5730 EVERGREEN WAY 2016-01-01 MF Import

Q MBKl2771Y7TlJ6 . V ATTACEiNIENT 1 FORM OF CDBG PROM.TSSORY NOTE 5100,200 Everett,WashingWn . 1997 1. Promise ro Pav. FOR VALUE RECEIVED,Hope Village Limiud Partaerslup, a Washington limited partnership ("Maker�, hereby promises to pay to the order of City of Everott("Holder�, at such place as the Holder may desi�ate in wrting, in lawful money of the United States of America, the principal sum of One Hundred Thousand Two Hundred and 00/100 Dollars ("a100,200) on the terws and conditions set forth herein. 2. Nor.forr.ivable. Tha amount due under this Note may not be forgivea by the Holder. 3. Pavment. Principal shall be paid in full thirty (30) years from the date or execurion of this Note. No interest shall accrue on this Note except for intaast on default as set forch in pazagiaph 6 herein. 4. Prepavment. Maker shall have the right to prepay t�is Note in full or in parc at an�.y rime aad from time to dme with the written consent of the Holder and without payment of a pn�payment fee. 5. Appiication of Payment. Payments made hereunder shall be applied to reduction� of the principal. 6. 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 writien notice shall have been g�iven to Maker by Holder specifying such default and requiring ths same to be remedied or should default be made in the observance or performance of any covenants, tercns or provisions of aay irutruments relaeng to or securing this Note executed by Maker ("Loan Documenu'�, and such default conrinues after any notice from Holder hereof to Maker and the expiration of any period granted to Maker for curing such default as provided for in any such insnvment in the event of such a fault. The whole sum of principal and accrued interest hereunder shall, at the oprion of the Holder, become inunediately due and plyable, anything herein or any instrument rolating to or securing this Note to the contrary notwithstanding, rime being of the essence. As long as this Note is in default, then, at the opdon 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 partner of the Partnership pursuant to the terms of the Parmership Agreement nor the aansfer of the Project ro Maker's geneml psrtrier pursuant to the exercise of a right of first refusa: or option shall consritute a aefault under any of the Loan Docwnents, and any such actions shall not accelemte the maturiry of the Loan, provided t6at any required 97 7A?5:\=09.S1R