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LOAN TERMS 1 <br /> A. The Loan <br /> The Agency is hereby provided a 3% interest loan with a principal amount not to <br /> exceed Ninety Thousand Dollars ($90,000) (the"Loan")for the full undertaking and <br /> performance of the Project. The Loan shall be for a term of forty (40) years and is <br /> due and payable at that time. <br /> B. Security for the Loan <br /> The Loan shall be evidenced by a non-recourse Promissory Note of the Agency in <br /> the form of Exhibit B attached hereto and incorporated herein by this reference. <br /> The obligations of the Agency under the Promissory Note, as well as its rights and <br /> obligations under this AHTF Agreement, shall be assigned to the Owner immediately <br /> upon execution of this AHTF Agreement pursuant to the terms and conditions of <br /> Section I-E hereof. <br /> The Agency shall cause the Promissory Note to be secured by a Deed of Trust <br /> executed by the Owner in the form of Exhibit C attached hereto and incorporated <br /> herein by this reference (the"Deed of Trust"). The Deed of Trust shall secure <br /> repayment of all funds provided to the Agency under this AHTF Agreement and shall <br /> be recorded against all of the Property constituting the Project. <br /> Prior to execution by the Owner of the Deed of Trust for the Property to be acquired <br /> under this AHTF Agreement, the Agency shall cause the Owner to submit to the City <br /> verification of the Owner's ownership interest in the Property and of mortgage <br /> balances and recorded liens against the Property. <br /> C. The Project <br /> The Loan is provided to the Agency for the undertaking and performance of the <br /> Project as detailed in the Project Description, Exhibit A. The Loan may be amended <br /> from time to time in any manner described elsewhere in this AHTF Agreement, so <br /> long as the same remains consistent with the object of Exhibit A, as now or <br /> hereafter amended. <br /> D. Project Budget <br /> All funds provided by the City to the Agency pursuant to this AHTF Agreement may <br /> only be expended in accordance with the budget contained in Exhibit D attached <br /> hereto and incorporated herein by this reference (the "Project Budget"), as may be <br /> amended pursuant to Section V hereof. The Agency shall manage the Project so <br /> that Project activity costs do not exceed the Project Budget. Further, the Agency <br /> shall pay all Project costs in excess of the authorized Loan amount. <br /> City of Everett <br /> AHTF Agreement <br /> Washington Home of Your Own <br /> 7 Page 2 of 15 <br />