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Housing Hope HCS-15-42-1213-198(1) 7/25/2016
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Housing Hope HCS-15-42-1213-198(1) 7/25/2016
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Last modified
8/10/2016 11:29:30 AM
Creation date
8/10/2016 11:29:01 AM
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Contracts
Contractor's Name
Housing Hope HCS-15-42-1213-198(1)
Approval Date
7/25/2016
Council Approval Date
4/20/2016
End Date
9/30/2055
Department
Planning
Department Project Manager
Rebecca McCrary
Subject / Project Title
Kennedy Court Low Income Housing Rehab
Tracking Number
0000225
Total Compensation
$573,298.00
Contract Type
Agreement
Contract Subtype
Grant
Retention Period
6 Years Then Destroy
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A default in payment of any amount due hereunder may be cured only by payment in full of <br /> such amount plus the interest accrued from the date of default, as stated above, on the <br /> unpaid principal balance as of the date of default until the date of payment resulting from <br /> application of a default rate of interest as provided herein, if any, that may be due hereunder <br /> or under any instrument relating to or securing this Note, plus any attorneys' fees incurred <br /> by the Holder by reason of such default. <br /> B. Curing of Nonmonetary Default. If a nonmonetary event of default occurs under <br /> the terms of any of the Loan Documents, prior to exercising any remedies thereunder, <br /> Holder shall give Maker written notice of such default. <br /> If the nonmonetary default is reasonably capable of being cured within thirty (30) days, <br /> Maker shall have such period to effect a cure prior to exercise of remedies by Holder under <br /> the Loan Documents, or such longer period of time as may be specified in the Loan <br /> Documents. If the default is such that it is not reasonably capable of being cured within <br /> thirty (30) days or such longer period if so specified, and if Maker in the reasonable <br /> determination of Holder (a) initiates corrective action within said period, and (b) diligently, <br /> continually, and in good faith works to effect a cure as soon as possible, then Maker shall <br /> have such additional time as Holder determines is reasonably necessary to cure the default <br /> prior to exercise of any remedies by Holder. In no event shall Holder be precluded from <br /> exercising remedies if its security becomes or is about to become materially jeopardized by <br /> any failure to cure a default or if the default is not cured within sixty (60) days after the first <br /> notice of default is given, or such longer period of time as may be specified in the Loan <br /> Documents. <br /> 7. Nonwaiver. Failure to exercise any right the Holder may have or be entitled to in the <br /> event of any default hereunder shall not constitute a waiver of such right or any other right in the <br /> event of any subsequent default. <br /> 8. Waiver of Presentment. The Maker and all guarantors and endorsers hereof hereby <br /> severally waive presentment for payment, protests, and demand, notice of protest, demand, <br /> dishonor, and nonpayment of this Note, and consent that the Holder hereof may extend the time <br /> of payment or otherwise modify the terms of payment of any part or the whole of the debt <br /> evidenced by this Note, by agreement between the Holder and Maker, and such consent shall <br /> not alter or diminish the liability of any person or the enforceability of this Note. Each and every <br /> party signing or endorsing this Note binds itself as a principal and not as a surety. This Note <br /> shall bind the undersigned and its successors and assigns, jointly and severally. <br /> 9. Security for Note. This Note is secured by a Deed of Trust (the "Deed of Trust") of <br /> even date herewith granted by the Maker, covering certain real property in Snohomish County, <br /> Washington, together with the buildings and improvements now or hereafter erected thereon <br /> (the "Premises"). <br /> 10. Collection Costs. Maker agrees to pay all costs, including reasonable attorneys' <br /> fees, incurred by Holder hereof in any suit, action, or appeal therefrom, or without suit, in <br /> connection with collection hereof, foreclosure of the Deed of Trust, or enforcement of any <br /> instrument securing payment hereof or otherwise relating to or securing this Note. <br /> Amended Exhibit C <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 2 of 5 <br />
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