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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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GRANTOR FURTHER AGREES: <br /> 1. Grantor will perform each and every obligation contained in the Loan Agreement <br /> and any amendments thereof. <br /> 2. Grantor will charge rent to tenants of the Premises described herein according to <br /> the (i) Rent Restriction Provisions contained in Section VI, Exhibit A to the Loan Agreement <br /> and (ii) the Use Restriction Covenant Agreement attached as Exhibit E to the Loan <br /> Agreement and to be recorded against the Property. <br /> 3. Grantor will ensure that the Property will remain affordable pursuant to the terms <br /> of the foregoing Loan Agreement without regard to the term of any other deed of trust or the <br /> transfer of ownership, for not less than the term of this Deed of Trust, except that, upon <br /> foreclosure of the Property described herein by another lender or other transfer in lieu of <br /> such a foreclosure, the affordability period of this Deed of Trust shall be terminated if that <br /> foreclosure or other transfer recognizes any contractual or legal rights of public agencies, <br /> nonprofit sponsors, or others to take actions that would avoid the termination of low-income <br /> affordability. However, the affordability restrictions of this Deed of Trust shall be revived <br /> according to the original terms set forth herein if, during the period hereunder, the owner of <br /> record before foreclosure under any other deed of trust or deed of trust or other transfer, or <br /> any entity that includes the former owner or those with whom the former owner has or had <br /> family business ties, obtains an ownership interest in the Property described herein, in which <br /> event the affordability period shall be revived according to its original terms as set hereunder. <br /> 4. If Grantor shall fail to perform any obligation hereunder and the Beneficiary elects <br /> to perform the same and expends any monies therefor, such expenditure shall be deemed in <br /> addition to the amount secured by this deed of trust and be immediately due and payable in <br /> accordance with the loan documents. <br /> 5. If an event of default occurs under the foregoing Loan Agreement or Note (after <br /> the expiration of any applicable cure period), the whole indebtedness secured thereby shall <br /> be due and payable in accordance with the loan documents and the Beneficiary may <br /> proceed to foreclose this Deed of Trust. If the Beneficiary shall incur any costs and <br /> expenses, including reasonable attorneys' fees and costs of any title reports, in connection <br /> with the performance of any of its rights hereunder including foreclosure, such costs and <br /> expenditures shall remain secured by this Deed of Trust and shall be immediately due and <br /> payable by Grantor. <br /> GRANTOR: <br /> HOUSING HOPE, <br /> a Washington non-profit corporation <br /> By: <br /> Fred Safstrom, Chief Executive Officer <br /> Amended Exhibit D <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 4 of 7 <br />
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