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2008-020855 ~ 11642 SW Tiedeman Street ~ 10280 SW TIgard Street Washington C— ^regon 2008_020855 03/10/20 : PM D-IPPS Stn=22 I REED After recording, return to: $25.00$5 $11.vu-Total=$41.00 City of Tigard -Records Division 13125 SW Hall Blvd. 11111111111111111111111111111 Tigard, OR 97223 01225451200800208550050058 I,Richard Hobemlcht,Director of Assessment and Taxation and Ex-Offlclo County Clerk for Washington NO CHANGE IN TAX STATEMENT County,Oregon,do hereby certify that thewlthln Instrument of writing was received and recorded in the 2 5 book of records of said cou Richard Hobemlcht,Director of Assessment RESTRICTIVE COVENANT Taxation,Ex-0f}Iclo County Clerk (FUTURE STREET IMPROVEMENTS) I THIS AGREEMENT is entered into this day of i f J1 `1 20 C J by the _ City of Tigard, a Municipal Corporation of Washinggt n-'?County, Oregon, ("CITY"), and "f �'c d stir C�✓2 tc A ("OWNER"). RECITALS WHEREAS OWNER is the Owner of record of Property covered by this Agreement as shown in Section 1 below, and WHEREAS OWNER has received approval of a development on the Property from the CITY, as set forth in Land Use Case No. MLP2007-00002 dated 4/27/07 Effective Date of Land Use Approval and WHEREAS Chapter 18.810 of the TMC (Tigard Municipal Code) contains certain conditions applicable to street improvements, and issuance of permits is conditioned on OWNER'S compliance with the TMC, and WHEREAS OWNER wishes to mitigate the impacts of the proposed development, and WHEREAS parties wish to fulfill the requirements of Chapter 18.810. IN CONSIDERATION of the mutual promises, covenants and undertakings, and the issuance of a building permit in advance of OWNER constructing improvements required by the TMC, the parties agree as follows: Section 1: The real property subject to this Agreement is described as follows: Parcels 1&2 of MLP2007-00002 Plat No. ©Lis- /2 Recorded as Document No. 166Y -�.l , Washington County, Oregon. OWNER agrees that the terms of this Agreement shall bind the OWNER as well as its heirs, successors in interest or assigns. Section 2: The improvements covered by this Agreement are as follows: SW Tiedeman and SW Tigard Streets Half-street improvements including, but not limited to, paving, curbs, storm sewer, sidewalk, planter strip and street trees. Section 3: This Agreement shall be in full force and effect from the date of its execution until the improvements referred to in Section 2 are constructed in accordance with CITY standards in effect at the time of construction. This instrument flied for record by Fidelity National Title Company as an Restrictive Covenant(Future Street Improvements) accommodation only.It has not been Page 1 of 4 examined as to its execution or as to its effect upon the title b-lp�AS. improvements and provide OWNER with an estimate of the total project cost as well as an estimate of OWNER'S share of the costs. Failure to provide this "six month" notice in advance of construction shall not nullify OWNER'S obligation to pay, but shall only extend the payment due date by the amount of time less than six months that notice was given, but not more than six months. Upon completion of improvements pursuant to this Section, CITY shall provide written notice to OWNER of OWNER'S share of the actual cost of the improvements and OWNER shall pay OWNER'S share within sixty (60) days. If OWNER's share of the cost of the improvements is $10,000 or more, the owner may elect to pay the City in 10 equal annual installments, with the first installment due within 60 days of the notice. The installment option shall be available only if the OWNER provides written notice and the first payment within 60 days of the notice. If the installment option is chosen, the unpaid amounts shall bear interest at the then legal rate of interest. Interest on overdue payments shall bear interest at the rate of one and one-half (1 Y2%) per month from the date the payment is due until paid. (2) Where the improvements listed in Section 2 are constructed by a third party, who seeks reimbursement in accordance with the Reimbursement District Ordinance, Chapter 13.09, TMC, or a similar ordinance, then the terms and procedures of the ordinances shall apply in lieu of the provisions in subsection (1) of this section. Section 9: At any time prior to the events listed in Section 4, OWNER or OWNER's successors may pay to the CITY an amount determined by the CITY to be OWNER's share of the anticipated cost of the future improvements. Payment under this section shall discharge all of OWNER's obligations under this Agreement. City shall use the funds received under this section solely to pay for the costs of the improvements. Section 10: CITY and OWNER intend that all terms of this Agreement shall be covenants, conditions, and restrictions running with the title to the property covered by this Agreement, and shall be binding upon parties to this Agreement, their heirs, executors, assigns, administrators, and successors and shall be construed to be a benefit and a burden upon the property described in Section 1. The parties agree the CITY may, for purposes of recovering the cost of improvements described in Section 2, levy an assessment against the property, described in Section 1, and may enforce payment of such assessment in the manner provided in ORS Chapter 223 or the general laws of the State of Oregon. Section 11: Promptly after its execution by the parties, this Agreement shall be recorded in the records of Washington County to provide public notice and especially notice to future owners of property, described in Section 1 of the conditions, covenants and restrictions against the title to the property imposed by this Agreement. Section 12: CITY may enforce the terms of this Agreement in any court of competent jurisdiction. In addition to any other legal remedies, OWNER'S failure or refusal to comply with this Agreement shall constitute a violation of the TMC and the rights, remedies, and penalties provided in the TMC may also be enforced. Section 13: If suit or action is instituted to enforce a right guaranteed in this agreement, the prevailing party shall be entitled to, in addition to the statutory costs and disbursements, a reasonable attorney's fee to be fixed by the trial and appellate courts respectively. Section 14: The parties agree that if any term of provision of this agreement is declared by a court to be illegal or in conflict with any law, the validity of the remaining terms and provisions shall Restrictive Covenant(Future Street Improvements) Page 3 of 4 - i not be affected, so long as this agreement continues to reflect the'intent of the parties. The parties shall negotiate an equitable adjustment of this agreement so that the purposes of this agreement are effected. OWNER(S)/: z✓�y' f wj--�r gnatureSignature Name (Print or Type) Name (Print or Type) 2 oQq 7 s -T Mailing Address City, State, Zip Code STATE OF OREGON ) County of c.5 h ,„5 1-i-, ) On this day 20 u 7 , before me a Notary Public, To cta +- f personally appeared and acknowledged that the foregoing instrument to be their voluntary act and deed. Before me: Notary Public for Oregon OFFICIAL sEAL KRISTIEJ PEERMAN My commission expires: 7�a ��i I NOTARY PUBLIC.OREGON COMMISSION NO.419242 MY COMMISSION EXPIA88 JULY 28 2011 Accepted on behalf of the City of Tigard this 30tk day of KJOr -mlocr 2007 City Engineer document2 Restrictive Covenant(Future Street Improvements) Page 4 of 4 0- oo ' . < o Q C) to zCLO CN Vc � i