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9 <br /> H. To avoid duplication of effort and to achieve economies of scale, the <br /> Authority proposes to assign the City Contracts, the Second and Third Mortgage Loans <br /> and the Revolving Loan Fund to HomeSight. <br /> I. HomeSight has agreed to accept assignment of, and assume the obligations <br /> of the Authority under, the City Contracts. <br /> J. HomeSight has agreed that the Authority will assign to HomeSight its right, <br /> title and interest in (i) the Second and Third Mortgage Loans, a list of which is attached <br /> hereto as Exhibit B, and (ii) the current Revolving Loan Fund cash balance, which as of <br /> April 23, 2007 is $144,692.00. On or before June 30, 2007, the Authority shall complete <br /> its accounting of payments made to and interest accrued on the Revolving Loan Fund <br /> during the month of May and June, 2007 and shall transfer such additional funds, if any, to <br /> HomeSight to be included in the Revolving Loan Fund. <br /> NOW, THEREFORE, in consideration of the foregoing facts and the covenants <br /> contained herein and other consideration, the receipt and sufficiency of which is hereby <br /> acknowledged, the parties hereby agree as follows: <br /> 1. Recitals. The foregoing recitals are true and correct and incorporated by <br /> reference herein. <br /> 2. Assignment and Assumption of the Second and Third Mortgage Loans. <br /> The Authority hereby assigns, and HomeSight assumes, the notes and deeds of trust <br /> evidencing the Second and Third Mortgage Loans and all payments received under such <br /> loans. The assignment of the notes and deeds of trust securing such notes are made <br /> without representation, recourse or warranty to HomeSight, except that the Authority <br /> represents that it has title to and the power to transfer the notes and deeds of trust. The <br /> notes evidencing the Second and Third Mortgage Loans shall be endorsed over to <br /> HomeSight in substantially the form attached hereto as Exhibit C. The deeds of trust <br /> securing the Second and Third Mortgage Loans shall be assigned to HomeSight in <br /> substantially the form attached hereto as Exhibit D <br /> 3. Transfer, Assignment and Conveyance of the Revolving Loan Fund. The <br /> Authority hereby transfers, assigns and conveys to HomeSight (a) the current balance of <br /> $144,692.00 in the Revolving Loan Fund as of April 23, 2007 and (b) all other payments <br /> made to and interest accrued on the Revolving Loan Fund during the months of May and <br /> June, 2007, calculated pursuant to Recital J, no later than June 30, 2007; provided that the <br /> current and any future balance in the Revolving Loan Fund shall be used only to make <br /> additional loans to eligible homebuyers who purchase a home within Everett's City limits <br /> under the Program. <br /> 4. Assignment and Assumption of the City Contracts. The Authority hereby <br /> assigns, and HomeSight assumes, the City Contracts for the Revolving Loan Fund. By <br /> -2- <br /> 4 <br />