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2023 CDBG Subrecipient Agreement <br />Loan Terms and Special Conditions <br />Exhibit “C” <br /> <br /> <br />Category 2: For official use only / disclosure permissible by law. <br /> <br />Loan Terms and Special Conditions <br /> <br />1. This grant shall be considered a Forgivable loan with principal and interest due as provided <br />in the final executed promissory note and deed of trust, which will be substantially in the <br />form of Exhibits D and E to this Agreement. All payments will be deferred and forgiven as <br />long as the property is used to serve low-income persons as defined by HUD, as per this <br />agreement. Should this property use change, or the terms of this contract not be upheld <br />the City of Everett may at its option, require immediate payment in full of all sums lent plus <br />interest. <br /> <br />2. Interest rate shall be 3% simple interest. <br /> <br />3. Subrecipient will allow the city to monitor progress of the construction through on-site <br />inspections, with a final inspection prior to occupancy. <br /> <br />4. Subrecipient is responsible for obtaining all applicable permits required for future <br />rehabilitation. <br /> <br />5. The property shall be maintained at all times and not let to rundown. <br /> <br />6. All reconveyance, recording and any associated fees for the execution of this agreement <br />shall be the responsibility of the sub- recipient. <br /> <br />