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Iu1BKlL1746.37236 <br /> EX�IT B 7 � <br /> FORM OF <br /> CDBG Ai�N�ED pROIVIISSORY NOTE NO. 1 ; <br /> Everett,Washington <br /> $40,000 _ , 1997 <br /> 1. Promise to Pav. FOR VALUE REC�EN��>He P°Q playgi L�ettorder o C ry of <br /> Wyshin g ton limited partnership ("Maker�, Y P � � lawful money of the <br /> Everett("Holder'�, at such p lace as t h e H o l d e r m a y d e s i t e in writin 8, <br /> United States of Amerir,a, the principal sum of Forty Thuusand and 00/100 Dollars (540,000) on <br /> the terms and conditions set forth herein. <br /> 2. Nonforeivable. The amount due under this Note may not be forgiven by tha <br /> Holder. <br /> 3 �;_�_nt. Principal shall be paid in full thirty (3�) years from the date or <br /> execurion of tl'is Note. No interest shall accrue on this Note exc:pt for interest on default as set <br /> forth in paragiaPh 6 herein. <br /> 4 pLep_ a�n_nt. Ivtaker shall have the ri�,ht to prepay this Note in fvll or in part at <br /> yny ttme ynd from rime to t�me with the written consent of the Holder and without payment of a <br /> prepayment fee. � <br /> g, qpplicat�ion of p3'rtnent. Payments made hereunder shall be applied to reducrion <br /> of the principal. <br /> (, Default. This Note shall be in default if payment is aot made when due; and such <br /> default shall conrinue for a period of ten (10) days after �he samectosbe`remedud or�should <br /> Maker by Holder specifying such default and requiring <br /> default be made in the observance or perfotmance of any covenants, terms or provisions of any <br /> instrumer.0 relating to or securing this Note executed by Maker( Loan Documents'�> and such <br /> norice from Holder hereof to Maker and the expiration of any period <br /> ult as rovided for in any such instnunent in [he event of <br /> default continues after any <br /> granted to Maker for curing such defa P j <br /> such a fault. The whole sum of principal and accrued i�t ri reu� or any insltrumenexe ating to �'i <br /> the Holder, become immediately due and payable, znyth� B ; <br /> ttorxithstanding, cime being of the essence. As long as this i <br /> or securing this Note to ihe conuary I <br /> Note is in default, then, at the eprion of th i�u�. Ne ther the withdm`uals �m°��ala�or � <br /> �r,cerest at the rate of ten percent (10%) p <br /> rPt�lace ent nor che transfer of ctie Project o Maker's general pamier purs ant t�o c�he xere se otl a ' <br /> Agreem of the Loan Documencs, and <br /> right of first refusal or option shall constitute a default under anY rovided that any required <br /> afly such actions shall not accele!�ate the maturiry of the Loan, p <br /> � $ <br /> � �R,�riac�eos�s.,a�s+a <br />