2022/08/24 Council Agenda Packet

This OMNIBUS AMENDMENT is dated for reference purposes , 2022, by and between HOUSING HOPE, a Washington non-profit corporation (the "Granto►? or "Owne►' or "Agency') and the CITY OF EVERETT, a Washington municipal corporation (the "Grantee" or "City"). RECITALS A. City and Agency are parties to the Use Restriction Covenant Agreement dated as of January 20, 2017, and recorded under Snohomish County recording number 201701260345 (the "Covenant Agreement"), which is part of the consideration for the financial assistance provided by City pursuant to the Amended HOME Loan Agreement (the "Loan Agreement') entered into by the City and the Agency dated July 25, 2016, and as may be amended, for the rehabilitation of that certain real property legally described on Exhibit 1 attached hereto ("the "Property'). In connection with the Loan Agreement, the Agency executed a promissory note (the "Note") and granted a deed of trust on the Property recorded under Snohomish County recording number 201701260344 (the "Deed of Trusf'). The Covenant Agreement, the Loan Agreement, the Note, and the Deed of Trust are collectively referred to herein as the "City Documents." B. In connection with a loan the Agency is receiving from Beneficial State Bank, the Agency has requested that the City subordinate the lien of the Deed of Trust to the lien of the Beneficial State Bank's deed of trust. In exchange for this, the Agency has agreed to make certain amendments to the City Documents. AGREEMENT NOW, THEREFORE, in consideration of the mutual agreements and undertakings herein contained, the parties agree as follows: 1. The second paragraph of the Covenant Agreement is amended as follows, with underlined text added and struck -out text deleted: This Covenant Agreement will be filed and recorded in the official public land records of Snohomish County, Washington, and shall constitute a restriction upon the use of the Property described herein, subject to and in accordance with the terms of this Covenant Agreement, for fifteen y ars from September 25, 2015, until September 30, 2030 until September 30, 2055. 2. Section 3 of the Covenant Agreement is amended as follows, with underlined text added: For the term of the HOME Compliance Period, which runs through September 30, 2030, as defined in Section I.G., Section III and Exhibit A of the Loan Agreement, seven residential units, including one (1) two -bedroom unit and six (6) three -bedroom units in the Property shall be floating HOME -Assisted Units, as defined in the Loan Agreement. The maximum monthly rent and the tenant household income limits for the HOME -Assisted Units shall be established annually by the Agency in conformance with the Loan Omnibus Amendment Page 1 of 8