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8 <br />• CITY OF EVERETT <br /> HOME LOAN AGREEMENT <br /> ("HOME Agreement") <br /> This HOME Agreement is made by and between City of Everett, a political subdivision of the <br /> State of Washington (hereinafter "the City"), and Monte Cristo Partners, L.P. , a Washington <br /> limited partnership (hereinafter "the Agency") and is dated as of May 31, 2006 (the "HOME <br /> Agreement" or the "Agreement"). <br /> WHEREAS, the Federal Government has enacted the National Affordable Housing Act, which <br /> created the HOME Investment Partnerships Program ("HOME Program") administered by the <br /> United States Department of Housing and Urban Development ("HUD") through regulations at <br /> 24 Code of Federal Regulations ("CFR") Part 92 ("HOME Regulations"); and <br /> WHEREAS, the City is a participating jurisdiction and receives funds from HUD under the <br /> HOME Program; and <br /> WHEREAS, the City in turn awards portions of these HOME Program funds ("HOME funds") to <br /> for profit and nonprofit housing owners, sponsors and developers for projects and programs to <br /> develop housing, rehabilitate housing, or otherwise assist in providing affordable housing to <br /> meet the needs of lower income families throughout the City; and <br /> WHEREAS, the Agency has applied for HOME funds to rehabilitate certain real property <br /> (hereinafter "the Premises") located at 1507 Wall Street, Everett, Washington legally described <br /> as Lots 13-18, Block 682, Plat of Everett, Washington and commonly known as the Monte <br /> Cristo Apartments, to provide affordable housing to low income residents of the City of <br /> Everett; and <br /> WHEREAS, the City has approved the decision to award HOME funds to the Agency for said <br /> program; <br /> NOW, THEREFORE, in consideration of the mutual promises and agreements contained <br /> herein, the parties agree as follows: <br /> L GENERAL AGREEMENT <br /> The City hereby agrees, for the purpose of providing rental housing for low income <br /> households to loan to the Agency HOME funds in the amount of Thirty Thousand Dollars <br /> ($30,000.00) upon the following terms and conditions. <br /> A. Designation <br /> The Agency agrees to undertake the rehabilitation of the Project in accordance with the <br /> rehabilitation budget provided the City and to use the HOME funds provided hereunder. The <br /> Project description, budget and schedule are described in attached as Attachment A hereto. <br /> The undertaking of the Project shall be in full accord with the HOME Investment Partnerships <br /> - 1 - <br /> 61 <br />