Prior to issuing any building permit or final plat approval, an agreement in a form approved by the City that addresses price restrictions, home buyer or tenant qualifications, phasing of construction, monitoring of affordability, duration of affordability, and any other applicable topics of the affordable housing units shall be recorded with King County Department of Records and Elections. This agreement shall be a covenant running with the land and shall be binding on the assigns, heirs and successors of the applicant. The City may agree, at its sole discretion, to subordinate any affordable housing regulatory agreement for the purpose of enabling the owner to obtain financing for development of the property, consistent with any applicable provision of the Redmond Zoning Code in effect at the time of the issuance of the land use permit(s). (Ord. 2803)