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l 2713803 I III IWII IIIIII III VIII IIII IIII 08916!2005 03:47P • • Boulder County Clerk, CO COVENANT R 76.00 D 0.00 • • AFFORDABLE HOUSING RESTRICTIVE COVENANT AND AGREEMENT This AFFORDABLE HOUSING RESTRICTIVE COVENANT AND AGREEMENT (this "Covenant"), dated as of this 7th day of December, 2004, is entered into by and between 'NWC MCCASLIN-CENTURY, LLC, a Colorado limited liability company("Developer"), and the CITY OF LOUISVILLE, a Colorado home rule municipal corporation(the "City"). RECITALS A. Developer is the owner of record of certain real property located in the City, as more particularly described on Exhibit "A" attached hereto and incorporated herein by this reference (the "Property"). B. Pursuant to the Amended Final PUD Development Plan and Special Review Use for Lot 1, Centennial Pavilion Subdivision (collectively, the "PUD"), Developer has agreed to provide certain affordable housing opportunities (the "Affordable Housing Obligations") within the proposed development project to be constructed on the Property(the "Project"). This Covenant is intended to set forth Developer's and the City's agreements regarding how the Affordable Housing Obligations will be satisfied and pursuant to which the Units (as defined in Section 1.12 below) will be maintained as affordable housing. • C. This Covenant shall apply to and be enforceable against Developer and all current and future Unit Owners (as defined in Section 1.13 below), as applicable, during the term of this Covenant, and shall restrict the sale, resale, rental and use of the applicable Unit(s) as provided herein. • THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, Developer and the City hereby agree as follows: I. DEFINITIONS - The following terms not otherwise defined herein shall have the meanings set forth below for purposes of this Covenant: 1.1 "Area Median Income" or"AMI" means the annual median income for the Boulder-Longmont PMSA as determined by HUD from time to time, or such successor index or figure as HUD may establish. 1.2 "Capital Improvement"means an improvement or set of improvements to a Unit owned by a Unit Owner, having an original of improveOmenOts undertakenapurguant to a improvement), or a cost of$1000.00 or more (if a set single project, irrespective of whether any individual improvement in such project may cost less • than$300.00); an estimated useful life of five (5) or more years, which is either integrated into or installed in the Unit, and is transferred with such Unit Owner's sale of the Unit. Examples of capital improvements include,but are not here the project costs exceed $1000.00,oeven if appliances, or a kitchen remodel project p individual improvements within such project cost less than$300.00. COL-7