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16 <br /> CITY OF EVERETT AND EVERETT HOUSING AUTHORITY <br /> SUPPLEMENT TO AGREEMENT ON CLEANUP AND REDEVELOPMENT OF <br /> ASARCO PROPERTY <br /> THIS SUPPLEMENT to the City/EHA Agreement (as hereinbelow defined) (this <br /> "Supplement") is made this day of August, 2005,between the CITY OF EVERETT <br /> ("City"), a Washington municipal corporation, and the HOUSING AUTHORITY OF THE CITY <br /> OF EVERETT ("EHA"), a public body corporate and politic of the State of Washington. The <br /> City and EHA agree as follows. <br /> Section 1. RECITALS. <br /> 1.1 The City, EHA and Bank of America,N.A., a national banking association <br /> (together with its successors and assigns, the"Bank"), are parties to that certain Contingent <br /> Funding Agreement dated July 22, 2004 (as the same may be amended, restated, supplemented <br /> or otherwise modified from time to time, the"Contingent Funding Agreement"). <br /> 1.2 Pursuant to the terms of the Contingent Funding Agreement, the City agreed to <br /> make advances to EHA upon receipt of a demand from the Bank or EHA in an amount equal to <br /> the principal amount of and all accrued but unpaid interest on all draws on that certain Tax- <br /> Exempt Non-Revolving Line of Credit Revenue Note 2004 (Everett Smelter Site Project)made <br /> by EHA and payable to the Bank (each such draw, a "Bank Advance" and collectively, the <br /> "Bank Advances"), which note was issued under and is subject to the terms of that certain Loan <br /> Agreement dated as of July 23, 2004, between EHA and the Bank (as amended, restated, <br /> supplemented or otherwise modified from time to time, the"Loan Agreement"). <br /> 1.3 In connection with the Contingent Funding Agreement, the City and EHA entered <br /> into that certain City of Everett and Everett Housing Authority Agreement on Cleanup and <br /> Redevelopment of Asarco Property dated July 22, 2004 (as the same may be amended, restated, <br /> supplemented or otherwise modified from time to time, the"City/EHA Agreement") which <br /> agreement sets forth certain additional terms between the City and.EHA regarding, among other <br /> things, ther terms under which the City will provide or withold its approval prior to any Bank <br /> Advance. <br /> 1.4 Section 2.3 of the City/EHA Agreement provides that if the costs of EHA to <br /> acquire, clean up and prepare the Asarco Properties (as defined in the City/EHA Agreement) for <br /> redevelopment, to sell the Asarco Property(the"Project") at any time exceeds twelve percent <br /> (12%) of the project budget (prior to change orders) attached as Exhibit D to the City/EHA <br /> Agreement (the "Original Budget"), the City may withold its approval of any Bank Advance <br /> until the budget issue between EHA and the City is resolved. <br /> 1.5 EHA has informed the City that it estimates that the cost of the Project will <br /> exceed twelve percent (12%) of the amount of the Original Budget, and has requested that the <br /> City continue to provide its approval of each Bank Advance requested by EHA. <br /> t6 <br /> SEA 1685101x24900000-605 Page 1 of 3 <br />