Report (7) �ukoXv(t OOO
tLe' 7 sw G871,
Washington County,Oregon 2020-022195
03/16/2020 10:05:30 AM
D-1RUL Cnt-1 Stn=30 MARGARITAL
$40.00$5.00;11.00!$60.00-Total=61166I.00
RETU
Tigard
Financeeaand Information Services 1111101 02576896202000221950080007
1111 I II
Ci13125 SW Hall Blvd. t Margaret gem,interim Director or meat and a.r-
Texetion and Ex-Ofcio County Clerk for Washington
Tigard,OR 97223 county,Oregon,do hereby certify the the within #rr; .
Inetrument of writing was received and recorded In the
Attn:SDC Administrator book of records of said county. `7, •
Margaret aerie,Interim Director of Amerman!and ''?,w
Taxation,Ex-0lflolc County Clark ]�
SPACE ABOVE FOR RECORDER'S USE
CITY OF TIGARD
COMPLIANCE AGREEMENT,DECLARATION OF RESTRICTIVE COVENANTS
AND EQUITABLE SERVITUDE
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING
THIS COMPLIANCE AGREEMENT, DECLARATION OF RESTRICTIVE COVENANTS AND
EQUITABLE SERVITUDE (the "Agreement") is made and entered into this 'day of RI4V.e,rn ber ,
9,019 ,by and between Red Rock Creek Commons Limited Partnership(the`Grantor")and the City of Tigard
(the"City").
PURPOSE
The City desires to exempt the regulated affordable housing project known as Red Rock Creek Commons,
or a portion thereof, (the "Project"), located at 11090 SW 68th Parkway,Tigard, Oregon, from payment of City of
Tigard parks and transportation system development charges("SDCs")pursuant to Tigard Municipal Code. The legal
property description of said Project is set forth in Exhibit A,which also is attached hereto and incorporated herein by
reference. The SDCs exempted for eligible Project units are shown on Exhibit B.
Grantor desires to receive the exemption, to satisfy the conditions thereof,and to execute and record this
Agreement for the purpose,in part,of creating restrictive covenants and an equitable servitude that shall run with the
Project land and bind any and all subsequent owners of the Project for the term of this Agreement.
AGREEMENT
SECTION 1. REPRESENTATIONS,COVENANTS AND WARRANTIES OF THE GRANTOR
CONCERNING USE OF THE PROJECT AS REGULATED AFFORDABLE HOUSING. Grantor hereby
represents,covenants,warrants and agrees that:
a. Grantor will maintain the Project or a portion thereof as regulated affordable housing, as defined in Tigard
Municipal Code 3.24(adopted March 6,2018),for a period of 20 years (the"Exemption Period") from the date
of issuance of occupancy permits or final inspection approval is granted by City("Exemption Date").
b. Grantor will comply,and will cause its agents,employees,contractors,subgrantees and assigns,if any,to comply
with the terms and conditions of this Agreement and all otherwise applicable laws(including,without limitation,
all applicable federal, state and local statutes, rules,regulations, ordinances and orders affecting the Project or
activities related thereto).
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 1 of 8
SECTION 2, COVENANTS TO RUN WITH THE LAND; EQUITABLE SERVITUDE. The
Grantor represents,covenants,warrants and agrees that.
a. The City is granting the exemption to the Grantor as an inducement to the Grantor to develop and operate
the Project in accordance with the terms of this Agreement. In consideration of the receipt of the exemption,
the Grantor has entered into this Agreement with the City and has agreed to restrict the use of the Project
during the Exemption Period as set forth in this Agreement.
b. The representations,covenants,restrictions,granted by Grantor therein with respect to the Project shall be
deemed restrictive covenants running with the Project land and also shall be deemed an equitable servitude
running with the Project land in favor of and enforceable by City.These restrictive covenants and equitable
servitude shall pass to and be binding upon the Grantor's successors in title including any purchaser,grantee
or lessee of any portion of the Project, shall pass to and be binding upon the respective heirs, executors,
administrators, devisees, successors and assigns of the Grantor or any purchaser, grantee or lessee of any
portion of the Project and shall pass to and be binding upon any other person or entity having any right,title
or interest in the Project. Each and every contract,deed or other instrument hereafter executed covering or
conveying the Project or any portion thereof or interest therein shall contain an express provision making
such conveyance subject to the covenants,restrictions,and charges contained herein;provided,however,that
any such contract,deed or instrument shall conclusively be held to have been executed,delivered and accepted
subject to such covenants,restrictions and charges regardless of whether or not such covenants,restrictions
and charges arc set forth or incorporated by reference in such contract,deed or instrument.
