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9 <br /> RECITALS : <br /> A. WHEREAS, Borrower is the owner of certain real property and all improvements <br /> now or hereafter located or constructed thereon (collectively, the "Property"), which is more <br /> particularly described in Exhibit A attached hereto and incorporated by this reference. <br /> B. WHEREAS, CWCapital LLC, a Massachusetts limited liability company <br /> ("Original Lender") made a loan to Borrower in the original principal amount of One Million <br /> Five Hundred Eighty Nine Thousand Five Hundred Dollars ($1,589,500.00)(the "Senior Loan") <br /> to the Borrower. The Loan is evidenced by a Deed of Trust Note dated as of October 31, 2006, <br /> executed by the Borrower in favor of Original Lender(the"Senior Note")and is secured,inter alia, <br /> by a Deed of Trust dated as of October 31, 2006, executed by the Borrower in favor of Original <br /> Lender and recorded October 31, 2006 in the official land records of Snohomish County, <br /> Washington (the "Records") under recording number 200610310370 (the "Senior Mortgage"). <br /> The Senior Note is now held by Walker & Dunlop, LLC, a Delaware limited liability company <br /> ("Senior Lender"), and the Senior Lender is now the secured party under the Senior Mortgage and <br /> related loan documents(the"Senior Loan Documents"). The Loan is insured by the Secretary of <br /> Housing and Urban Development("HUD")under Section 207, pursuant to Section 223(f) of the <br /> National Housing Act,as amended. <br /> C. WHEREAS, the City made a loan in the original principal amount of One <br /> Hundred Thousand Dollars ($100,000.00) (the "City Loan") to the Borrower. The City Loan is <br /> evidended$ (i) an Amended and Restated HOE Loan Agreement by and between City and <br /> Borrower dated as of November 21, 2007 (the "City Loan Agreement"), (ii) an Amended and <br /> Restated Promissory Note dated as of November 21, 2007, executed by Borrower in favor of <br /> City (the "City Note"), (iii) an Amended and Restated Deed of Trust dated as of November 21, <br /> 2007, executed by Borrower in favor of the City and recorded August 26,2009 in the Records at <br /> recording number 200908260543 (the "City Mortgage"), and(iv) an Amended and Restated Use <br /> Restriction Covenant Agreement dated as of November 21,2007 signed by Borrower in favor of <br /> City and recorded August 26, 2009 in the Records at recording number 200908260542 ("City <br /> Covenant", and together with the City Loan Agreement, City Note and City Mortgage,the"City <br /> Loan Documents"). <br /> D. WHEREAS,the City Mortgage and City Covenant each include an Addendum to <br /> City of Everett Home Loan Agreement and other Loan Documents—HUD Subordination and <br /> Modification Agreement ("Addendum"), which provides, among other things, that the City <br /> Loan Documents are subordinate to the Senior Loan Documents. <br /> E. WHEREAS, the Borrower seeks to modify certain terms and conditions of the <br /> Senior Loan, including a reduction in interest rate, a corresponding reduction in monthly <br /> payment amounts, and establishment of new prepayment restrictions, pursuant to a Modification <br /> Agreement with Senior Lender and HUD and a Modification of Deed of Trust Note (the <br /> "Modification Documents"). <br /> 107385 113 fb05cd12gb.002 1 0 1 <br />