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M3K277lYSTt56 <br /> 7 <br /> AMENDI�NT TO <br /> CITY OF EVERETT COMMUNITY DEVELOPMENT BLOCK GRANT <br /> ('�CDBG'� LOAN AGREEMENT <br /> THIS AMENDMENT TO CITY OF EVERETT COMMUNITY DEVELOPMENT <br /> BLOCK GRANT ("CDBG'� LOAN AGREEMENT ("Agreement'� is enured into chis <br /> day of . 1997, betweea HOPE VILLAGE LIMITED PARTNERSHIP, <br /> HOUSING HOPE and the CITY OF EVERETT. <br /> RECITALS: <br /> A Hope Village Limiud Partaership ("HV'� is a partnership orgeu�ized and existing <br /> under the laws ef the state of Washingtan. <br /> B. The City of Everett (the "City") is a municipal corporarion and a polirical <br /> subdivision of the state of Washington. <br /> • C. HV has acquired certsin real property located at 5730 Evergren Way, Everett, <br /> Washingten, said real properry hereinafter called "the Premises" and more fully described in <br /> Eihibit A attached hereto. <br /> D. HV desires to improve the Premises as a mixed use�velopment including office ; <br /> space, a day caze facility and housing to low-income residents �i the City of Everett. The <br /> planned improved Premises is hereafter referred to as the ("Projecc�. . <br /> E. HV and the Ciry desire that the Project be used for the provision of low-income <br /> housing services on a continuous, unir.terrupted basis fo;at leasc 30 consecurive yezrs. <br /> F. Housing Hope is a Washington not for pre5t cr>>.cpnration and was ihe applicaat, <br /> on behalf of the Project, to the Ciry for receipc of ce-�in�omm�u,rey Development Block Grrnc <br /> funds. Housing Hope is the sole member of Buii�ing CtYdits, a Washington not for profit <br /> co�poradon which is the general parfier of H�' f01'tho �p►t purpose of assisting in the financing, <br /> development and con�ol of the Pn��a�'� II� �\ 111111111er consistent with its putpose of p[vviding ; <br /> low-income housing. ' <br /> � <br /> ! <br /> G. The Ciry, in response to Housing Hope's application, loaned to Housing Hope, i <br /> pursuant to the terms and conditions of two Community Development Block Grant Agreements <br /> and a Promissory Note dated July 8, 1994 the principal sum of 540,000 and pursuant to the terms � <br /> and conditions of a Second Promissory Note dated July 8, 1994, the principal sum of�93,000. j <br /> H. Whereas, both Promissory Notes are secured by a Deed of Trust dated July 8, � <br /> 1994 and recorded on July I5, 1994 under Snohomish Counry Recording Number 9407150054. � <br /> I <br /> 72 �'� <br /> �I IiK'S.S:\.0'_.11 HK <br /> f <br />