SECTION 3. BURDEN AND BENEFIT. The parties hereby declare their understanding and intent
that the burdens of the covenants,restrictions,and charges set forth herein touch and concern the Project land and
that the Grantor's legal interest in the Project may be rendered less valuable thereby. The parties further declare their
understanding and intent that the benefits of such covenants,restrictions,and charges touch and concern the Project
land by enhancing and increasing the enjoyment and use of the owners and tenants of the development,the intended
beneficiaries of such covenants, restrictions, and charges and by furthering the public purposes for which the
exemption is granted.
SECTION 4. COMPLIANCE REPORTING. The Parties hereby agree that Grantor,if requested in
writing by the City,will provide certification,in a format approved by the City in its sole discretion,that the Grantor
is fulfilling its obligations under this Agreement. The City may inspect the Project, and any part thereof, and may
inspect and copy all records of the Project,upon reasonable written notice to the Grantor. The Grantor,its agents,
employees, and subcontractors will cooperate fully with the City in any requested inspection or compliance
monitoring.
SECTION 5. TERM OF AGREEMENT. The parties agree that this Agreement and the restrictive
covenants and equitable servitude created hereunder shall become effective upon execution of this Agreement and
shall remain in full force and effect for a 20-year Exemption Period. Notwithstanding any other provision of this
Agreement, this Agreement shall terminate and be of no further force and effect in the event of a completed
foreclosure by the primary financing lender or by a lender to whom the City has subordinated this Agreement,or their
successors or assigns,or in the event of a delivery by the Grantor of a deed for the Project to the primary financing
lender in lieu of foreclosure,or to a lender to whom the City has subordinated this Agreement,or their successors or
assigns.
SECTION 6. TERMINATION. The City may terminate this Agreement,without further liability,upon
30 days' notice and opportunity to cure.Notwithstanding termination, City may pursue any remedy provided for in
Section 7. If the Grantor fails to perform or breaches any of the terms of this Agreement;or immediately and without
notice and opportunity to cure if the City loses the authority to grant the exemption,is determined by its counsel or
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 3 of 8
otherwise as lacking the authority to administer the exemption, or fails to receive or loses necessary funding,
appropriations, limitations or other expenditure or position authority sufficient to carry out the terms of this
Agreement.
SECTION 7. REMEDIES. If the Grantor defaults in the performance or observance of any covenant,
agreement,or obligation set forth in this Agreement and if such default remains uncured for a period of 30 days after
the notice thereof shall have been given by the City to the Grantor, then the City,at its option,may take any one or
more of the following steps:
a. Have access to and inspect,examine and make copies of all of the books and records of the Grantor pertaining
to the Project;
b. Terminate the exemption of the Project or a portion thereof,in which case the SDC's exempted herein shall
be immediately due and payable to City in the amounts shown on Exhibit B,along with interest accruing from
the Exemption Date. City may,in addition to an action to collect SDC's due,withhold issuance of building
or development permits until paid in full;
c. Take such other action under this Agreement,at law or in equity as may appear necessary or desirable to the
City to enforce the covenants,agreements,warranties,and obligations of the Grantor hereunder.
No waiver or delay in enforcing the provisions hereof as to any breach or violation shall impair,damage or
waive the right of any person entitled to enforce the same to obtain relief against or recover for the continuation or
repetition of such breach or violation or any similar breach or violation thereof at any later time or times.
Notwithstanding anything to the contrary contained herein,the partners of Grantor shall have the right.but
not the obligation,to cure any default by Grantor hereunder,and the City agrees to accept any such cure tendered
by any partner of Grantor within any applicable grace period or cure period available to Grantor.
SECTION 8. RECORDING AND FILING. The Grantor shall cause this Agreement and all
amendments and supplements hereto to be recorded and filed in the real property records of Washington County and
in such other places as the City may reasonably request. The Grantor shall pay all fees and charges incurred in
connection with any recording. The Grantor shall provide either the original recorded document or a certified copy
of the recorded document within ten days of the date of this Agreement.
SECTION 9. GOVERNING LAW;VENUE. This Agreement shall be governed by the laws of the
State of Oregon. The courts of the State of Oregon,or to the degree necessary,the U.S.District Court for the District
of Oregon shall have exclusive jurisdiction over any action brought by or against the City under this Agreement. The
Grantor hereby consents to such exclusive jurisdiction and waives any and all objections it might have thereto.
SECTION 10. AUTHORITY. Grantor hereby represents,warrants and certifies that:
a. It possesses legal authority to apply for and accept the terms and conditions of the exemption and to carry
out the proposed Project;
b. Its governing body,if any,has duly authorized the filing of the application,including all understandings and
assurances contained therein;
c. The person identified as the official representative of the Grantor in the application is duly authorized to act
in connection therewith and to provide such additional information as may be required. The Grantor's official
representative has sufficient authority to make all certifications on its behalf;
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 3 of 8
d. This Agreement does not and will not violate any provision of any applicable law,rule,regulation or order of
any court,regulatory commission,board or administrative agency applicable to the Grantor or any provision
of the Grantor's organic laws or documents;
e. This Agreement has been duly executed by an official representative of Grantor, delivered by Grantor,and
will constitute the legal, valid and binding obligations of the Grantor, enforceable in accordance with their
terms.
