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6 <br /> City of Everett <br /> 2060 Housing Trust Fund Agreement <br /> This 2060 Housing Trust Fund Agreement (the "HTF Agreement" or the "Agreement") is entered <br /> into as of , 2007 by and between The Interfaith Association of <br /> Snohomish County (hereinafter "the Grantee") and the City of Everett (hereinafter "the City") to <br /> undertake rehabilitation of a homeless family shelter, the Interfaith Family Shelter (hereinafter <br /> "the Project"). <br /> RECITALS: <br /> A. The Grantee is a non-profit corporation organized and existing under the laws of the State of <br /> Washington. <br /> B. The City is a municipal corporation of the State of Washington. <br /> C. The City has available in its 2060 Housing Trust Fund certain money to be used to <br /> rehabilitate housing projects or units within housing projects that are affordable to very low- <br /> income persons. "Very Low-Income" means income at or below fifty percent (50%) of the <br /> area median income. <br /> D. The Grantee desires to rehabilitate the Interfaith Family Shelter located at 2520 Cedar <br /> Street, Everett, WA as more fully described in Attachment A hereto and incorporated herein <br /> by this reference, to provide affordable housing to homeless and very low-income persons. <br /> E. The Grantee and the City desire that the Interfaith Family Shelter be used for the provision <br /> of affordable housing to very low-income persons on a continuous, uninterrupted basis for at <br /> least 15 consecutive years from the date of this agreement. <br /> E. By Resolutions No. 5471, 5621, and 5763, the City Council of the City of Everett authorized <br /> funding from the 2060 Housing Trust Fund for the Project, more fully described in Exhibit A <br /> attached hereto and incorporated herein by this reference, in an amount not to exceed <br /> $50,065.00. <br /> NOW, THEREFORE, in consideration of their mutual promises herein contained, the parties <br /> hereto agree as follows: <br /> I. GRANT TERMS <br /> A. The Grant <br /> The Grantee is hereby provided a grant in the amount of$50,065.00 (the Grant). <br /> This grant shall be considered a no-interest loan due 15 years from the date of <br /> this agreement. All payment will be deferred as long as the property is used as a <br /> shelter for low-income and homeless persons. Should this property use change, <br /> or the terms of this contract not be upheld, the City of Everett may, at its option, <br /> require immediate payment in full of all sums lent. At the end of 15 years the <br /> loan will be completely forgiven. <br /> 1 <br /> 16 <br />