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PROMISSORY NOTE <br /> EMERGENCY BRIDGE HOUSING 3715 and 3719 Smith Avenue <br /> $4,000,000 Everett,Washington <br /> 1. Promise to Pay. In consideration for the financial assistance provided by the City of <br /> Everett ("Holde✓") pursuant to the Loan Agreement entered into between Maker and Holder on the 7th <br /> day of November,2024("Loan Agreement"),Everett Gospel Mission,a Washington nonprofit corporation <br /> ("Make✓'), hereby promises to pay to the order of Holder, at such place as Holder may designate in <br /> writing, in lawful money of the United States of America, the principal sum of Four Million Dollars <br /> ($4,000,000), or such lesser principal sum that Holder actually advances to Maker, on the terms and <br /> conditions set forth herein and in the Loan Agreement (the "Loan"). <br /> 2. Term. The Note shall be due on December 31, 2026 (the "Maturity Date"). If the <br /> Maturity Date is extended as provided in the Loan Documents(as defined below)then the Maturity Date <br /> hereunder is deemed so extended without further action of the parties. However,either Holder or Maker <br /> may request an amendment to this Note evidencing the extension, in which case both Holder and Maker <br /> will promptly and duly execute such an amendment. However, in no case shall the absence of such an <br /> executed extension amendment(a) invalidate the Maturity Date extension,(b)invalidate this Note or any <br /> provision of this Note, or (c) in any way release or limit the Maker's obligations or the Holder's rights <br /> hereunder or in the other Loan Documents. <br /> 3. Interest. Simple interest shall accrue on the unpaid principal balance at the rate of <br /> three percent(3%) per annum. <br /> 4. Assignment. The Maker shall not assign any of its rights, duties, or obligations under <br /> the terms of this Note without prior express written consent of the City and upon such terms and <br /> conditions to which the Maker is subject. <br /> 5. Payment of Principal and Interest; Forgivable. Principal and interest shall be due on <br /> the Maturity Date,at which time the full balance due and owing under this Note shall be paid,except that, <br /> if the Project is physically ready for Project operation by the Maturity Date as set forth in the Loan <br /> Documents (defined below), and the Maker fully complies with the provisions of this Note and the other <br /> Loan Documents, then the Holder shall forgive as set forth in the Loan Documents on such date all <br /> amounts due under this Note. <br /> 6. Prepayment. Maker shall have the right to prepay this Note in full or in part at any <br /> time and from time to time without payment of a prepayment fee or penalty. <br /> 7. Default. This Note shall be in default (1) if payment is not made when due, and such <br /> default shall continue for a period of ten (10) days after any written notice to the Maker from Holder <br /> hereof specifying such default and requiring the same to be remedied; or (2) should default be made in <br /> the observance or performance of any covenants, terms, or provisions of the Loan Agreement, Use <br /> Restriction Covenant, Deed of Trust, or any other agreement regarding the Project to which Maker and <br /> Holder are parties,if any(collectively,the"Loan Documents"),and such default continues after any notice <br /> from Holder hereof to Maker and the expiration of any period specifically granted to Maker for curing <br /> such default as provided for in the Loan Documents in the event of such a default. Upon such a default <br /> the whole sum of principal hereunder shall become immediately due and payable according to the terms <br /> herein. As long as this Note is in default,then, at the option of the Holder,without prior notice,this Note <br /> shall bear interest at the rate of ten percent (10%) per annum. <br /> Promissory Note 1 of 4 <br />