5730 EVERGREEN WAY 2016-01-01 MF Import

I 7 I ' u7umu6 EI�iIBIT C 'I FORM OF �� CDBG AMENDED PROI�IISSORY NOTE NO.2 � Everett,Washington $93,000 , 1997 1. promise to Pav. FOR VALUE RECEIVEP, Hope Village Limited ParcnersluP� a Washington limited iP ("Maker'�, hereby promises to pay to the order of Ciry of Everett("Holder'�, at such place as the Holder may designate in writing, in lawful money of the United States of America, the principal sum of Ninety Three Thousand and 00l100 Dollars (593,000) on the urms and conditions set forth herein. ; 2. Nonfor¢ivable. The amount due under this Note may not be forgiven by the ' Holder. 3 payment. Principal shall be paid in full thirry (30) years from the date or execurion of this Note. No interest shall accrue on this Note except for interest on default as set 1 forth in paragraPh 6 herein. 4. Prepayment. Maker shall have the right to prepay this Note in full or in part at any rime and &om rime to rime with the written consent of the Holder and without payment of a prepayment fee. 5, Aoolication of Payment. Payments made hereunder shall be applied to reducrion i of thc;principal. '�", r (, Default. This Note shall be in default if payment is not made when due and such default shall continue for a period of ten (10) days after written norice shall have been given to Ivtaker by Holder specifying such default and requiring the same to be remedied or should defau(t be made in the observance or performance of any covenants, terms or provisions of any instruments relating to or securing this Note executed by Maker ("Loan Documents'�, and such default continues after any notice from Holder hereof to Maker and che expiration of any period � granted to Maker for curing such default as provided for in any such insttument in the event of , such a fault. The whole sum of principal and accrued inn��rem ornaney insltrum nero ating�to I the Holder, become immediately due and payable, anyth� g or securing d�is Note to the contrary notwithstanding, time being of the essence. As long as this Note is in default, then, at che aption of the Holder, without prior norice, this Note shall bear � interest at the rate of ten percent (10%) per annum. Neither the withdrawal, removal, and/or replacement of a general parcner of the Partnership pursuant to the terms of the Partnership I Agreement nor che transfer of the Project to Maker's general partner pursuant to the exercise of a right of first refusal or oprion shall constitute a default under any of the Loan Documenu, and any sucli �ctions shall not accelerare che maturity of the Loan, provided that any required � I 82 , 7d?5:\'_Ifi.SJfl '�.