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2 WHEREAS, Housing Hope was the applicant, in connection with the development of the
<br /> property known as Housing Hope Village located in Everett, Snohomish County, Washington
<br /> ("Project"), and legally described on Exhibit A attached hereto and incorporated herein by
<br /> reference (including all improvements thereon) (the "Property"), to the Lender of certain
<br /> Community Development Block Grant funds. Lender, in response to Housing Hope's application,
<br /> loaned Hope Village,pursuant to the terms and conditions of that certain Community Development
<br /> Block Grant Program Subrecipient Agreement, dated October 1, 1997, the principal sum of One
<br /> Hundred Thousand Two Hundred and No/100 Dollars ($100,200.00) ("City Block Grant Fund
<br /> CDBG 95 Agreement");and
<br /> WHEREAS, to evidence the City Block Grant Fund CDBG 95 Agreement, Hope Village
<br /> executed that certain Promissory Note dated October 16, 1997 in the principal sum of One Hundred
<br /> Thousand Two Hundred and No/100 Dollars($100,200.00)("City CDBG 95 Note"); and
<br /> WHEREAS, to secure payment of the City CDBG 95 Note, Hope Village executed that
<br /> certain Deed of Trust dated October 16, 1997, and recorded November 10, 1997 under Snohomish
<br /> County Auditor's File No. 9711100469 ("City CDBG 95 Deed of Trust"), as modified by that
<br /> certain Loan Rider attached to the City Block Grant Fund CDBG 95 Agreement, the terms and
<br /> conditions of which incorporated therein("City CDBG 95 Loan Rider"); and
<br /> WHEREAS, Assignor is transferring the Property to Assignee and now wishes to assign
<br /> to Assignee and to have Assignee assume all of Assignor's interest, rights, benefits, duties and
<br /> obligations under the City Block Grant CDBG 95 Loan Agreement, the City CDBG 95 Note,the
<br /> City CDBG 95 Deed of Trust, and the City CDBG 95 Loan Rider(collectively, the "City CDBG
<br /> 95 Loan Documents"), as existing or as they may be amended, and Assignee is willing to assume
<br /> all of said obligations of Assignor thereunder; and
<br /> WHEREAS, Assignor and Assignee now request the consent of Lender to (i) the transfer
<br /> of the Property from Assignor to Assignee, (ii) the assignment of the City CDBG 95 Loan
<br /> Documents from Assignor to Assignee and (iii) the assumption of the obligations of Assignor
<br /> under the City CDBG 95 Loan Documents by Assignee;
<br /> NOW, THEREFORE, in consideration of the mutual promises of the parties and certain
<br /> other good and valuable consideration, the receipt and sufficiency of which are hereby
<br /> acknowledged,the parties agree as follows:
<br /> 1. Assignment and Assumption
<br /> (a) Assignor hereby confirms its agreement to transfer all of its right,title and interest
<br /> in the Property to Assignee and hereby sells, transfers, assigns, grants, and
<br /> conveys to Assignee all of its right, title, and beneficial interest existing as of this
<br /> date in and under the City CDBG 95 Loan Documents, as now existing or as they
<br /> may be amended.
<br /> ASSIGNMENT,ASSUMPTION,RELEASE AND CONSENT AGREEMENT PAGE 2
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