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7 <br /> MBK2]7M/3TZ16 <br /> I Whereas, t�e Ciry, Housing Hope aad HV previously agreed and now wish to <br /> amend to terms of t6e Block Grant Agreement arid Promissory Noce and to confirm the Ciry's <br /> allowance of HV assuming the abligations thercunda pursuant to the tecros of this CDBG Loan <br /> Agreement. <br /> NOW, THEREFORE, in considerarion of their mutual promises henin contained, the <br /> parties agree as follows: <br /> L LOAN TERMS. In considerarion of the promises cor.ta�ned herein, the City <br /> heroby a�ees that the terms and conditions of that certain Proarissory Note dated July 8, 1994 in <br /> the amount of 540,000 are hereby superseded, amended and replaced by the terms and wndiaons <br /> set forth in CDBG Amended Promissory Note Number 1 attached as Exhibit B hereto and that <br /> the terms and conditions of that certain Promissory Note dated July 8, 1994 in the amount of <br /> 593,000 are hereby superseded, amended and replaced by the terms and conditinns ser forth in <br /> CDBG Amended Promissory Note Numbcr 2 attached as Ezhibit C heteto. <br /> II. U5E OF FLJNDS AND COMMENCEI�NT OF WORK. The parties hereto, <br /> acknowledge that the funds loaned to Housing Hope hereunder were used solely for the <br /> acquisirion of the Premises and for no other pucpose. <br /> III. FORM OF LOAN DOCUMENTS. Upon execurion of this Amendment, HV <br /> shall execute the Promissory Notes in the form and containing the terms set forth in Exhibits B <br /> and C. The City agrees that its Deed of Trust shall be subordinate te those encumbrances <br /> +�ntified in Exhibit D attached hereto, and tha: the City shall execute such subordinarion <br /> �.��meni �S may be reasonably required to effect such subordination. The Ciry further agrees <br /> tha� ,�,` Ce,.is and conditions of the Loan Rider the form of E=hibit E are incorporated herein. <br /> IV. CONSENT TO ASSIGNMENT. <br /> ,� 1�y and through its signature hereon, the City of Everett consents to the <br /> assi��enc h�� Housing Hope and the assumption by HV of the obligauons under this Agreement <br /> and further consents to the sale by Housing Hope of the Premises to HV. <br /> IN WITNESS WHEREOF the parties have signed this Agreement on the date first above <br /> suritten. <br /> 73 <br /> \Il3K'5:5:\.0'_.�I HK <br />