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Program (hereinafter "Program") Project within the HOME Investment Partnerships Act of <br /> 1990, as now or hereafter amended (hereinafter the "Act"). The Agency agrees to comply <br /> fully with all applicable Federal, State, and local laws, ordinances, and regulations in activities <br /> funded in whole or in part with funds provided through this HOME Agreement and in carrying <br /> out the Project with all other terms of this HOME Agreement. <br /> B. The Loan; Project Budget <br /> The City agrees to loan the Agency Thirty Thousand Dollars ($30,000.00) (the "Loan") for the <br /> full undertaking and performance of the Project. The Loan shall accrue interest at the rate of <br /> 4.79% compounded annually . No payments of principal or interest shall be due until <br /> December 31, 2047 (the "Maturity Date") at which time the full amount of principal and accrued <br /> interest shall be due and payable. <br /> C. Promissory Note; Deed of Trust; Mortgage Loan Rider <br /> The Loan shall be evidenced by a non-recourse Promissory Note in the form of Attachment B <br /> attached hereto. <br /> The Agency shall cause the Promissory Note to be secured by a Deed of Trust executed by <br /> the Owner in the form of Attachment C attached hereto. The Deed of Trust shall secure <br /> repayment of all funds provided under this HOME Agreement. <br /> The Mortgage Loan Rider attached hereto as Attachment D, and incorporated hereby by this <br /> reference, shall be attached to and be a part of the Promissory Note and the Deed of Trust. <br /> D. Assignment of Obligations <br /> Except as set forth herein, the Agency shall not assign any of its obligations under this HOME <br /> Agreement, but shall remain obligated at all times to perform according to the terms of this <br /> HOME Agreement. Notwithstanding any other provision of this HOME Agreement, the City <br /> consents to the assumption by Archdiocesan Housing Authority ("AHA") of the rights, duties <br /> and obligations hereunder, in the event AHA s acquires the Project from the Agency. <br /> E. Covenant Agreement; Priority Agreement; Subordination Agreement <br /> The Agency shall cause to be executed a Use Restriction Covenant Agreement (hereinafter <br /> "the Covenant Agreement") in the form of Attachment E attached hereto which Covenant <br /> Agreement shall be senior to any monetary liens or encumbrances recorded against the <br /> Project unless otherwise agreed in writing by the City. <br /> - 2 - <br /> 62 <br />