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5 EVERETT COMMUNITY HOUSING IMPROVEMENT PROGRAM <br /> CONTRACT WITH LENDING INSTITUTIONS <br /> OWNER-OCCUPIED PROGRAM <br /> • <br /> THIS AGREEMENT IS ENTERED INTO THIS 1st day of December , 2010 by <br /> and between Cascade Bank (herein called the "Lender") and the City of Everett, <br /> Snohomish County, State of Washington, a municipal corporation (herein called the <br /> "City"). <br /> WITNESSETH: <br /> WHEREAS, the City has adopted a plan for the rehabilitation and improvement of <br /> housing and the environment in the all incorporated areas of the City; and <br /> WHEREAS, the City, Lender, and other participating lenders desire to continue <br /> providing housing rehabilitation services and loan assistance to qualified property owners <br /> of this community; and <br /> WHEREAS, the City is committing a portion of Community Development Block <br /> Grant or HOME funds to provide and to support the provisions of loans by lending <br /> institutions of the City to resident property owners for rehabilitation and-improvement of <br /> residential properties; and <br /> WHEREAS, it is the objective of the City to assure that every residential property <br /> within the City of Everett be improved to meet the requirements of the Everett Housing <br /> Code and that the health and safety of the residents are protected and enhanced; and <br /> WHEREAS, the Lender and the City believe that the City of Everett's Community <br /> Housing Improvement Program (herein called "CHIP") has been successfully implemented <br /> through the cooperation of the parties hereto pursuant to the terms of their former <br /> agreement; and <br /> WHEREAS, the Lender agrees to participate in the.Community Housing <br /> Improvement Program through the approval, processing, and collection of home <br /> improvement or housing rehabilitation loans to resident property owners within the city <br /> limits of Everett; and <br /> WHEREAS, the City and the Lender recognize that the purpose of this program is to <br /> provide assistance to low and moderate income homeowners who would not qualify for <br /> conventional home improvement/rehabilitation loans; and <br /> WHEREAS, this agreement is meant to supersede all prior agreements signed <br /> between the City and the Lender concerning this matter; <br /> 38 <br />