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<br /> 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 Housing Hope, pursuant to the terms and conditions of two (2) Community Development
<br /> Block Grant Agreements, the latter dated on or about September 24, 1997, the aggregate principal
<br /> sum of One Hundred Thirty-Three Thousand and No/100 Dollars($133,000.00) ("City Block Grant
<br /> Fund CDBG 93-94 Agreement"); and
<br /> WHEREAS, to evidence the City Block Grant Fund CDBG 93-94 Agreement, Housing
<br /> Hope executed that certain Promissory Note dated July 8, 1994 in the principal sum of Forty
<br /> Thousand and No/100 Dollars ($40,000.00), and that certain Second Promissory Note dated July 8,
<br /> 1994 in the principal sum of Ninety-Three Thousand and No/100 Dollars ($93,000.00) ("City
<br /> CDBG 93-94 Notes");and
<br /> WHEREAS, to secure payment of the City CDBG 93-94 Notes, Housing Hope executed
<br /> that certain Deed of Trust dated July 8, 1994, and recorded July 15, 1994 under Snohomish County
<br /> Auditor's File No. 9407150054("City CDBG 93-94 Deed of Trust");and
<br /> WHEREAS, pursuant to that certain Amendment to City of Everett Community
<br /> Development Block Grant ("CDBA") Loan Agreement dated September 24, 1997 ("Amended
<br /> City Block Grant Loan CDBG 93-94 Agreement"), Housing Hope assigned and Assignor
<br /> assumed all of the obligations under the City Block Grant Loan CDBG 93-94 Agreement, City
<br /> CDBG 93-94 Notes,and City CDBG 95 Deed of Trust("Initial Assignment"); and
<br /> WHEREAS, pursuant to the Amended City Block Grant Loan CDBG 93-94 Agreement,
<br /> the City CDBG 93-94 Notes were superseded, amended and replaced by that certain CDBG
<br /> Amended Promissory Note No. 1 dated on or about September 24, 1997 in the principal amount
<br /> of Forty Thousand and No/100 Dollars ($40,000.00), and that certain CDBG Amended
<br /> Promissory Note No. 2 dated on or about September 24, 1997 in the principal amount of Ninety-
<br /> Three Thousand and No/100 Dollars ($93,000.00) executed by Assignor("Amended City CDBG
<br /> 93-94 Notes"); and Assignor further executed that certain Loan Rider attached to the Amended
<br /> City Block Grant Loan CDBG 93-94 Agreement and incorporated therein by reference ("City
<br /> CDBG 93-94 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 Amended City Block Grant CDBG 93-94 Loan Agreement, the City
<br /> • Amended CDBG 93-94 Notes, the City CDBG 93-94 Deed of Trust, and the City CDBG 93-94
<br /> Loan Rider (collectively, the "City CDBG 93-94 Loan Documents"), as existing or as they may
<br /> be amended, and Assignee is willing to assume all of said obligations of Assignor thereunder;
<br /> and
<br /> ASSIGNMENT,ASSUMPTION,RELEASE AND CONSENT AGREEMENT PAGE 2
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