Laserfiche WebLink
2024 CDBG Subrecipient Agreement <br />Promissory Note <br />Exhibit "D" <br />PROMISSORY NOTE <br />Click or tap here to enter text. Everett, Washington <br />1. Promise to Pay. In consideration for the financial assistance provided by the City of Everett <br />("Holder") pursuant to the Community Development Block Grant Loan Agreement entered into between <br />Maker and Holder on the Click or tap here to entei text. day of Click or tap here to enter text., <br />2024 ("Loan Agreement"), Click or tap here to enter text. of Snohomish County a Washington non- <br />profit corporation, ("Maker"), hereby promises to pay to the order of Holder, at such place as Holder may <br />designate in writing, in lawful money of the United States of America, the principal sum of Click or tap <br />here to enter text. (Click or tap here to enter text.), on the terms and conditions set forth herein <br />and in the Loan Agreement (the "Loan"). <br />2. Term. The Note is forgivable upon all terms being met. <br />3. Interest Interest shall accrue at a yearly rate of three percent (3%) per annum on the unpaid <br />principal balance, unless penalty interest is imposed pursuant to Section 7 of this Promissory Note. <br />4. Assignment. The Maker shall not assign any of its rights, duties, or obligations under the terms <br />of this Note without prior express written consent of the City and upon such terms and conditions to <br />which the Maker is subject. <br />5. Payment of Principal and Interest. Principal and interest, if any on this Note, shall be due on <br />Click or tap here to enter text. or Click or tap here to enter text. (Click or tap here to enter <br />text.) years from the date of Issuance of the Final Inspection whichever is later. The Holder shall forgive <br />the principal amount due under this Note on Click or tap here to enter text. or Click or tap here <br />to enter text. (Click or tap here to enter text.) years from the date of Issuance of the Final Inspection <br />whichever is later, PROVIDED, that the Maker has fully complied with the material provisions of this Note <br />and the Loan Agreement. <br />6. Prepayment. Maker shall have the right to prepay this Note in full or in part at any time and <br />from time to time without payment of a prepayment fee or penalty. <br />7. Default. This Note shall be in default (a) if payment is not made when due, and such default <br />shall continue for a period of ten (10) days after any written notice to the Maker from Holder hereof <br />specifying such default and requiring the same to be remedied, or (b) if Maker fails to fully comply with <br />any covenants terms, or provisions of the Loan Agreement or any instruments relating to or securing this <br />Note executed by Maker ("Loan Documents"), and such default continues after notice to Maker and the <br />expiration of any period granted to Maker for curing such default as set forth below. <br />Upon such a default the whole sum of principal hereunder shall become immediately due and payable <br />according to the terms herein. As long as this Note is in default, then at the option of the Holder, without <br />prior notice, this Note shall bear interest at the rate of ten percent (10%) per annum. <br />A. Curing of Monetary Default. If a monetary event of default occurs under the terms of any <br />of the Loan Documents, before exercising any remedies thereunder, Holder shall give Maker written <br />1 of 4 <br />