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9 <br /> Attachment C <br /> Form of Loan Note <br /> $**.00 **, 2006 <br /> **, Washington <br /> ** ** ** <br /> Property Address City, State Zip Code <br /> 1. BORROWER'S PROMISE TO PAY <br /> In return for a loan that I have received, I (We), ** ("Borrower"), promise to pay ** and 00/100 <br /> Dollars ($**.00) U.S. funds (this amount is the original "principal"), plus interest, to the order of <br /> **, a municipal corporation of the State of Washington, at the address stated in Paragraph 6 <br /> below or such other place as the Holder of this Deed of Trust Note ("Note") may designate in <br /> writing from time to time. I understand that ** may transfer or assign this Note. ** or anyone <br /> who takes this Note by transfer and who is entitled to receive payments under this Note will be <br /> called the "Holder." <br /> 2. INTEREST <br /> Interest will accrue on the unpaid principal from the date of this Note at the rate of three percent <br /> (3%) per year calculated based on a 360-day year of twelve 30-day months. If interest must be <br /> determined for any partial month it shall be calculated on the basis of a 365-day year and the <br /> actual number of days elapsed. On the date that is eight (8) years from the date of this Note, <br /> all accrued but unpaid interest shall be added to the principal, and interest shall then accrue at <br /> the rate of three percent (3%) per year on the increased principal amount. <br /> 3. INSTALLMENT PAYMENTS OF PRINCIPAL AND INTEREST <br /> I will pay principal and interest as follows: <br /> A. Payments in Years 9-30. No payment shall be required until the date that is nine <br /> (9) years from the date of this Note, unless there is an Occurrence described in <br /> Paragraph 4 below. On the date nine (9) years from the date of this Note and <br /> on each anniversary date of this Note through the 30th anniversary of the date of <br /> this Note, I agree to make an annual interest-only payment of $**.00. <br /> B. Payments of Principal and Interest after Year 30. I agree to make monthly <br /> payments of principal and interest in the amount of Five Hundred Fifty and <br /> 001100 Dollars ($550.00) commencing on the first day of the first calendar <br /> month following the date that is thirty one (31) years from the date of this Note <br /> and on the first day of each month thereafter until the principal and all accrued <br /> interest are paid in full. I promise to pay all principal and interest still owing on **. <br /> ADDI Agreement between C - 1 <br /> City of Everett and Snohomish County • J 1. <br />