KING ) ) ss On this 2?) day of IAS , 2024, before me personally appeared THOMAS MCLEOD to me known to be the ay'r Of the City of Tukwila, and acknowledged said instrument to be the free and voluntary act and deed of said entity, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument. In Witness Whereof' have hereunto set my hand and affixed my official seal thc day and year first above written. (Signature of Notary) yk pi 0 Mil (Legibly tint or Stamp Name of Notary) Notary public in and for the State of Washington My appointment expires Amendment to Restrictive Covenant Agreement - Ffonsestead CLT page 4 of 7 {EIM4884-6582-0379;2/13175.000001/1 HO STEAD CO UNITY LAND TRUST, a Washington nonprofit corporation By: teen os eld CEO, Executive Direct r STATE OF WASHINGTON COUNTY OF KING ) ) ss. I certify that I know or have satisfactory evidence that KATHLEEN HOSFELD is the person who appeared before me and said person acknowledged that she signed this instrument, on oath stated that she was authorized to execute the instrument and acknowledged it as the CEO, Executive Director of Homestead Community Land Trust, a Washington nonprofit corporation, to be the free and voluntary act such nonprofit corporation on behalf of such company on behalf of such partnership for the uses and purposes mentioned in the instrument. -27. Ecn2e/ DATED: TIM WALTERS NOTARY PUBLIC #i 53020 STATE OF WASHINGTON COMMISSION EXPIRES APRIL 9, 2027 (Print Name) Residing at My appointment expires: e 2.6Z 7 Amendment to Restrictive Covenant Agreement - Homestead CLT page 5 tqf 7 (EFM4884-6582-0379;2/13175.0000010 EXHIBIT A LEGAL DESCRIPTION THAT PORTION OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 16, TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS: THE EAST 216 FEET IN WIDTH OF THE FOLLOWING: BEGINNING AT THE SOUTHEAST CORNER OF SAID NORTHEAST QUARTER OF THE SOUTHEAST QUARTER; THENCE NORTHERLY ALONG THE EASTERLY LINE THEREOF, 695 FEET TO THE TRUE POINT OF BEGINNING OF THE TRACT HEREIN DESCRIBED; THENCE WESTERLY, ALONG A LINE PARALLEL TO THE NORTHERLY LINE OF SAID SUBDIVISION, 620 FEET, MORE OR LESS, TO THE EASTERLY LINE OF THE ORIGINAL OLD MILITARY ROAD; THENCE SOUTHEASTERLY ALONG SAID ORIGINAL LINE, TO ITS INTERSECTION WITH THE EASTERLY LINE OF THE NEW LOCATION OF MILITARY ROAD AS NOW LAID OUT AND ESTABLISHED, THENCE SOUTHEASTERLY ALONG SAID EASTERLY LINE OF NEW LOCATION OF MILITARY ROAD, TO ITS INTERSECTION WITH A LINE 300 FEET SOUTH OF AND PARALLEL TO THE FIRST COURSE OF THIS DESCRIPTION; THENCE EASTERLY ALONG SAID PARALLEL LINE, 510 FEET, MORE OR LESS, TO THE EASTERLY LINE OF SAID NORTHEAST QUARTER OF THE SOUTHEAST QUARTER; THENCE NORTHERLY ALONG SAID EASTERLY LINE, 300 FEET, MORE OR LESS, TO THE TRUE POINT OF BEGINNING; EXCEPT THAT PORTION, IF ANY, LYING NORTHERLY OF THE FOLLOWING DESCRIBED LINE: BEGINNING AT A POINT ON THE EAST LINE OF SAID SECTION 16, SOUTH 01 °40' 11" WEST 673.42 FEET FROM THE EAST QUARTER CORNER THEREOF; THENCE NORTH 89°52'59" WEST 619.26 FEET, MORE OR LESS, TO THE EASTERLY LINE OF MILITARY ROAD AND THE TERMINUS OF SAID DESCRIBED LINE; TOGETHER WITH THAT PORTION OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 16, TOWNSHIP 23 NORTH, RANGE 4 EAST, W.M., IN KING COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS: BEGINNING AT A POINT ON THE EAST LINE OF SAID SECTION 16, DISTANT SOUTH 01°40'11" WEST, 663.42 FEET FROM THE EAST QUARTER CORNER THEREOF; THENCE CONTINUING SOUTH 01 °40'l 1" WEST 10 FEET; THENCE NORTH 89°52'59" WEST 619.26 FEET, MORE OR LESS, TO THE NORTHEASTERLY MARGIN OF MILITARY ROAD AS ESTABLISHED ON JULY 3, 1962; THENCE NORTHWESTERLY ALONG SAID MARGIN TO A POINT WHICH BEARS NORTH 89°52'59" WEST FROM THE POINT OF BEGINNING;. THENCE SOUTH 89°52'59" EAST TO THE POINT OF BEGINNING; EXCEPT THAT PORTION DESCRIBED AS FOLLOWS: COMMENCING AT THE EAST QUARTER CORNER OF SAID SECTION 16; THENCE SOUTH 01°40'11" WEST ALONG THE EAST LINE OF SAID SUBDIVISION 673.42 FEET; Amendment to Restrictive Covenant Agreement - Homestead CLT Exhibit A (EFM4884-6582-0379,2/13175.0000©V /) THENCE NORTH 89°5259" WEST 216.08 FEET TO A POINT 216 FEET FROM SAID EAST LINE, AS MEASURED AT RIG T ANGLES; THENCE CONTINUING NORTH 89°52'59" WEST 3.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING NORTH 89°52'59" WEST 395.57 FEET, MORE OR LESS, TO THE EASTERLY LINE OF MILITARY ROAD; THENCE NORTH 19°45'42" WEST ALONG SAID EASTERLY LINE OF MILITARY ROAD 12.73 FEET; THENCE SOUTH 89°42'01" EAST 400.19 FEET; THENCE SOUTH 01°40'11" WEST 10.70 FEET TO THE TRUE POINT OF BEGINNING. SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON. Amendment to Restrictive Covenant Agreement - Homestead CLT Exhibit A {FFM4884-6582-0379,2/13175.000001/)