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Home My WebLink About201411260548 COVENANT OF PAYMENT OBLIGATION 11/19/14y 66 Iz,r� IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII S� s -zo.s- lLo,, 201411260548 KYOHM 5 PGS 11/2612014 01:55:33 PM $-16,00 WHEN RECORDED, RETURN" AUDITOR, Pierce County, WASHINGTON City of Auburn City Clerk's Office 25 W. Main St. Auburn, WA 98001 COVENANT OF PAYMENT OBLIGATION FOR UTILITY SYSTEM DEVELOPMENT CHARGES AND PARKS, TRANSPORTATION, SCHOOL, AND /OR FIRE IMPACT FEES COMMERCIAL PROPERTIES Payment Obligation for the Benefit of Grantee: City of Auburn, a municipal corporation Persons Indebted to Grantee ("Grantor"): Pacific Coast Homebuilders, Inc. Reference Number(s) of Related Document(s): Permits BLD14 -0153, SWR14 -0195, and STM 14 -0190. Legal Description (Abbreviated): Lot 77 of the Pinnacle Estates Subdivision, Auburn, WA. Full description as set forth on attached Exhibit "A." Assessor's Tax Parcel ID Number: 700241 -0770 Is the use residential, multi - family, or non - residential: Residential Notice is hereby given that pursuant to Auburn City Code ( "ACC ") Chapters 13.41, 19.02, 19.04, 19.06, and 19.08, the City of Auburn (the "City ") and the Grantor voluntarily agree to a deferred payment obligation for Utility System Development Charges, Parks, Transportation, School, and/or Fire Impact Fees ( "Covenant') against the above - described real property. By entering into this agreement, Grantor waives on behalf of itself, its heirs, successors and assigns, its right to a refund or to contest how the fee(s) are used by the City to address the impacts for which the charges or fee(s) were paid. The initial amount of the charge(s) and /or fee(s) deferred is as follows: Utility System Development Charge(s): Sewer: $850.00 Storm: $1162.00 Park Impact Fee: N/A Transportation Impact Fee: $3,641.36 School Impact Fee: $5,398.93 Fire Impact Fee: $290.13 Grantor acknowledges that Utility System Development Charges may change based on credits granted or denied, and that Impact Fees and their associated administrative fees do not vest and the amount owed is based on the applicable Impact Fee schedule in effect at the time of payment. To check the current charge and impact fee amount, please call the City of Auburn Permit Center at 253 -931 -3090. Grantor agrees that, in consideration for the City entering into the Agreement, Grantor waives the right to repayment of any Impact Fees that are not used within the statutory period in Title 19 ACC All Utility System Development Charges and Impact Fees deferred under this Covenant are due and payable as follow: Single Family Residential: to be paid no later than at time of closing of the sale of the unit or at final inspection or issuance of certificate of occupancy or 18 months from the date of issuance of the original building permit, whichever comes first. Multi- Family Residential: to be paid no later than at time of closing of the sale of the unit or at final inspection or issuance of certificate of occupancy or 18 months from the date of issuance of the original building permit, whichever comes first. Non - Residential: to be paid no later than prior to issuance of certificate of occupancy or 18 months from the date of issuance of the original building permit, whichever comes first. Grantors obligation to pay the fee(s) as described in this instrument shall be a covenant running with the land and shall binding upon the Grantor, its heirs, successors and assigns. Any costs (including but not limited to the cost of litigation and attorney fees) incurred by the City in the enforcement of this Covenant shall be paid by Grantor. Venue shall be in the County in which the property is located. All payments shall be made payable to the City and shall be directed to the City of Auburn at the following address: City of Auburn Attn: Permit Center 25 W. Main Street Auburn, WA 98001 Grantor agrees to include in any purchase and sale agreement for the property a copy of this Covenant attached to a special addendum, and to obtain the purchaser's initials on said. A copy of the covenant and addendum that is initialed by the purchaser shall be provided to the City of Auburn Permit Center at the above referenced address. Grantor further agrees to specifically include in escrow instructions regarding the sale of the property the following language: "The escrow officer is hereby directed to contact the City of Auburn at 253.931 -3090 to obtain the current payment amount for all charges and fees under that certain Covenant recorded under King/Pierce County Number {insert recording number of covenant). The escrow officer is directed to include all payment amounts in the purchaser's copy of the good faith estimate of closing costs and to pay all amounts due at closing." Upon the receipt of notification that a sale is pending and fee(s) are to be paid, the City agrees to deposit into escrow a fully executed Release of Covenant, substantially in the form attached hereto as Exhibit B. The escrow officer shall record the Release of Covenant when funds are disbursed from escrow to pay the outstanding fee(s). The City may provide separate escrow instructions consistent with this Covenant. Otherwise, the City will release this Covenant upon Grantor's payment of the above identified fee(s). Grantor acknowledges on behalf of itself, its heirs, successors, and assigns, that failure of the escrow agent to pay the charges and fees in this Covenant shall result in the immediate suspension of all permits previously issued for this Property and shall limit the granting of any further permits for the property until such time that all outstanding charges or fees are paid in full. City of Auburn /I By Its: tS S_ DIICS a2 Q14AUkrTY )FNr— co F1kjjW.F Date: il41liN [] (Corporate acknowledgement) STATE OF WASHINGTON ss. COUNTY OF ni 1 certify that 1 know or have satisfactory evidence that !-1 r t f fv4 E= is the person who appeared before me, known to me to be the (president, vice president, secretary, treasurer, or other authorized agent, as the case may be) of the corporation that executed the instrument herein, and said person acknowledged that (he /she) signed this instrument, on oath acknowledged it as the free and voluntary act of the corporation for the uses and purposes mentioned in the instrument, and that he /she was authorized to execute said instrument and that the seal affixed is the corporate seal of said corporation. s Date: I I I`i'V4 � YCi UB, n an 1 Fo" the State of Washington, residing at�W� My Commission Expires: I l l 11 1 t 5— Grantor [] (Corporate acknowledgement) STATE OF WASHINGTON ) ss. COUNTY OF A4V, ) I certify that 1 know or have satisfactory evidence that 1 1/ .6 is the person who appeared before me, known to me to be the (president, vice president, secretary, treasurer, or other authorized agent, as the case may be) of the corporation that executed the instrument herein, and said person acknowledged that he he) signed this instrument, on oath acknowledged it as the free and voluntary act of the corporation for the uses and purposes mentioned in the instrument, and th h e was authorized to execute said instrument and that the seal affixed is the corporate seal of said corporation. Date: Name: ``\`��xxx�lllllllt (Print Nam {�� „tAlc Itp/ /_/ G IoM ''y�� // NOTARY PUBLIC, in an or the tate of ay= Nor ��'',� �� Washington, residing at lGC o ;m- O .♦ %r </C M q�?�Z: y Commission Expires: FS / /l /t' I*IGTON_,•�� EXHIBIT A LEGAL DESCRIPTION: Real property in the County of Pierce, State of Washington, described as follows: LOT 77, PINNACLE ESTATES PHASE 2, ACCORDING TO THE PLAT THEREOF RECORDED UNDER RECORDING NO. 201103245001, RECORDS OF PIERCE COUNTY, WASHINGTON. Tax Parcel ID No. 700241 -0770