Housing Authority of the City of Everett 6/21/2017

CITY This loan has been forgiven by the City of Everett, a municipal corpor 'on, by uncil Resolution No. 7134 adopted June 21, 2017.Authorized :y Mayor Ray tephanson . on June 29, 2017.Approved as to form/ 4 im Iles, ty •tto ;; Attest by Sharon Fuller, City Cler / ,] _ PROMISSORY NOTE Name: THE HOUSING AUTHORITY OF THE CITY OF EVERETT Principal Amount: $ 950,000.00 Property Address: Date of Execution: AUGUST 5, 1999 2701 12TH STREET Place of Execution: EVERETT, WA EVERETT, WA 98201 1. BORROWER'S PROMISE TO PAY. In return for a loan made, THE HOUSING AUTHORITY OF THE CITY OF EVERETT Borrower(s), promise(s)to pay to the City of Everett, a municipal corporation under the laws of the State of Washington (Lender), or to its order,the principal amount of NINE HUNDRED FIFTY THOUSAND AND NO/100 U.S. Dollars ($950,000.00 ), plus interest on the unpaid principal balance at a yearly rate of THREE (3.00) percent, for a term of TWENTY—FIVE (25) years in accordance with this Note. Interest will be charged from the date(s) of advances to Borrower's loan account, on the total amount advanced. • 2. PAYMENTS. Borrower promises to pay according to the following schedule: Installment Loan. Borrower promises to pay both principal and interest on this Note by making installment payments of U.S. Dollars ($ ), on or before the first day of each calendar month, beginning on . Borrower promises to make these payments every month until , when the final payment will be due. If, on that date, Borrower still owes any amount of principal, interest, or other charges under this Note, Borrower promises to pay all amounts due under this Note in full on that date, in addition to the final payment. ME Deferred Loan. The principal and interest on this Note shall be due and payable in full on AUGUST 5, 2024 . Interest shall bear the yearly rate as set forth in Paragraph 1 hereof for a maximum of TWENTY—FIVE ( 25 ) years. 1 1/97