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Attachment B <br /> Form of <br /> PROMISSORY NOTE <br /> $100,000.00 Everett, Washington <br /> 1. Promise to Pay. In consideration for the financial assistance provided by the City of <br /> Everett ("Holder") pursuant to the City of Everett HOME Loan Agreement entered into between <br /> Maker and Holder on the day of November, 2007 ("HOME Agreement"), Senior <br /> Services of Snohomish County. ("Maker"), hereby promises to pay to the order of Holder, at <br /> such place as Holder may designate in writing, in lawful money of the United States of America, <br /> the principal sum of $100,000.00 on the terms and conditions set forth herein and in the HOME <br /> Agreement (the "Loan"). <br /> 2. Term. The Note shall be due on November 21, 2032 (the "Maturity Date"). <br /> 3. Interest. Interest shall accrue on the unpaid principal balance at the rate of three <br /> (3%) percent per annum compounded annually. <br /> 4. Payment of Principal and Interest. Principal and interest shall be due in on the <br /> Maturity Date. <br /> 5. Prepayment. Maker shall have the right to prepay this Note in full or in part at any <br /> time and from time to time without payment of a prepayment fee or penalty. <br /> 6. Default. This Note shall be in default (a) if payment is not made when due, and such <br /> default shall continue for a period of ten (10) days after any written notice to the Maker from <br /> Holder hereof specifying such default and requiring the same to be remedied; or (b) if Maker <br /> fails to fully comply with any covenants, terms, or provisions of the HOME Agreement or any <br /> instruments relating to or securing this Note executed by Maker and Owner ("Loan <br /> Documents"), and such default continues after the expiration of any period granted to Maker for <br /> curing such default as provided for in any notice from Holder hereof to Maker. Upon such a <br /> default the whole sum of principal and accrued interest hereunder shall become immediately <br /> due and payable according to the terms herein. As long as this Note is in default, then, at the <br /> option of the Holder, without prior notice, this Note shall bear interest at the rate of ten percent <br /> (10%) per annum. <br /> A. Curing of Monetary Default. If a monetary event of default occurs under the <br /> terms of any of the Loan Documents, before exercising any remedies thereunder, <br /> Holder shall give Maker written notice of such default. Maker shall have a period of ten <br /> (10) days after such notice is given within which to cure the default before exercise of <br /> remedies by Holder under the Loan Documents, or such longer period of time as may <br /> be specified in the Loan Documents. A default in payment of any amount due <br /> hereunder may be cured only by payment in full of such amount plus the interest <br /> accrued from the date of default, as stated above, on the unpaid principal balance as of <br /> B-1 vs <br />