SECTION 11. INDEPENDENT CONTRACTOR. Grantor acknowledges and agrees that it is acting
in its own independent capacity under this Agreement and not as an agent or subcontractor for the City. Grantor
assumes full responsibility for its own actions and shall provide for its own insurance and other compliance
responsibilities,including providing for its own workers'compensation and other insurance coverage,as needed.
SECTION 12. AMENDMENTS. This Agreement may be amended only by a written instrument
executed by the parties hereto or by their successors and duly recorded in the real property records of Washington
County.
SECTION 13. SEVERABILITY. If any provision of this Agreement shall be invalid, illegal or
unenforceable,the validity,legality and enforceability of the remaining portions hereof shall not in any way be affected
or impaired thereby.
SECTION 14. CONSTRUCTION. The parties to this Agreement acknowledge that each party and its
counsel have participated in the drafting and revision of this Agreement.Accordingly,the parties agree that any rule
of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in the
interpretation of this Agreement or any amendment,modification,supplement or restatement of the foregoing or of
any exhibit to this Agreement.
SECTION 15. NO LIMITATIONS ON ACTIONS OF CITY IN EXERCISE OF ITS
GOVERNMENTAL POWERS. Nothing in this Agreement is intended,nor shall it be construed, to in any way
limit the actions of the City in the exercise of its governmental powers.It is the express intention of the parties hereto
that the City shall retain the full right and ability to exercise its governmental powers with respect to the Grantor,the
Project,the land,and the transactions contemplated by this Agreement to the same extent as if it were not a party to
this Agreement or the transactions contemplated thereby,and in no event shall the City have any liability in contract
arising under this Agreement by virtue of any exercise of its governmental powers.
SECTION 16. TIME IS OF THE ESSENCE. Time is of the essence in the performance of the
obligations of this Agreement.
SECTION 17. NOTICES. Any notice required to be given hereunder shall be made in writing and shall
be given by personal delivery or first class mail, postage prepaid, at the addresses specified below, or at such other
addresses as may be specified in writing by the City or the Grantor.
To the City: City of Tigard
Finance and Information Services
13125 SW Hall Blvd.
Tigard,OR 97223
Atm:SDC Administrator
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 4 of 8
•
To the Grantor: t•/Oil pa YAKW, 1/mt 4�� ht. -� 05+�
LL3e0 SWICapital 'Roy 6
P61411J. 1 Mg- 239
'SduvA SFvr-'lc
With a copy to: BWC Opportunity Fund 2 Inc.
c/o Bank of the West Loan Middle Office
1625 W.Fountainhead Parkway
Tempe,AZ 85282
Attn:Priscilla Lindquist
With a copy to: Boston Financial Investment Management.LP
101 Arch Street
Boston.MA 02110
Attn:Asset Management—Red Rock Creek
[Signature Page to Follow]
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 5of8
•
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written.
CITY:
CITY OF TIGARD,an Oregon municipal corporation
By: ! I �G������'
Marty Wine,City Manager
GRANTOR:
By: LJ/Lc.
Name,Title: Ra e h G e / V -
vnrnOet) I?av ors , niordobt,
STATE OF \C"Nr\
1 gyp, ) Ss:
COUNTY OF\ t•f 1 Vv\,e
The foregoing instrument was acknowledged before me this 31,_ day of IO , 20tq,by 4",,hods a
of
,on behalf of the Grantor.
