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Condition 1: At the closing of the transfer of the Property to the Hope <br /> Trust,the Hope Trust duly executes and delivers a promissory note in the amount of <br /> $90,272.50 (the"Note") a deed of trust securing the promissory note (the "Deed of <br /> Trust"), and a restrictive covenant between the City and Hope Trust("City Restrictive <br /> Covenant"). The Note, Deed of Trust, and City Restrictive Covenant must be in the form <br /> provided by the City. <br /> Condition 2. At the closing of the transfer of the Property to Hope Trust, <br /> the Hope Trust causes recording to occur against the Property in the following order with <br /> no intervening documents: <br /> 1) deed granting Property title to the Hope Trust; <br /> 2) Housing Authority restrictive covenant, the form of which is <br /> attached as Exhibit C to this Agreement; <br /> 3) the City Restrictive Covenant; <br /> 4) the Deed of Trust; and then <br /> 5) all other documents as determined by Hope Trust. <br /> If the Hope Trust fails to satisfy both of the above conditions,then the Hope Trust will <br /> not close on the transfer of the Property from the Housing Authority unless the Hope <br /> Trust pays the $90,272.50 prior to or at the closing of the conveyance of the Property <br /> from the Housing Authority. <br /> 2. Repayment. The Hope Trust will repay the $90,272.50 on(A)December <br /> 31, 2024 or(B)the date the Hope Trust leases,transfers, or sells any portion of the <br /> Property or any living unit located on the Property, whichever of(A) or(B) occurs first. <br /> 3. General Provisions. <br /> a. Bidding Process. Whenever feasible,the Hope Trust shall make <br /> every reasonable and practicable effort to utilize a competitive public bidding process for <br /> construction of improvements on the Property. <br /> b. Governing Law. The laws of the State of Washington, without <br /> giving effect to principles of conflict of laws, govern all matters arising out of or relating <br /> to this Agreement. <br /> c. Venue. The parties shall bring any litigation arising out of or <br /> relating to this Agreement only before the Snohomish County Superior Court. <br /> d. Complete Agreement. This Agreement constitutes the entire <br /> agreement of the parties relating to the subject matter of this Agreement. This <br /> Agreement supersedes and replaces all other written or oral agreements thereto. <br /> e. Amendment.No amendment to this Agreement will be effective <br /> unless in writing and signed by the Mayor of the City and by the authorized <br /> representatives of each other party. <br /> 2 <br />