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/1P/%,,comeg- <br /> EVERETT <br /> OFFICE OF THE MAYOR Ray Stephanson <br /> Mayor <br /> June 21, 2017 <br /> Housing Authority of the City of Everett <br /> 3107 Colby Avenue <br /> Everett, WA 98201 <br /> Re: Forgiveness of Debt Evidenced by $950,000 Promissory Note from the Housing <br /> Authority of the City of Everett to the City of Everett <br /> To whom it may concern: <br /> Pursuant to that certain City of Everett HOME Subrecipient Agreement executed by the City of <br /> Everett, Washington (the "City"), on July 7, 1999, and the Housing Authority of the City of Everett (the <br /> "Authority") on July 28, 1999, the City lent the Authority $950,000 (the "Loan") to finance the <br /> Authority's acquisition of the Twelve Pines Apartments in Everett, Washington (the "Project"). The Loan <br /> was evidenced by a Promissory Note dated August 5, 1999 (the "Note"), and was secured by that certain <br /> Deed of Trust dated as of August 5, 1999, granted by the Authority in favor of the City, and filed with the <br /> Snohomish County Auditor on August 6, 1999, Auditor's File No. 199908060127. <br /> The Authority has advised the City that it intends to provide for the rehabilitation of the project <br /> and the extension of the periods of time during which the Project must be maintained as affordable rental <br /> housing for low-income families. The "Housing Cooperation Law" (chapter 35.83 RCW), and RCW <br /> 35.83.050 in particular, authorize the City to donate money to the Authority. <br /> To facilitate the rehabilitation of the Project, the City hereby forgives all principal of and accrued <br /> interest on the Note and hereby terminates any and all instruments securing or otherwise relating to the <br /> Note and the Loan. <br /> CITY OF EVERETT, WASHINGTON <br /> Mayor <br /> APPROVED AS TO FORM: <br /> c7; 6e ` <br /> ATT : <br /> City Clerk �' r <br /> CITY OF EVERETT • 2930 Wetmore Ave., Suite 10A • Everett, WA 98201 • 425-257-8700 • Fax 425-257-8729 <br />