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ASSIGNMENT AND ASSUMPTION AGREEMENT <br /> THIS ASSIGNMENT AND ASSUMPTION AGREEMENT ("Agreement") is <br /> entered into as of this 24th day of April, 2007 by HOMESIGHT, a Washington nonprofit <br /> corporation ("HomeSight"), the HOUSING AUTHORITY OF SNOHOMISH COUNTY, <br /> a public body corporate and politic of the State (the "Authority"), and CITY OF <br /> EVERETT(the"City"), with reference to the following facts. <br /> RECITALS <br /> A. The Authority encourages the provision of long-term housing for low- <br /> income persons residing in Snohomish County, Washington. <br /> B. The Authority, in conjunction with Washington State, Snohomish County, <br /> and HomeSight, developed a program to provide down payment assistance to single-family <br /> homebuyers in Snohomish County(the"Program"), including the City of Everett. <br /> C. Under the Program, the Authority made second and third lien loans to <br /> eligible homebuyers in City of Everett to provide down payment and closing cost <br /> assistance (the"Second and Third Mortgage Loans"). <br /> D. Under the Program, HomeSight provided education, financial counseling <br /> and loan underwriting services to eligible homebuyers in City of Everett. <br /> E. In July, 2001 the Authority, Everett Housing Authority and HomeSight <br /> developed a Section 8 Homeownership Option Demonstration Project under the Section 8 <br /> Homeownership Option Demonstration Project Interlocal Agreement between the <br /> Authority and Everett Housing Authority. <br /> F. To provide funding for downpayment assistance loans to first-time <br /> homebuyers with incomes at or below 80% of median income for City of Everett under the <br /> Program, the City executed contracts with the Authority in 2001, 2002 and 2003 for <br /> funding from Community Development Block Grant (CDBG) for a revolving <br /> downpayment assistance loan fund (the "City Contracts"), a list of such contracts is <br /> attached hereto as Exhibit A. In connection with the City Contracts, the Authority <br /> maintains a fund (the "Revolving Loan Fund") to make additional loans to eligible <br /> homebuyers under the Program as previous downpayment assistance loans are repaid. <br /> G. HomeSight currently administers and services similar loan funds in <br /> Snohomish County. <br />