5730 EVERGREEN WAY 2016-01-01 MF Import

I�BIC217u372S6 . ' 8 SPECIAL CONDITIONS TO I CTTY OF EVERETP CO1�II�IIJMTY DEVELOPII�NT BLOCK GRANT � ("CDAG'�AGREEMENT � L HOPE VII.LAGE LII�IITED PARTNERSffiP � Housing Hope is a Washington not for profit cocporation and was the appiicant, oa behalf ! of the Project, to the City for receipt of certaia Communiry Development Block Grant funds. � i Housing Hope is the sole member of Buildin� Credits, a Washiagton not for profit corpocation � which is the general paztner of Hope Village Limiud Parmesship far the sole pucpase of assisting ` in the financing, developmant and controi of the Project in a manner consistent with its purpose � of providing low-income housing. I II. LOAN TERMS i In consideration of the promises contained in this Agreemeat, the funds provided under i the Agreement shall be in the form of a zero interest loan in the amount of One Huadred Thousand Two Hundred and 00/100 Dollars (5100,200.00) to Hope Village Limited ParCnership � payable in full thirty (30) years from the date of execution of the origiaal eonrecourse ! Promissory Note in the form of Attachmeat 1 hercto. The Promissory Note shall be secured by " the Deed of Trust in the form of Attachment 2 6ereto. The Deed of Trust shall be subordinate to i those loaz�s and encumbrances idenrified in Attachment 3 hereto. The Ciry shall execuu such subordination documents as may be reasonably required to effect auch subordination. The Ciry i further agrees tuat the terms and condirions of the Loan Rider set forth in Attachmest 4 ue� incorporated herein. � i � i _ � , i � � � I I � 8 b' i 7P:3:\'_I).S1R � 4