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PROMISSORY NOTE <br /> $90,272.50 <br /> p►ug:A5l- a`'l�' , 2��0 <br /> EVERETT, WA DATE <br /> FOR VALUE RECEIVED, HOMES AND HOPE COMMUNITY LAND TRUST, a Washington non-profit <br /> corporation, hereinafter "Maker" promises to pay to the City of Everett, a Washington municipal corporation, <br /> hereinafter "Holder" or order to City Treasurer, 2930 Wetmore Ave, Everett, Washington, 98201, or other such <br /> place as may be designated by the Holder from time to time,the principal sum of ninety thousand two hundred and <br /> seventy-two dollars and 50/100 U.S. Dollars ($90,272.50),with interest thereon from date of recording of the Deed <br /> of Trust securing this Note <br /> on the unpaid principal at the rate of THREE percent ( 3 %) per annum as <br /> follows: <br /> 1. NOT USED <br /> 2. DUE DATE: The entire balance of this Note together with any and all interest accrued thereon on (A) <br /> December 31,2024 or(B)the date the Maker leases,transfers, or sells any portion of the Property described in <br /> Section 19 below or any living unit located on such Property,whichever of(A)or(B)occurs first <br /> 3. DEFAULT INTEREST: After maturity, or failure to make any payment, any unpaid principal shall accrue <br /> interest at the rate of SIX percent ( 6 %) per annum (18% if not filled in) OR the <br /> maximum rate allowed by law,whichever is less,during such period of Maker's default under this Note. <br /> 4. ALLOCATION OF PAYMENTS: Each payment shall be credited first to any late charge due, second to <br /> interest,and the remainder to principal. <br /> 5. PREPAYMENT: Maker may prepay all or part of the balance owed under this Note at any time without <br /> penalty. <br /> 6. CURRENCY: All principal and interest payments shall be made in lawful money of the United States. <br /> 7. LATE CHARGE: If Holder receives any installment payment more than days (15 days <br /> if not filled in) after its due date, then a late payment charge of $ , or percent <br /> ( %) of the payment (5% of the payment if neither is filled in) shall be added to the scheduled <br /> payment. <br /> 8. NOT USED <br /> 9. ACCELERATION: If Maker fails to make any payment owed under this Note,or if Maker defaults under any <br /> Deed of Trust or any other instruments securing repayment of this Note, and such default is not cured within <br /> days (30 days if not filled in) after written notice of such default, then Holder may, at its option, <br /> declare all outstanding sums owed on this Note to be immediately due and payable, in addition to any other <br /> Page 1 of 3 <br />