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Exhibit "G" Jim <br /> Ix <br /> 2019 CDBG Subrecipient Agreement <br /> EVERETT <br /> WASHINGTON <br /> Specific Terms and Conditions <br /> 1. This Agreement pertains to a non-forgivable loan with principal and interest due twenty-five years <br /> from the date of closing or June 30, 2045 whichever is later. All payment will be deferred as long as <br /> the property is used as housing that serves very low income persons as per this agreement. Should <br /> this property use change, or the terms of this contract not be upheld the City of Everett may at its <br /> option, require immediate payment in full of all sums lent plus interest. <br /> 2. Interest rate shall be 3%simple interest. <br /> 3. The Housing Authority of the City of Everett will allow the City to monitor progress of the <br /> construction through on-site inspections, with a final inspection prior to occupancy. <br /> 5. The Housing Authority of the City of Everett is responsible for obtaining all applicable permits <br /> required for future rehabilitation. <br /> 6. The property shall be maintained at all times and not let to rundown. <br />