Notary Public for the State of J
UFFiOW.L SiAF�? —�.�.. My commission expires: 4,I I 1 ?AV
/1 1 ., y,y�/, e
.100�l4$i:�Ywlil'1 Y'/lLl..1AMS
NOWAY Puk,JO-OriECON
COPIIMISSICPf NO.962903
t'NCOMIISSiON E.XPIRES,IONE 01,20211
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 6 of 8
EXHIBIT A
LEGAL DESCRIPTION OF THE PROJECT
Parcel 1, PARTITION PLAT NO. 2000-025,in the City of Tigard,County of Washington and State of
Oregon,and being more particularly described as follows:
A tract of land located in the Southeast one-quarter of Section 36,Township 1 South, Range 1 West,
Willamette Meridian, City of Tigard,Washington County,Oregon,and being more particularly described
as follows:
Beginning at the northeast corner of Parcel 1 of Partition Plat No. 2000-025;thence along the east line
of said Parcel 1,South 01'47'31"West 156.74 feet to the southeasterly corner of said Parcel 1;thence
along the southerly line of said Parcel 1 the following three courses:South 44°18'10"West 110.73 feet;
thence South 03°O3'46" East 48.29 feet;thence South 61°34'O1" West 89.01 feet to the southwesterly
corner of said Parcel 1, also being on the east right-of-way line of SW 68th Parkway(30.00 feet from
centerline),thence along said east right-of-way line North 01°39'58" East 219.75 feet,thence along a
curve to the left with a radius of 280.00 feet,a delta of 21°47'12", a length of 106.47 feet and a chord of
North 09°13'40" West 105.83 feet;thence North 01°39'56" East 9.21 feet;thence leaving the easterly
right of way line of SW 68th Parkway,along the north line of said Parcel 1 South 87°40'57" East 168.39
feet to the point of beginning
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 7 of 8
EXHIBIT B
SCHEDULE OF SDCs EXEMPTED
System Exemption Amount
City Transportation $ 176,256
Parks $ 285,168
Water NOT ELIGIBLE for exemption
Sanitary Sewer NOT FT.IGIBLE for exemption
Stormwater NOT ELIGIBLE for exemption
County Transportation Development Tax NOT ELIGIBLE for exemption
Total Exemption $ 461,424
This SDC exemption is granted to the units located at the property address(es)listed below:
Project Name: Red Rock Creek Commons in Tigard,Oregon 97223
Street Address No.of Units Building Permit#
Address: 11090 SW 68th Parkway 48 BUP2019-00081
I,Margaret Garza,Interim Director of Assessment
,4+a' �N and Taxation and Ex-Officio County Clerk for
w;Ica.t,.,,\ Washington County,Oregon,do hereby certify this
i.h =-
w;,� s_E.�;:'\ tobeamteandcoRectcopyoftheoriginal.
iW YiyW Lr�
Witness my hand this 16th of March,2020
ABy: -
A.Duyck-Dap •
SDC EXEMPTION FOR REGULATED AFFORDABLE HOUSING AGREEMENT
RED ROCK CREEK COMMONS
Page 8 of 8
Payment Receipt Page 1 of 1
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�` ASSESSMENT & TAXATION
°RIG&
Recording P05
Thank you for your Recording payment.
Please keep this receipt for your records.
Clerk ID: ML
Comment: Aleman,William
Payment Amount: $125.50
Service Fee: $3.07
Total Payment Amount: $128.57
Assesment and Taxation
Recording Division
Public Service Building
155 N.1st Avenue
Hillsboro,OR 97124
Phone:503-846-8752
Receipt Number: 3777738053
Transaction Date: 03/16/2020 10:07 AM
Payment Type:
Account Number: *6442
Washington County Recording offers multiple payment options. Credit card transactions are charged a fee of 2.45%($1.50 minimum). This convenience
fee is not collected by Washington County and is nonrefundable.The fee will be shown as"L2G*SERVICE FEE,"a separate charge an your credit card
statement,and"L2G*WashCo Recording'will be the merchant for the payment amount.
https://paydirect.link2gov.com/RecordingPOS/Receipt/SuccessfulPayment 3/16/2020
" "�%h"r � ; 11 '-4 a 'VVVo�' Receipt#:872587 Receipt Date: 03116/2020.:10.,07 AM
Margaret Garza,Ex Officio � a'�.�'�'� � "` .�� �K p p {
Washington County Clerk � r ' Cashier: M LOPEZ
wt � �s «i? 9 Y^1 4%ors+ J�tatiOn: .3�
155 N 1st Avenue Suite 130, MS 9 � , w' r,;
• y M6q,,t. ;�; 'jx" ' Receipt Name:. ALEMAN, WILLIAM " �'" G:
Hillsboro, Or 97124 �� <� z y� {
•! �,� ,�,"� lye'. _�y yC�
PHONE 503-846-8752 kP�(~off 4 tr • ' t, f� t5,ytm r 'r.
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lc N i .hr -.
Comments: �Q a e/t �,:, .. f
RECORDING
Document# Recording Date Doc Type Recording Survey Housing A&T Fund NonStd Other Subtotal Transfer Total
2020-022195 03/16/2020 10:05:30 AM D-SDC 40.00 5.00 60.00 11.00 116 00 $116.00
Totals: $40.00 $5.00 $60.00 $11.00 $0.00 $0.00 $116.00 $0.00 $116.00
Thank You Miscellaneous Fees
Retain this receipt for your records ENTER#OF PAGES COPIED 8 $2.00
ENTER#CERTIFIED COPIES&LOC 1 $7.50
Receipt Total • ' sx$125:50'
CREDIT CARD 3777738053 `> F ..<A"
`� .°i1,10: $125.50;
Page 1 of 1