Homes and Hope Community Land Trust 8/25/2020

REPAYMENT AGREEMENT (LOW-INCOME HOUSING) This Repayment Agreement(this "Agreement") is entered into as of Augusta 2020, by and between the CITY OF EVERETT, a Washington municipal corporation (the "City") and the HOMES AND HOPE COMMUNITY LAND TRUST, a Washington nonprofit corporation(the "Hope Trust"). RECITALS A. On February 24, 1995,the City of Everett conveyed certain real property to Housing Authority of the City of Everett(the"Housing Authority") by quit claim deed recorded under Snohomish County recording number 9502240123. A copy of the quit claim deed is attached to this Agreement as Exhibit A. The property conveyed by the quit claim deed is referred to in this Agreement as the"Property." B. The quit claim deed contains the following provision (the "LID Provision"): In the event the Housing authority sells the property to a person or organization which is not exempt from payment of LID assessments, proceeds from the sale of the property will be used, as a first priority,to reimburse the City of Everett for all funds expended for the assessment on said property, under LID 716A. The amount of the City's payments total Ninety Thousand Two Hundred Seventy-two Dollars and Fifty Cents ($90,272.50). C. The Hope Trust intends to purchase the Property from the Housing Authority for purpose of developing low-income housing. In order to facilitate this,the Hope Trust has requested the City release the LID Provision and defer payment until (A) December 31, 2024 or(B)the date the Hope Trust leases,transfers, or sells any portion of the Property or any living unit located on the Property,whichever of(A) or(B) occurs first. In order to facilitate the construction of the low-income housing,the City is willing to do this under the terms and conditions of this Agreement. AGREEMENT For good and valuable consideration,the receipt and sufficiency of which is acknowledged, the parties agree as follows: 1. Release of LID Provision. The City will provide a fully executed release of the LID Provision in substantially the form attached to this Agreement as Exhibit B (such release,the "Release Agreement") if both of the following conditions are fully satisfied: 1