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EXHIBIT A <br /> Specific Terms and Conditions <br /> 1. This grant shall be considered a loan with principal and interest due forty years from <br /> the date of closing or December 31, 2059 whichever is later. All payment will be <br /> deferred as long as the property is used as housing that serves extremely low <br /> income persons as per this agreement. Should this property use change, or the <br /> terms of this contract not be upheld the City of Everett may at its option, require <br /> immediate payment in full of all sums lent plus interest. <br /> 2. Interest rate shall be 3% simple interest. <br /> 3. Parkview Services will allow the City to monitor progress of the construction through <br /> on-site inspections, with a final inspection prior to occupancy. <br /> 5. Parkview Services is responsible for obtaining all applicable permits required for <br /> future rehabilitation. <br /> 6. The property shall be maintained at all times and not let to rundown. <br />