Laserfiche WebLink
2 <br /> The term "Project" as used herein shall include the Property, all improvements on the <br /> Property, all interests in common elements, easements, appurtenances, rights under <br /> any condominium declaration and related documents, and all personal property granted <br /> as security for any of the loans referred to below. <br /> Commerce's Interest. Commerce is the administrator of the Department of <br /> Commerce Housing Trust Fund Contract, which made a recoverable grant in the <br /> amount of $2,500,000. Commerce's grant is evidenced by a promissory note dated <br /> March 26, 2013 (the "Commerce Note"). The Commerce Note is secured by an <br /> executed Deed of Trust recorded under Snohomish County recording number <br /> 201304080677 (the "Commerce DOT"). In connection with the foregoing, Owner <br /> executed a Low Income Housing Covenant recorded under Snohomish County <br /> recording number 20130480676 (the "Commerce Covenant"), encumbering the <br /> Property. The Commerce Note, the Commerce DOT, and the Commerce Covenant are <br /> collectively referred to as the "Commerce Documents." The Commerce Documents <br /> burden the Property. <br /> County's Sales and Use Tax Interest. The County is the administrator of the <br /> local Sales and Use Tax Loan Fund program, which has made a deferred and <br /> forgivable Sales and Use Tax Loan to Domestic Violence Services of Snohomish <br /> County, a Washington non-profit corporation, in the amount of $800,000, pursuant to a <br /> Sales and Use Tax Loan Agreement executed on 2014 ("Sales <br /> and Use Tax Loan Agreement"). The County's loan is evidenced by a promissory note <br /> dated 2014 (the "County Note"). The County Note is <br /> secured by an executed Deed of Trust recorded under Snohomish County recording <br /> number (the "County Sales and Use Tax DOT"). In <br /> connection with the foregoing, Owner executed a Use Restriction Covenant Agreement <br /> recorded under Snohomish County recording number <br /> (the "County Sales and Use Tax Covenant"). The County Note, the County Sales <br /> and Use Tax DOT, and the County Sales and Use Tax Covenant are collectively <br /> referred to as the "County Sales and Use Tax Documents." The County Sales and Use <br /> Tax Documents burden the following part of the Property: <br /> Lot 1 of City of Everett Binding Site Plan No. 13-02, recorded September 11, 2013 <br /> as Recording No. 201309115002, in Snohomish County, Washington. <br /> City's CDBG Interest. The City is the administrator of the Community <br /> Development Block Grant Program, which has made a deferred and forgivable loan to <br /> Domestic Violence Services of Snohomish County, a Washington non-profit corporation, <br /> in the amount of $272,821.67. The City's CDBG loan is evidenced by a promissory <br /> note dated December 23, 2013 (the "City CDBG Note"). The City's CDBG Note is <br /> secured by an executed Deed of Trust recorded under Snohomish County recording <br /> number (the "City CDBG DOT"). The City CDBG Note <br /> and the City CDGB DOT are collectively referred to as the City's CDBG Documents. <br /> The City's CDGB Documents burden the following part of the Property: <br /> Page 3 of 12 <br /> 25 <br />