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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 />ECOLOGY or RECIPIENT funds. <br />2. For Failure to Commence Work. ECOLOGY may terminate this loan agreement for failure of the RECIPIENT to <br />commence project work. <br />Page 34 of 46 <br />3. Past Due Payments. The RECIPIENT shall be in default of its obligations under this loan agreement when any loan <br />repayment becomes 60 days past due. <br />4. Other Cause. The obligation of ECOLOGY to the RECIPIENT is contingent upon satisfactory performance in full by the <br />RECIPIENT of all of its obligations under this loan agreement. The RECIPIENT shall be in default of its obligations under this <br />loan agreement if, in the opinion of ECOLOGY, the RECIPIENT has unjustifiably failed to perform any obligation required of <br />it by this loan agreement. <br />Procedures for Termination. If this loan agreement is terminated prior to project completion, ECOLOGY shall provide to the <br />RECIPIENT a written notice of termination at least five working days prior to the effective date of termination (the <br />"Termination Date"). The written notice of termination by the ECOLOGY shall specify the Termination Date and, when <br />applicable, the date by which the RECIPIENT must repay any outstanding balance of the loan and all accrued interest (the <br />"Termination Payment Date"). <br />Termination and Default Remedies <br />No Further Payments. On and after the Termination Date, or in the event of a default event, ECOLOGY may, at its sole <br />discretion, withdraw the loan and make no further payments under this agreement. <br />Repayment Demand. In response to an ECOLOGY initiated termination event, or in response to a loan default event, <br />ECOLOGY may at its sole discretion demand that the RECIPIENT repay the outstanding balance of the Loan Amount and all <br />accrued interest. <br />Interest after Repayment Demand. From the time that ECOLOGY demands repayment of funds, amounts owed by the <br />RECIPIENT to ECOLOGY shall accrue additional interest at the rate of one percent per month, or fraction thereof. <br />Accelerate Repayments. In the event of a default, ECOLOGY may, in its sole discretion, declare the principal of and interest <br />on the loan immediately due and payable, subject to the prior lien and charge of any outstanding Senior Lien Obligation upon <br />the Net Revenue. That is, the loan is not subject to acceleration so long as any Senior Lien Obligations are outstanding. <br />Repayments not made immediately upon such acceleration will incur Late Charges. <br />Late Charges. All amounts due to ECOLOGY and not paid by the RECIPIENT by the Termination Payment Date or after <br />acceleration following a default event, as applicable, shall incur late charges. <br />Intercept State Funds. In the event of a default event and in accordance with Chapter 90.50A.060 RCW, "Defaults," any <br />state funds otherwise due to the RECIPIENT may, at ECOLOGY's sole discretion, be withheld and applied to the repayment <br />of the loan. <br />Property to ECOLOGY. In the event of a default event and at the option of ECOLOGY, any personal property (equipment) <br />acquired under this agreement may, in ECOLOGY's sole discretion, become ECOLOGY's property. In that circumstance, <br />Template Version 12/10/2020 <br />