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6 <br /> is hereby amended to the following: <br /> "Habitat will construct a single family residence whose occupant's income will not <br /> exceed 50%of Seattle/Everett LMSA median income. The family will agree to occupy <br /> the premises as their principal residence and will not use it as a business. They will also <br /> warrant not to rent or lease the premises. <br /> The project will be a single family home, which meets Habitat's guidelines for low-income <br /> housing. To meet this goal, the house will not have living space that exceeds 1100 square <br /> feet and will not have a garage. The family provides 500 hours of charitable service as a <br /> down payment for the home. Homes are sold to the families by Habitat with a no interest <br /> loan. To assure the home stays as a low income residence,the homeowner agrees to re-pay <br /> the City$40,000.00 with simple interest of 3%should the property be sold within 20 years of <br /> the date of closing. At the end of 20 years the Note will be forgiven and the land will be <br /> conveyed to the homeowner." <br /> Exhibit C: Section 1 of the Agreement which reads as follows: <br /> "This grant shall be considered a loan with principal and interest due fifteen years from <br /> the date of closing. All payment will be deferred as long as the property is used as a <br /> single family residence for low and moderate-income people as per this contract. Should <br /> this property use change, or the terms of this contract not be upheld,the City of Everett <br /> may, at its option,require immediate payment in full of all sums lent plus interest. At the <br /> end of fifteen years the loan will be forgiven 100%principal and interest." <br /> is hereby amended to the following: <br /> "This grant shall be considered a loan with principal and interest due twenty years from <br /> the date of closing. All payment will be deferred as long as the property is used as a <br /> single family residence for low and moderate-income people as per this contract. Should <br /> this property use change, or the terms of this contract not be upheld,the City of Everett <br /> may, at its option, require immediate payment in full of all sums lent plus interest. At the <br /> end of twenty years the loan will be forgiven 100%principal and interest." <br /> All provisions of the Agreement not modified by this Addendum shall remain in full force <br /> and effect. <br /> i8 <br />