‘THE ENCLAVE
COVENANT RESTRICTING RESALE
AND
OPTION TO PURCHASE AND ASSIGNMENT OF RENTS
This COVENANT RESTRICTING RESALE AND OPTION TO PURCHASE AND
ASSIGNMENT OF RENTS (the "Covenant*) is entered into and made effective as of this
day of __October_, 2014, by _ Maria Pilar Calleja (“Owners”) and their
Successors and assigns in interest for the purpose of implementing the City's goal of creating,
preserving, maintaining and protecting housing inthe City of Issaquah ("City") for households of
Jow and moderate incomes.
‘The cooperation ofthe City
Property tobe soldat les than
to afford the Property. The City’
availability ofthe Property to low
et price to households who would not otherwise be able
to establish resale controls to provide forthe continued
te income households.
Owner, this Covenant shall govern and affect the
dispose of in any way the Owners interest in
the real property described in Exhibit A and incorporated herein by this reference
( Property’). os
‘Owner expressly acknowledges that this Covenant dieses a numberof issues related tothe
purchase and resale ofthe Property including ince that: (a) the Property must be
In consideration ofthe benefits rece
‘Owners’ right to sell, convey, encumber,
‘occupied as the Buyers principal residence [1.1]; (b) Sthe time of purchase, the combined
‘maximum income forall household members cannot ex 9 ofthe Seattle Metropolitan
Statistical Area (MSA) (King County) median income (adjested for houschold size), unless
‘modified by the City [1.4]; and (c) the resale price ofthe Property will be based on the initial
price, plus an appreciation factor, plus the value of certain improvements, less deferred
‘maintenance, if any [42.1283]
SECTION 1. ELIGIBILITY REQUIREMENTS.
‘An Owner must meet the following requirements and by acceptance of a deed or otherwise
‘acquiring an interest in the Property hereby warrants as follows:
1.1. Principat Residence. Owner will ocupy the Property as his orhe principal residence for
the term of this Covenant, unless Owner is otherwise approved by the City’s Planning Director or
their designee (‘Director’) to lease the Property pursuant to Section 1.2. The Owner shall be
‘considered as occupying the Property as a principal place of residence ifthe Owner is living on
the Property for atleast ten (10) months out of etch calendar year. In the event the Property is
vacant while being actively offered for sale by Owner, this owner-occupancy requirement shall‘THE ENCLAVE
OWNER'S ASSUMPTION AGREEMENT
TO
COVENANT RESTRICTING RESALE AND OPTION TO PURCHASE
Reference is made to that certain Covenant Restricting Resale and Option to Purchase ("Covenant")
centered into and made effective as ofthe 31" day of _May_, 2006 , by _ Ashley Fenton
‘(*Owners") and its successors and assigns in interest forthe purpose of implementing the Citys goal
of creating, preserving, maintaining and protecting housing in the City of Issaquah (*City") for
households of low and moderate incomes,
¢
Said Covenant govers and: Owners' right to sell, convey, encumber, transferor dispose of
in any way the Owners interest if tie real property described in Exhibit A attached hereto and
incorporated herein by this reference (Property).
DP
‘The undersigned Owner has or intends to'icuire an interest in the Property.
Pursuant to Section 3.2.1 and Section saFnpa Covenant, and in order to obtain the City's
spor oft Ownesqung ach nee GA per, sd Over (on bebal of id Over
and said Owner’ heirs, successors and assigns) hereby assumes the obligations and duties and agrees
‘toe bound by the provisions set forth in said as provided in Exhibit B attached hereto
and herein incorporated by reference. In the event of conflict between the Covenant and Exhibit B,
Exhibit B will control. 4.
>
‘This Assumption Agreement made effective as ofthe _20/ day of _Oclober__, 2014, by
Maria Pilar Calleja_ Owner(s) supersedes the prior Assumption Agreement made effective ss ofthe
SIF_ day of _May_, _2006-, by _Ashley Fenton (“Owners”)
Dated as ofthe ZO day of eT. _, 2014.
OWNER:
Pilar Caffgja