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State of Washington Department of Ecology <br />Agreement No: WQC-2023-EverPW-00118 <br />Project Title: Regional Stormwater Facility Planning <br />Recipient Name: City of Everett <br />a lien upon ULID Assessments in the ULID prior and superior to any other charges whatsoever. <br />Page 30 of 46 <br />5. Other Sources of Repayment. The RECIPIENT may repay any portion of the loan from any funds legally available to it. <br />6. Defeasance of the Loan. So long as ECOLOGY shall hold this loan, the RECIPIENT shall not be entitled to, and shall <br />not affect, an economic Defeasance of the loan. The RECIPIENT shall not advance refund the loan. <br />If the RECIPIENT defeases or advance refunds the loan, it shall be required to use the proceeds thereof immediately upon <br />their receipt, together with other available RECIPIENT funds, to repay both of the following: <br />(i) The Loan Amount with interest <br />(ii) Any other obligations of the RECIPIENT to ECOLOGY under this agreement, unless in its sole discretion ECOLOGY <br />finds that repayment from those additional sources would not be in the public interest. <br />Failure to repay the Loan Amount plus interest within the time specified in ECOLOGY's notice to make such repayment <br />shall incur Late Charges and shall be treated as a Loan Default. <br />7. Refinancing or Early Repayment of the Project. So long as ECOLOGY shall hold this loan, the RECIPIENT shall give <br />ECOLOGY thirty days written notice if the RECIPIENT intends to refinance or make early repayment of the loan. <br />Method and Conditions on Repayments <br />1. Semiannual Payments. Notwithstanding any other provision of this agreement, the first semiannual payment of principal <br />and interest on this loan shall be due and payable no later than one year after the project completion date or initiation of <br />operation date, whichever comes first. <br />Thereafter, equal payments shall be due every six months. <br />If the due date for any semiannual payment falls on a Saturday, Sunday, or designated holiday for Washington State <br />agencies, the payment shall be due on the next business day for Washington State agencies. <br />Payments shall be mailed to: <br />Department of Ecology <br />Cashiering Unit <br />P.O. Box 47611 <br />Olympia WA 98504-7611 <br />In lieu of mailing payments, electronic fund transfers can be arranged by working with ECOLOGY's Financial Manager. <br />No change to the amount of the semiannual principal and interest payments shall be made without a mutually signed <br />amendment to this agreement. The RECIPIENT shall continue to make semiannual payments based on this agreement until the <br />amendment is effective, at which time the RECIPIENT's payments shall be made pursuant to the amended agreement. <br />2. Late Charges. If any amount of the Final Loan Amount or any other amount owed to ECOLOGY pursuant to this <br />Template Version 12/10/2020 <br />